Principal Financial Group Inc. Sells 7,961 Shares of Carpenter Technology Co. (NYSE:CRS)

Principal Financial Group Inc. lessened its stake in shares of Carpenter Technology Co. (NYSE:CRS) by 2.9% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 267,390 shares of the basic materials company’s stock after selling 7,961 shares during the period. Principal Financial Group Inc. owned about 0.54% of Carpenter Technology worth $42,670,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Dearborn Partners LLC purchased a new stake in shares of Carpenter Technology during the 2nd quarter worth approximately $323,000. Legato Capital Management LLC purchased a new stake in Carpenter Technology in the second quarter worth $467,000. Burney Co. bought a new stake in shares of Carpenter Technology in the second quarter valued at $211,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Carpenter Technology by 6.3% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,386 shares of the basic materials company’s stock valued at $1,248,000 after buying an additional 679 shares during the last quarter. Finally, Farther Finance Advisors LLC grew its stake in shares of Carpenter Technology by 2,349.6% during the 2nd quarter. Farther Finance Advisors LLC now owns 3,405 shares of the basic materials company’s stock worth $364,000 after acquiring an additional 3,266 shares during the period. Institutional investors own 92.03% of the company’s stock.

Carpenter Technology Stock Up 0.2 %

Shares of NYSE CRS opened at $169.97 on Monday. 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 market cap of $8.47 billion, a P/E ratio of 37.86, a P/E/G ratio of 0.90 and a beta of 1.52. Carpenter Technology Co. has a 52 week low of $58.87 and a 52 week high of $198.24. The business has a 50-day simple moving average of $174.07 and a two-hundred day simple moving average of $146.55.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings data on Thursday, October 24th. The basic materials company reported $1.73 EPS for the quarter, beating analysts’ consensus estimates of $1.58 by $0.15. The company had revenue of $717.60 million during 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%. Carpenter Technology’s revenue was up 10.1% compared to the same quarter last year. During the same period last year, the business earned $0.88 earnings per share. Research analysts anticipate that Carpenter Technology Co. will post 6.74 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, December 5th. Stockholders of record on Tuesday, October 22nd were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, October 22nd. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.47%. Carpenter Technology’s dividend payout ratio (DPR) is currently 17.82%.

Analysts Set New Price Targets

CRS has been the topic of several recent research reports. Benchmark reaffirmed a “buy” rating and set a $175.00 price objective on shares of Carpenter Technology in a report on Friday, October 25th. JPMorgan Chase & Co. assumed coverage on shares of Carpenter Technology in a research note on Friday, November 22nd. They set an “overweight” rating and a $220.00 price target on the stock. One analyst has rated the stock with a sell rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $153.00.

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.