Carpenter Technology Co. (NYSE:CRS) Shares Sold by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D trimmed its holdings in Carpenter Technology Co. (NYSE:CRS) by 54.8% in the second quarter, HoldingsChannel.com reports. The firm owned 19,643 shares of the basic materials company’s stock after selling 23,813 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Carpenter Technology were worth $2,152,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in CRS. Precision Wealth Strategies LLC purchased a new position in shares of Carpenter Technology in the 4th quarter valued at $202,000. Vanguard Personalized Indexing Management LLC purchased a new position in shares of Carpenter Technology during the fourth quarter worth about $216,000. Janney Montgomery Scott LLC increased its position in shares of Carpenter Technology by 91.3% during the fourth quarter. Janney Montgomery Scott LLC now owns 25,408 shares of the basic materials company’s stock worth $1,799,000 after purchasing an additional 12,129 shares in the last quarter. Norges Bank purchased a new stake in shares of Carpenter Technology in the 4th quarter valued at about $22,901,000. Finally, Johnson Financial Group Inc. acquired a new stake in shares of Carpenter Technology in the 4th quarter valued at about $31,000. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Carpenter Technology Stock Up 5.3 %

Shares of NYSE:CRS opened at $154.84 on Friday. Carpenter Technology Co. has a fifty-two week low of $58.87 and a fifty-two week high of $155.58. The company has a quick ratio of 1.84, a current ratio of 3.41 and a debt-to-equity ratio of 0.43. The firm’s 50-day simple moving average is $136.01 and its 200-day simple moving average is $106.74. The company has a market cap of $7.68 billion, a price-to-earnings ratio of 58.87, a PEG ratio of 0.77 and a beta of 1.45.

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

Carpenter Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Tuesday, August 27th were given a dividend of $0.20 per share. The ex-dividend date was Tuesday, August 27th. This represents a $0.80 annualized dividend and a dividend yield of 0.52%. Carpenter Technology’s payout ratio is currently 30.42%.

Analyst Ratings Changes

Several research analysts have commented on CRS shares. BTIG Research lifted their price target on Carpenter Technology from $120.00 to $165.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. Northcoast Research reiterated a “sell” rating and issued a $89.00 price target on shares of Carpenter Technology in a research report on Friday, June 14th. Deutsche Bank Aktiengesellschaft started coverage on shares of Carpenter Technology in a research report on Tuesday, June 25th. They set a “buy” rating and a $144.00 price objective on the stock. Benchmark upped 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, TD Cowen raised their price target on Carpenter Technology from $116.00 to $125.00 and gave the stock a “buy” rating in a report on Monday, June 10th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus 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.