Granite Investment Partners LLC Has $24.54 Million Position in Carpenter Technology Co. (NYSE:CRS)

Posted by William Tyler on May 26th, 2023

Granite Investment Partners LLC lowered its holdings in Carpenter Technology Co. (NYSE:CRS – Get Rating) by 3.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 664,292 shares of the basic materials company’s stock after selling 26,059 shares during the quarter. Carpenter Technology comprises about 1.0% of Granite Investment Partners LLC’s investment portfolio, making the stock its 24th largest position. Granite Investment Partners LLC owned 1.37% of Carpenter Technology worth $24,539,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in CRS. JPMorgan Chase & Co. raised its position in shares of Carpenter Technology by 168.6% during the first quarter. JPMorgan Chase & Co. now owns 125,803 shares of the basic materials company’s stock worth $5,281,000 after acquiring an additional 78,961 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its position in shares of Carpenter Technology by 11.3% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 9,917 shares of the basic materials company’s stock worth $416,000 after acquiring an additional 1,009 shares during the last quarter. Private Advisor Group LLC bought a new stake in Carpenter Technology in the first quarter valued at about $325,000. Citigroup Inc. increased its holdings in Carpenter Technology by 4.1% in the first quarter. Citigroup Inc. now owns 42,825 shares of the basic materials company’s stock valued at $1,797,000 after purchasing an additional 1,685 shares during the last quarter. Finally, MetLife Investment Management LLC increased its holdings in Carpenter Technology by 38.5% in the first quarter. MetLife Investment Management LLC now owns 25,021 shares of the basic materials company’s stock valued at $1,050,000 after purchasing an additional 6,949 shares during the last quarter. Institutional investors own 92.28% of the company’s stock.

Carpenter Technology Trading Down 0.6 %

Shares of Carpenter Technology stock traded down $0.27 during trading hours on Friday, hitting $45.62. The company’s stock had a trading volume of 78,277 shares, compared to its average volume of 421,558. Carpenter Technology Co. has a 12 month low of $24.76 and a 12 month high of $54.89. The stock has a 50 day moving average of $46.16 and a 200 day moving average of $44.44. The company has a market capitalization of $2.21 billion, a PE ratio of 109.62 and a beta of 1.76. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.45 and a quick ratio of 1.14.

Carpenter Technology (NYSE:CRS – Get Rating) last announced its quarterly earnings results on Thursday, April 27th. The basic materials company reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.05. The company had revenue of $690.10 million during the quarter, compared to the consensus estimate of $632.50 million. Carpenter Technology had a return on equity of 1.35% and a net margin of 0.87%. The company’s revenue for the quarter was up 41.1% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.20) earnings per share. Analysts predict that Carpenter Technology Co. will post 1.04 earnings per share for the current year.

Carpenter Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 1st. Stockholders of record on Tuesday, May 2nd will be given a dividend of $0.20 per share. The ex-dividend date is Monday, May 1st. This represents a $0.80 annualized dividend and a dividend yield of 1.75%. Carpenter Technology’s dividend payout ratio is currently 190.48%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Cowen upped their price objective on Carpenter Technology from $50.00 to $54.00 and gave the company an “outperform” rating in a report on Friday, January 27th. StockNews.com assumed coverage on Carpenter Technology in a report on Thursday, May 18th. They issued a “hold” rating for the company.

Carpenter Technology Profile

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Carpenter Technology Corp. engages in the manufacturing, fabrication, and distribution of specialty metals. It operates through the Specialty Alloys Operations and Performance Engineered Products segments. The Specialty Alloys Operations segment is composed of its major premium alloy and stainless-steel manufacturing operations.