Cinctive Capital Management LP Makes New $4.38 Million Investment in Carpenter Technology Co. (NYSE:CRS)

Cinctive Capital Management LP acquired a new stake in shares of Carpenter Technology Co. (NYSE:CRS) in the 3rd quarter, Holdings Channel reports. The institutional investor acquired 27,471 shares of the basic materials company’s stock, valued at approximately $4,384,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. GAMMA Investing LLC grew its position in Carpenter Technology by 9.2% in the second quarter. GAMMA Investing LLC now owns 1,614 shares of the basic materials company’s stock worth $177,000 after acquiring an additional 136 shares in the last quarter. CWM LLC increased its position in shares of Carpenter Technology by 12.6% during the 2nd quarter. CWM LLC now owns 921 shares of the basic materials company’s stock valued at $101,000 after purchasing an additional 103 shares during the last quarter. Sequoia Financial Advisors LLC bought a new position in shares of Carpenter Technology during the 2nd quarter valued at about $247,000. Great Valley Advisor Group Inc. bought a new stake in Carpenter Technology in the 2nd quarter worth approximately $259,000. Finally, Neo Ivy Capital Management purchased a new stake in Carpenter Technology in the second quarter worth approximately $1,173,000. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Carpenter Technology Trading Up 0.3 %

NYSE:CRS opened at $194.67 on Tuesday. The firm has a market capitalization of $9.70 billion, a P/E ratio of 43.36, a P/E/G ratio of 0.97 and a beta of 1.46. Carpenter Technology Co. has a 52 week low of $58.87 and a 52 week high of $198.24. The company has a quick ratio of 2.00, a current ratio of 3.84 and a debt-to-equity ratio of 0.42. The company has a fifty day moving average of $167.49 and a 200 day moving average of $138.96.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings data on Thursday, October 24th. The basic materials company reported $1.73 EPS for the quarter, beating the consensus estimate of $1.58 by $0.15. The firm had revenue of $717.60 million during the quarter, compared to the consensus estimate of $742.96 million. Carpenter Technology had a net margin of 8.05% and a return on equity of 18.01%. The company’s quarterly revenue was up 10.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.88 earnings per share. On average, research analysts predict that Carpenter Technology Co. will post 6.74 earnings per share for the current year.

Carpenter Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Tuesday, October 22nd will be given a $0.20 dividend. The ex-dividend date of this dividend is Tuesday, October 22nd. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.41%. Carpenter Technology’s dividend payout ratio is currently 17.82%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Benchmark reaffirmed a “buy” rating and set a $175.00 target price on shares of Carpenter Technology in a report on Friday, October 25th. JPMorgan Chase & Co. began coverage on Carpenter Technology in a report on Friday, November 22nd. They issued an “overweight” rating and a $220.00 price objective on the stock. One investment analyst has rated the stock with a sell rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $153.00.

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.