Fisher Asset Management LLC Lowers Position in Carpenter Technology Co. (NYSE:CRS)

Fisher Asset Management LLC reduced its stake in Carpenter Technology Co. (NYSE:CRS) by 9.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 409,414 shares of the basic materials company’s stock after selling 41,954 shares during the period. Fisher Asset Management LLC owned approximately 0.83% of Carpenter Technology worth $28,987,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the stock. Fifth Third Bancorp raised its stake in shares of Carpenter Technology by 322.5% in the 4th quarter. Fifth Third Bancorp now owns 1,162 shares of the basic materials company’s stock valued at $82,000 after acquiring an additional 887 shares during the period. NBC Securities Inc. acquired a new stake in Carpenter Technology in the 3rd quarter valued at approximately $91,000. GAMMA Investing LLC purchased a new stake in Carpenter Technology in the fourth quarter valued at approximately $100,000. Strs Ohio lifted its stake in Carpenter Technology by 400.0% during the third quarter. Strs Ohio now owns 2,500 shares of the basic materials company’s stock worth $168,000 after purchasing an additional 2,000 shares in the last quarter. Finally, Precision Wealth Strategies LLC purchased a new position in shares of Carpenter Technology during the fourth quarter worth $202,000. Institutional investors and hedge funds own 92.03% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, TD Cowen boosted their price objective on Carpenter Technology from $90.00 to $116.00 and gave the company a “buy” rating in a report on Thursday. One research analyst has rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $96.33.

Carpenter Technology Price Performance

Carpenter Technology stock opened at $103.64 on Friday. The company’s 50 day moving average is $74.07 and its two-hundred day moving average is $69.06. The firm has a market cap of $5.14 billion, a PE ratio of 39.41 and a beta of 1.47. The company has a quick ratio of 1.26, a current ratio of 3.20 and a debt-to-equity ratio of 0.46. Carpenter Technology Co. has a 52-week low of $44.40 and a 52-week high of $104.85.

Carpenter Technology (NYSE:CRS) last released its earnings results on Wednesday, May 1st. The basic materials company reported $1.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.94 by $0.25. Carpenter Technology had a return on equity of 12.75% and a net margin of 4.83%. The firm had revenue of $684.90 million during the quarter, compared to analyst estimates of $707.73 million. During the same period last year, the business posted $0.38 earnings per share. Carpenter Technology’s revenue was down .8% compared to the same quarter last year. On average, research analysts expect that Carpenter Technology Co. will post 3.97 EPS for the current fiscal year.

Carpenter Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 6th. Stockholders of record on Tuesday, April 23rd will be given a dividend of $0.20 per share. The ex-dividend date is Monday, April 22nd. This is an increase from Carpenter Technology’s previous quarterly dividend of $0.18. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.77%. Carpenter Technology’s payout ratio is currently 30.42%.

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.