Arvin Capital Management LP Sells 22,439 Shares of Carpenter Technology Co. (NYSE:CRS)

Arvin Capital Management LP decreased its stake in shares of Carpenter Technology Co. (NYSE:CRS) by 17.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 106,410 shares of the basic materials company’s stock after selling 22,439 shares during the period. Carpenter Technology accounts for approximately 5.5% of Arvin Capital Management LP’s holdings, making the stock its 7th biggest holding. Arvin Capital Management LP owned about 0.21% of Carpenter Technology worth $16,981,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Avala Global LP raised its holdings in Carpenter Technology by 21.0% during the 3rd quarter. Avala Global LP now owns 423,700 shares of the basic materials company’s stock worth $67,614,000 after purchasing an additional 73,400 shares during the last quarter. Arete Wealth Advisors LLC raised its holdings in Carpenter Technology by 7.5% during the 3rd quarter. Arete Wealth Advisors LLC now owns 2,423 shares of the basic materials company’s stock worth $384,000 after purchasing an additional 169 shares during the last quarter. Forest Avenue Capital Management LP bought a new stake in Carpenter Technology during the 3rd quarter worth about $25,262,000. FMR LLC raised its holdings in Carpenter Technology by 47.1% during the 3rd quarter. FMR LLC now owns 3,465,295 shares of the basic materials company’s stock worth $552,992,000 after purchasing an additional 1,108,963 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in Carpenter Technology by 3.4% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 27,838 shares of the basic materials company’s stock worth $4,442,000 after purchasing an additional 908 shares during the last quarter. Institutional investors and hedge funds own 92.03% of the company’s stock.

Carpenter Technology Price Performance

NYSE CRS opened at $194.04 on Monday. The business has a 50 day simple moving average of $167.49 and a 200 day simple moving average of $138.76. Carpenter Technology Co. has a 52-week low of $58.87 and a 52-week high of $198.24. The company has a debt-to-equity ratio of 0.42, a quick ratio of 2.00 and a current ratio of 3.84. The stock has a market cap of $9.67 billion, a price-to-earnings ratio of 43.22, a PEG ratio of 0.97 and a beta of 1.46.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings results on Thursday, October 24th. The basic materials company reported $1.73 earnings per share for the quarter, topping analysts’ consensus estimates of $1.58 by $0.15. Carpenter Technology had a return on equity of 18.01% and a net margin of 8.05%. The firm had revenue of $717.60 million during the quarter, compared to the consensus estimate of $742.96 million. During the same quarter in the prior year, the firm posted $0.88 EPS. The business’s revenue was up 10.1% on a year-over-year basis. Analysts anticipate that Carpenter Technology Co. will post 6.74 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. 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. Benchmark reaffirmed a “buy” rating and issued a $175.00 price target on shares of Carpenter Technology in a research note on Friday, October 25th. One research analyst has rated the stock with a sell rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target 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.