BNP Paribas Financial Markets Cuts Stake in Carpenter Technology Co. (NYSE:CRS)

BNP Paribas Financial Markets lessened its stake in Carpenter Technology Co. (NYSE:CRS) by 59.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 33,924 shares of the basic materials company’s stock after selling 49,372 shares during the quarter. BNP Paribas Financial Markets owned 0.07% of Carpenter Technology worth $5,414,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. FMR LLC boosted its stake 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 valued at $552,992,000 after purchasing an additional 1,108,963 shares during the last quarter. Wolf Hill Capital Management LP bought a new stake in Carpenter Technology in the 2nd quarter worth about $73,850,000. American Century Companies Inc. raised its position in Carpenter Technology by 129.5% in the 2nd quarter. American Century Companies Inc. now owns 849,097 shares of the basic materials company’s stock worth $93,044,000 after buying an additional 479,047 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in Carpenter Technology by 1,538.1% during the 3rd 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 period. Finally, Renaissance Technologies LLC purchased a new stake in shares of Carpenter Technology during the 2nd quarter valued at about $13,248,000. Institutional investors own 92.03% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on CRS. JPMorgan Chase & Co. began coverage on shares of Carpenter Technology in a report on Friday, November 22nd. They set an “overweight” rating and a $220.00 price objective for the company. Benchmark reiterated a “buy” rating and set a $175.00 target price on shares of Carpenter Technology in a research note on Friday, October 25th. 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.com, Carpenter Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $153.00.

Carpenter Technology Stock Performance

CRS opened at $192.68 on Wednesday. Carpenter Technology Co. has a 12-month low of $58.87 and a 12-month high of $198.24. The company has a market cap of $9.61 billion, a price-to-earnings ratio of 42.91, a PEG ratio of 0.97 and a beta of 1.52. The company has a current ratio of 3.84, a quick ratio of 2.00 and a debt-to-equity ratio of 0.42. The company’s 50 day moving average is $168.23 and its 200 day moving average is $139.56.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings data on Thursday, October 24th. The basic materials company reported $1.73 EPS for the quarter, topping the consensus estimate of $1.58 by $0.15. The firm 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 for the quarter was up 10.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.88 earnings per share. On average, equities research analysts predict that Carpenter Technology Co. will post 6.74 EPS for the current year.

Carpenter Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Tuesday, October 22nd will be paid a $0.20 dividend. The ex-dividend date of this dividend is Tuesday, October 22nd. This represents a $0.80 annualized dividend and a yield of 0.42%. Carpenter Technology’s payout ratio is 17.82%.

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.