Carpenter Technology Co. (NYSE:CRS) Shares Sold by MetLife Investment Management LLC

MetLife Investment Management LLC reduced its position in shares of Carpenter Technology Co. (NYSE:CRS) by 1.6% during the third quarter, HoldingsChannel reports. The firm owned 26,999 shares of the basic materials company’s stock after selling 447 shares during the quarter. MetLife Investment Management LLC’s holdings in Carpenter Technology were worth $4,308,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in CRS. Comerica Bank lifted its holdings in Carpenter Technology by 170.3% in the 1st quarter. Comerica Bank now owns 67,380 shares of the basic materials company’s stock worth $4,812,000 after buying an additional 42,449 shares in the last quarter. Fisher Asset Management LLC lifted its stake in shares of Carpenter Technology by 3.9% in the third quarter. Fisher Asset Management LLC now owns 364,312 shares of the basic materials company’s stock worth $58,137,000 after acquiring an additional 13,815 shares in the last quarter. Natixis Advisors LLC boosted its holdings in Carpenter Technology by 6.0% in the third quarter. Natixis Advisors LLC now owns 23,817 shares of the basic materials company’s stock valued at $3,801,000 after purchasing an additional 1,343 shares during the last quarter. Lighthouse Investment Partners LLC acquired a new stake in Carpenter Technology during the 2nd quarter valued at approximately $1,460,000. Finally, Forest Avenue Capital Management LP acquired a new position in shares of Carpenter Technology in the 3rd quarter valued at approximately $25,262,000. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CRS has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. assumed coverage on shares of Carpenter Technology in a research report on Friday, November 22nd. They set an “overweight” rating and a $220.00 price target for the company. Benchmark reissued a “buy” rating and issued a $175.00 target price on shares of Carpenter Technology in a research report on Friday, October 25th. One investment analyst has rated the stock with a sell rating and five have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $153.00.

Carpenter Technology Stock Performance

Shares of CRS opened at $194.04 on Monday. The company has a debt-to-equity ratio of 0.42, a current ratio of 3.84 and a quick ratio of 2.00. Carpenter Technology Co. has a 12-month low of $58.87 and a 12-month high of $198.24. The business’s fifty day moving average price is $167.49 and its 200 day moving average price is $138.76. The stock has a market capitalization of $9.67 billion, a PE ratio of 43.22, a price-to-earnings-growth ratio of 0.97 and a beta of 1.46.

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

Carpenter Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders 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 dividend yield of 0.41%. The ex-dividend date of this dividend is Tuesday, October 22nd. Carpenter Technology’s payout ratio is 17.82%.

Carpenter Technology Profile

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.