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Granite Investment Partners LLC Decreases Stake in Carpenter Technology Co. (NYSE:CRS)

Feb 24, 2024

Granite Investment Partners LLC lowered its holdings in Carpenter Technology Co. (NYSE:CRS - Free Report) by 0.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 658,729 shares of the basic materials company's stock after selling 5,563 shares during the quarter. Carpenter Technology accounts for about 1.2% of Granite Investment Partners LLC's investment portfolio, making the stock its 12th biggest holding. Granite Investment Partners LLC owned 1.36% of Carpenter Technology worth $29,485,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Point72 Hong Kong Ltd purchased a new stake in Carpenter Technology during the first quarter valued at $26,000. Allspring Global Investments Holdings LLC increased its position in Carpenter Technology by 479.4% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,489 shares of the basic materials company's stock valued at $67,000 after acquiring an additional 1,232 shares during the last quarter. Tompkins Financial Corp purchased a new stake in Carpenter Technology during the first quarter valued at $74,000. Point72 Middle East FZE purchased a new stake in Carpenter Technology during the fourth quarter valued at $95,000. Finally, Counterpoint Mutual Funds LLC bought a new stake in Carpenter Technology during the first quarter valued at about $117,000. Hedge funds and other institutional investors own 92.31% of the company's stock.

CRS has been the subject of several recent research reports. initiated coverage on Carpenter Technology in a report on Thursday, May 18th. They set a "hold" rating for the company. TheStreet raised Carpenter Technology from a "c+" rating to a "b" rating in a report on Tuesday, June 20th.

Shares of NYSE CRS traded down $0.60 during mid-day trading on Friday, reaching $58.28. The company's stock had a trading volume of 167,171 shares, compared to its average volume of 401,924. The firm has a market capitalization of $2.83 billion, a PE ratio of 140.38 and a beta of 1.80. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.45 and a quick ratio of 1.14. The stock has a fifty day moving average of $52.58 and a two-hundred day moving average of $48.73. Carpenter Technology Co. has a 52 week low of $31.02 and a 52 week high of $60.95.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its quarterly earnings data on Thursday, July 27th. The basic materials company reported $0.78 earnings per share for the quarter, topping analysts' consensus estimates of $0.67 by $0.11. The firm had revenue of $758.10 million during the quarter, compared to analyst estimates of $743.07 million. Carpenter Technology had a return on equity of 1.35% and a net margin of 0.87%. The business's revenue for the quarter was up 34.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Carpenter Technology Co. will post 1.04 EPS for the current fiscal year.

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.

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