Veracity Capital LLC Sells 2,354 Shares of Carpenter Technology Co. (NYSE:CRS)

Veracity Capital LLC reduced its stake in shares of Carpenter Technology Co. (NYSE:CRS) by 27.8% during the 4th quarter, HoldingsChannel reports. The fund owned 6,100 shares of the basic materials company’s stock after selling 2,354 shares during the period. Veracity Capital LLC’s holdings in Carpenter Technology were worth $1,035,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. FMR LLC increased its position in shares of Carpenter Technology by 47.1% during the 3rd quarter. FMR LLC now owns 3,465,295 shares of the basic materials company’s stock valued at $552,992,000 after purchasing an additional 1,108,963 shares during the last quarter. Assenagon Asset Management S.A. increased its position in Carpenter Technology by 1,538.1% during the third quarter. Assenagon Asset Management S.A. now owns 213,391 shares of the basic materials company’s stock valued at $34,053,000 after acquiring an additional 200,364 shares during the last quarter. Forest Avenue Capital Management LP purchased a new stake in shares of Carpenter Technology in the third quarter valued at $25,262,000. WCM Investment Management LLC bought a new stake in shares of Carpenter Technology in the 3rd quarter worth about $18,868,000. Finally, Holocene Advisors LP purchased a new position in shares of Carpenter Technology during the 3rd quarter worth about $17,337,000. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Carpenter Technology Stock Up 2.6 %

Shares of NYSE:CRS opened at $212.70 on Friday. The business’s 50 day moving average is $185.41 and its 200 day moving average is $159.81. The stock has a market cap of $10.60 billion, a P/E ratio of 47.37, a price-to-earnings-growth ratio of 1.00 and a beta of 1.55. Carpenter Technology Co. has a 52-week low of $58.87 and a 52-week high of $213.65. 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 posted its quarterly earnings results on Thursday, October 24th. The basic materials company reported $1.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.58 by $0.15. The business had revenue of $717.60 million for the quarter, compared to the consensus estimate of $742.96 million. Carpenter Technology had a return on equity of 18.01% and a net margin of 8.05%. The business’s revenue was up 10.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.88 EPS. Sell-side analysts predict that Carpenter Technology Co. will post 6.77 EPS for the current year.

Carpenter Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 6th. Shareholders of record on Friday, February 28th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.38%. The ex-dividend date of this dividend is Tuesday, January 28th. Carpenter Technology’s dividend payout ratio (DPR) is 17.82%.

Analyst Ratings Changes

Several brokerages have issued reports on CRS. Benchmark reissued a “buy” rating and issued a $175.00 price objective on shares of Carpenter Technology in a research note on Friday, October 25th. JPMorgan Chase & Co. assumed coverage on Carpenter Technology in a report on Friday, November 22nd. They set an “overweight” rating and a $220.00 price objective for the company. One analyst has rated the stock with a sell rating and five have issued a buy rating to the company. Based on data from MarketBeat, Carpenter Technology presently has an average rating of “Moderate Buy” and a consensus target price of $153.00.

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.