Carpenter Technology Co. (NYSE:CRS) Shares Sold by Millrace Asset Group Inc.

Millrace Asset Group Inc. cut its holdings in shares of Carpenter Technology Co. (NYSE:CRS) by 22.4% during the third quarter, HoldingsChannel.com reports. The fund owned 10,409 shares of the basic materials company’s stock after selling 3,012 shares during the period. Carpenter Technology accounts for about 1.7% of Millrace Asset Group Inc.’s holdings, making the stock its 26th largest holding. Millrace Asset Group Inc.’s holdings in Carpenter Technology were worth $1,661,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Strengthening Families & Communities LLC increased its stake in shares of Carpenter Technology by 0.6% in the 3rd quarter. Strengthening Families & Communities LLC now owns 17,314 shares of the basic materials company’s stock worth $2,763,000 after acquiring an additional 100 shares during the last quarter. CWM LLC increased its position in Carpenter Technology by 12.6% during the second quarter. CWM LLC now owns 921 shares of the basic materials company’s stock worth $101,000 after purchasing an additional 103 shares during the last quarter. GAMMA Investing LLC raised its stake in Carpenter Technology by 9.2% during the second quarter. GAMMA Investing LLC now owns 1,614 shares of the basic materials company’s stock worth $177,000 after purchasing an additional 136 shares during the period. KBC Group NV raised its stake in Carpenter Technology by 13.5% during the third quarter. KBC Group NV now owns 1,355 shares of the basic materials company’s stock worth $216,000 after purchasing an additional 161 shares during the period. Finally, EverSource Wealth Advisors LLC grew its stake in shares of Carpenter Technology by 58.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 485 shares of the basic materials company’s stock valued at $53,000 after buying an additional 178 shares during the period. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Benchmark reaffirmed a “buy” rating and set a $175.00 price target on shares of Carpenter Technology in a research report on Friday, October 25th. BTIG Research lifted their target price on Carpenter Technology from $120.00 to $165.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. Finally, JPMorgan Chase & Co. began coverage on Carpenter Technology in a research note on Friday. They issued an “overweight” rating and a $220.00 price target on the stock. One analyst has rated the stock with a sell rating and five have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $153.00.

Carpenter Technology Trading Up 2.2 %

NYSE:CRS opened at $195.23 on Tuesday. The company has a market capitalization of $9.73 billion, a PE ratio of 43.48, a P/E/G ratio of 0.97 and a beta of 1.46. Carpenter Technology Co. has a 52-week low of $58.87 and a 52-week high of $197.68. The stock’s 50 day moving average price is $163.94 and its 200 day moving average price is $136.46. The company has a quick ratio of 2.00, a current ratio of 3.84 and a debt-to-equity ratio of 0.42.

Carpenter Technology (NYSE:CRS) last announced its earnings results on Thursday, October 24th. The basic materials company reported $1.73 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.15. The business had revenue of $717.60 million during the quarter, compared to the consensus estimate of $742.96 million. Carpenter Technology had a net margin of 8.05% and a return on equity of 18.01%. The business’s quarterly revenue was up 10.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.88 earnings per share. On average, research analysts anticipate that Carpenter Technology Co. will post 6.61 EPS for the current year.

Carpenter Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Tuesday, October 22nd will be given a $0.20 dividend. The ex-dividend date of this dividend is Tuesday, October 22nd. This represents a $0.80 dividend on an annualized basis and a yield of 0.41%. Carpenter Technology’s payout ratio is currently 17.82%.

About Carpenter Technology

Carpenter Technology Corporation engages in the manufacture, fabrication, and distribution of specialty metals in the United States, Europe, the Asia Pacific, Mexico, Canada, and internationally. It operates in two segments, Specialty Alloys Operations and Performance Engineered Products. The company offers specialty alloys, including titanium alloys, powder metals, stainless steels, alloy steels, and tool steels, as well as additives, and metal powders and parts.