Phocas Financial Corp. Lowers Stake in Carpenter Technology Co. (NYSE:CRS)

Phocas Financial Corp. decreased its holdings in Carpenter Technology Co. (NYSE:CRS) by 85.0% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 12,119 shares of the basic materials company’s stock after selling 68,888 shares during the quarter. Carpenter Technology makes up about 1.5% of Phocas Financial Corp.’s investment portfolio, making the stock its 7th largest position. Phocas Financial Corp.’s holdings in Carpenter Technology were worth $2,057,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CRS. Kestra Investment Management LLC bought a new position in Carpenter Technology during the fourth quarter worth about $25,000. UMB Bank n.a. raised its position in Carpenter Technology by 169.0% in the 4th quarter. UMB Bank n.a. now owns 304 shares of the basic materials company’s stock valued at $52,000 after buying an additional 191 shares during the last quarter. Banque Cantonale Vaudoise acquired a new stake in shares of Carpenter Technology in the third quarter valued at approximately $65,000. Wilmington Savings Fund Society FSB bought a new position in Carpenter Technology in the third quarter valued at $80,000. Finally, Morse Asset Management Inc bought a new position in shares of Carpenter Technology in the 3rd quarter valued at about $84,000. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Carpenter Technology Stock Performance

CRS stock opened at $199.64 on Wednesday. The firm has a market cap of $9.97 billion, a PE ratio of 37.67, a price-to-earnings-growth ratio of 0.93 and a beta of 1.54. The stock has a 50-day moving average price of $189.91 and a 200-day moving average price of $171.47. The company has a current ratio of 3.80, a quick ratio of 1.92 and a debt-to-equity ratio of 0.40. Carpenter Technology Co. has a 1-year low of $62.99 and a 1-year high of $213.65.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings results on Thursday, January 30th. The basic materials company reported $1.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.08. Carpenter Technology had a return on equity of 19.88% and a net margin of 9.34%. As a group, equities research analysts expect that Carpenter Technology Co. will post 6.83 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, March 6th. Shareholders of record on Friday, February 28th will be given a $0.20 dividend. The ex-dividend date is Tuesday, January 28th. This represents a $0.80 annualized dividend and a yield of 0.40%. Carpenter Technology’s dividend payout ratio is currently 15.09%.

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.