Victory Capital Management Inc. Raises Stake in Carpenter Technology Co. (CRS)

Victory Capital Management Inc. lifted its stake in shares of Carpenter Technology Co. (NYSE:CRS) by 12.5% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 785,508 shares of the basic materials company’s stock after acquiring an additional 87,022 shares during the quarter. Victory Capital Management Inc.’s holdings in Carpenter Technology were worth $46,306,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of CRS. Alpha Windward LLC purchased a new position in Carpenter Technology during the third quarter valued at approximately $555,000. Renaissance Technologies LLC purchased a new position in Carpenter Technology during the second quarter valued at approximately $4,447,000. GSA Capital Partners LLP purchased a new position in Carpenter Technology during the second quarter valued at approximately $424,000. Hammer Asset Management LLC purchased a new position in Carpenter Technology during the second quarter valued at approximately $3,591,000. Finally, Sei Investments Co. increased its holdings in Carpenter Technology by 55.8% during the second quarter. Sei Investments Co. now owns 58,090 shares of the basic materials company’s stock valued at $3,053,000 after buying an additional 20,799 shares during the period. 95.24% of the stock is currently owned by institutional investors and hedge funds.

NYSE CRS opened at $43.83 on Friday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.23 and a current ratio of 3.27. Carpenter Technology Co. has a 12-month low of $41.01 and a 12-month high of $61.49. The firm has a market capitalization of $2.21 billion, a price-to-earnings ratio of 17.53 and a beta of 2.25.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings results on Wednesday, October 24th. The basic materials company reported $0.65 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.74 by ($0.09). Carpenter Technology had a return on equity of 9.03% and a net margin of 8.74%. The firm had revenue of $572.40 million during the quarter, compared to analysts’ expectations of $559.00 million. During the same period in the prior year, the firm posted $0.49 earnings per share. Carpenter Technology’s revenue for the quarter was up 19.3% compared to the same quarter last year. Sell-side analysts anticipate that Carpenter Technology Co. will post 3.17 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 6th. Shareholders of record on Tuesday, October 23rd will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.83%. The ex-dividend date of this dividend is Monday, October 22nd. Carpenter Technology’s dividend payout ratio is currently 32.00%.

CRS has been the topic of several research reports. Deutsche Bank set a $50.00 price objective on shares of Carpenter Technology and gave the company a “hold” rating in a report on Thursday, October 25th. ValuEngine lowered shares of Carpenter Technology from a “hold” rating to a “sell” rating in a report on Wednesday, October 24th. Finally, Zacks Investment Research lowered shares of Carpenter Technology from a “buy” rating to a “hold” rating in a report on Friday, September 7th. One research analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the stock. Carpenter Technology has a consensus rating of “Hold” and a consensus price target of $58.00.

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About Carpenter Technology

Carpenter Technology Corporation manufactures, fabricates, and distributes specialty metals worldwide. The company operates through two segments, Specialty Alloys Operations and Performance Engineered Products. It offers specialty alloys, including titanium alloys, powder metals, stainless steels, alloy steels, and tool steels, as well as drilling tools; and metal powders and parts.

Read More: Are Wall Street analysts’ stock ratings worth following?

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Institutional Ownership by Quarter for Carpenter Technology (NYSE:CRS)

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