Bank of New York Mellon Corp Lowers Stake in Carpenter Technology Co. (CRS)
Bank of New York Mellon Corp cut its stake in shares of Carpenter Technology Co. (NYSE:CRS) by 2.6% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 1,683,344 shares of the basic materials company’s stock after selling 45,819 shares during the quarter. Bank of New York Mellon Corp’s holdings in Carpenter Technology were worth $85,835,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Huntington National Bank grew its stake in shares of Carpenter Technology by 1,902.0% during the 4th quarter. Huntington National Bank now owns 2,002 shares of the basic materials company’s stock valued at $102,000 after buying an additional 1,902 shares during the period. Ladenburg Thalmann Financial Services Inc. grew its stake in shares of Carpenter Technology by 90.2% during the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,225 shares of the basic materials company’s stock valued at $154,000 after buying an additional 1,529 shares during the period. Turner Investments LLC purchased a new stake in shares of Carpenter Technology during the 3rd quarter valued at $192,000. Tocqueville Asset Management L.P. purchased a new stake in shares of Carpenter Technology during the 3rd quarter valued at $214,000. Finally, Wrapmanager Inc. purchased a new stake in shares of Carpenter Technology during the 3rd quarter valued at $216,000. 95.92% of the stock is owned by institutional investors.
Shares of Carpenter Technology Co. (CRS) opened at $50.33 on Friday. The company has a current ratio of 2.99, a quick ratio of 1.00 and a debt-to-equity ratio of 0.41. Carpenter Technology Co. has a 12-month low of $34.24 and a 12-month high of $54.61. The firm has a market cap of $2,360.00, a price-to-earnings ratio of 25.17 and a beta of 1.96.
The firm also recently declared a quarterly dividend, which was paid on Thursday, March 1st. Investors of record on Tuesday, February 6th were given a dividend of $0.18 per share. The ex-dividend date of this dividend was Monday, February 5th. This represents a $0.72 dividend on an annualized basis and a yield of 1.43%. Carpenter Technology’s dividend payout ratio (DPR) is 36.00%.
Several analysts have recently issued reports on the stock. Zacks Investment Research cut shares of Carpenter Technology from a “buy” rating to a “hold” rating in a research note on Tuesday, February 6th. Cowen reissued a “hold” rating and set a $53.00 price objective on shares of Carpenter Technology in a research note on Sunday, December 10th. Finally, KeyCorp reissued a “hold” rating on shares of Carpenter Technology in a research note on Thursday, November 16th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Carpenter Technology has a consensus rating of “Hold” and an average price target of $52.25.
Carpenter Technology Profile
Carpenter Technology Corporation is engaged in the manufacturing, fabrication and distribution of specialty metals. The Company’s segments include Specialty Alloys Operations (SAO) and Performance Engineered Products (PEP). Its SAO segment consists of alloy and stainless steel manufacturing operations.
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