Virtue Capital Management LLC Acquires Shares of 5,391 Carpenter Technology Co. (NYSE:CRS)

Virtue Capital Management LLC acquired a new stake in Carpenter Technology Co. (NYSE:CRS) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 5,391 shares of the basic materials company’s stock, valued at approximately $860,000.

Other hedge funds have also modified their holdings 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 worth $552,992,000 after purchasing an additional 1,108,963 shares during the period. Wolf Hill Capital Management LP acquired a new stake in shares of Carpenter Technology during the second quarter worth about $73,850,000. American Century Companies Inc. boosted its stake in shares of Carpenter Technology by 129.5% during the second 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 period. Assenagon Asset Management S.A. grew its holdings in shares of Carpenter Technology by 1,538.1% during the third quarter. Assenagon Asset Management S.A. now owns 213,391 shares of the basic materials company’s stock worth $34,053,000 after buying an additional 200,364 shares during the last quarter. Finally, Forest Avenue Capital Management LP acquired a new position in Carpenter Technology in the 3rd quarter valued at about $25,262,000. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CRS. JPMorgan Chase & Co. started coverage on Carpenter Technology in a research report on Friday, November 22nd. They set an “overweight” rating and a $220.00 price objective for the company. Benchmark reaffirmed a “buy” rating and set a $175.00 price target on shares of Carpenter Technology in a report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, Carpenter Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $153.00.

Carpenter Technology Stock Performance

Shares of CRS stock opened at $181.67 on Wednesday. The company has a current ratio of 3.84, a quick ratio of 2.00 and a debt-to-equity ratio of 0.42. 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 $9.06 billion, a price-to-earnings ratio of 40.46, a price-to-earnings-growth ratio of 0.97 and a beta of 1.52. The stock has a 50 day simple moving average of $171.97 and a 200-day simple moving average of $142.97.

Carpenter Technology (NYSE:CRS) last issued its earnings results 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 company had revenue of $717.60 million for the quarter, compared to analyst estimates of $742.96 million. Carpenter Technology had a net margin of 8.05% and a return on equity of 18.01%. The business’s revenue was up 10.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.88 EPS. On average, equities analysts forecast that Carpenter Technology Co. will post 6.74 EPS for the current year.

Carpenter Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, December 5th. Shareholders of record on Tuesday, October 22nd were issued a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, October 22nd. This represents a $0.80 dividend on an annualized basis and a yield of 0.44%. Carpenter Technology’s dividend payout ratio (DPR) is presently 17.82%.

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.