Sheets Smith Investment Management Purchases New Position in Carpenter Technology Co. (NYSE:CRS)

Sheets Smith Investment Management purchased a new stake in Carpenter Technology Co. (NYSE:CRS) in the fourth quarter, HoldingsChannel reports. The institutional investor purchased 10,447 shares of the basic materials company’s stock, valued at approximately $1,773,000. Carpenter Technology comprises about 1.5% of Sheets Smith Investment Management’s holdings, making the stock its 17th biggest holding.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CRS. Kestra Investment Management LLC acquired a new position in Carpenter Technology in the fourth quarter valued at $25,000. UMB Bank n.a. increased its stake in Carpenter Technology by 169.0% in the fourth quarter. UMB Bank n.a. now owns 304 shares of the basic materials company’s stock valued at $52,000 after purchasing an additional 191 shares during the period. Banque Cantonale Vaudoise acquired a new position in Carpenter Technology in the third quarter valued at $65,000. Wilmington Savings Fund Society FSB acquired a new position in Carpenter Technology in the third quarter valued at $80,000. Finally, Morse Asset Management Inc acquired a new position in shares of Carpenter Technology during the third quarter worth about $84,000. 92.03% of the stock is owned by hedge funds and other institutional investors.

Carpenter Technology Trading Down 1.3 %

Shares of CRS opened at $183.75 on Monday. The company has a current ratio of 3.80, a quick ratio of 1.92 and a debt-to-equity ratio of 0.40. The firm’s 50-day moving average is $194.95 and its two-hundred day moving average is $177.42. Carpenter Technology Co. has a twelve month low of $67.52 and a twelve month high of $213.66. The firm has a market capitalization of $9.18 billion, a P/E ratio of 34.67, a PEG ratio of 0.93 and a beta of 1.55.

Carpenter Technology (NYSE:CRS) last issued its earnings results on Thursday, January 30th. The basic materials company reported $1.66 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.08. Carpenter Technology had a net margin of 9.34% and a return on equity of 19.88%. On average, research analysts predict that Carpenter Technology Co. will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 28th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, January 28th. This represents a $0.80 annualized dividend and a yield of 0.44%. Carpenter Technology’s payout ratio is currently 15.09%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. BTIG Research set a $230.00 price target on shares of Carpenter Technology in a research note on Friday, January 31st. JPMorgan Chase & Co. boosted their price target on shares of Carpenter Technology from $235.00 to $240.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $167.17.

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.