Victory Capital Management Inc. Lowers Stock Holdings in Carpenter Technology Co. (NYSE:CRS)

Victory Capital Management Inc. reduced its position in Carpenter Technology Co. (NYSE:CRS) by 1.8% in the 2nd quarter, Holdings Channel reports. The fund owned 14,973 shares of the basic materials company’s stock after selling 267 shares during the period. Victory Capital Management Inc.’s holdings in Carpenter Technology were worth $1,641,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. CWM LLC grew its stake in shares of Carpenter Technology by 12.6% during the 2nd quarter. CWM LLC now owns 921 shares of the basic materials company’s stock valued at $101,000 after buying an additional 103 shares during the period. GAMMA Investing LLC grew its stake in shares of Carpenter Technology by 9.2% during the 2nd quarter. GAMMA Investing LLC now owns 1,614 shares of the basic materials company’s stock valued at $177,000 after buying an additional 136 shares during the period. American International Group Inc. grew its stake in shares of Carpenter Technology by 0.7% during the 4th quarter. American International Group Inc. now owns 26,653 shares of the basic materials company’s stock valued at $1,887,000 after buying an additional 188 shares during the period. Wealth Enhancement Advisory Services LLC grew its stake in shares of Carpenter Technology by 1.9% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 11,557 shares of the basic materials company’s stock valued at $825,000 after buying an additional 215 shares during the period. Finally, Janney Montgomery Scott LLC grew its stake in shares of Carpenter Technology by 1.1% during the 1st quarter. Janney Montgomery Scott LLC now owns 25,689 shares of the basic materials company’s stock valued at $1,835,000 after buying an additional 281 shares during the period. 92.03% of the stock is owned by hedge funds and other institutional investors.

Carpenter Technology Stock Performance

NYSE:CRS opened at $146.98 on Thursday. The company has a current ratio of 3.41, a quick ratio of 1.84 and a debt-to-equity ratio of 0.43. The firm has a market capitalization of $7.29 billion, a price-to-earnings ratio of 55.89, a PEG ratio of 0.77 and a beta of 1.45. The firm’s fifty day simple moving average is $135.25 and its 200 day simple moving average is $106.45. Carpenter Technology Co. has a twelve month low of $58.87 and a twelve month high of $151.55.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings data on Thursday, July 25th. The basic materials company reported $1.82 EPS for the quarter, topping analysts’ consensus estimates of $1.51 by $0.31. Carpenter Technology had a net margin of 6.76% and a return on equity of 15.81%. The firm had revenue of $798.70 million for the quarter, compared to analyst estimates of $763.76 million. During the same quarter in the previous year, the business posted $0.78 EPS. The firm’s revenue was up 5.4% compared to the same quarter last year. As a group, equities research analysts expect that Carpenter Technology Co. will post 6.06 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Tuesday, August 27th were issued a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, August 27th. This represents a $0.80 dividend on an annualized basis and a yield of 0.54%. Carpenter Technology’s dividend payout ratio is currently 30.42%.

Analyst Ratings Changes

CRS has been the subject of several research reports. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Carpenter Technology in a research note on Tuesday, June 25th. They set a “buy” rating and a $144.00 price objective for the company. BTIG Research boosted their price objective on shares of Carpenter Technology from $120.00 to $165.00 and gave the company a “buy” rating in a research note on Tuesday, July 30th. TD Cowen lifted their target price on shares of Carpenter Technology from $116.00 to $125.00 and gave the company a “buy” rating in a report on Monday, June 10th. Benchmark lifted their target price on shares of Carpenter Technology from $140.00 to $175.00 and gave the company a “buy” rating in a report on Friday, July 26th. Finally, Northcoast Research restated a “sell” rating and set a $89.00 target price on shares of Carpenter Technology in a report on Friday, June 14th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company. According to MarketBeat, Carpenter Technology presently has an average rating of “Moderate Buy” and an average target price of $139.60.

Carpenter Technology Company 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.