Jefferies Financial Group Inc. Sells 3,214 Shares of Carpenter Technology Co. (NYSE:CRS)

Jefferies Financial Group Inc. trimmed its holdings in shares of Carpenter Technology Co. (NYSE:CRS) by 20.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,436 shares of the basic materials company’s stock after selling 3,214 shares during the period. Jefferies Financial Group Inc.’s holdings in Carpenter Technology were worth $2,111,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of CRS. FMR LLC boosted its stake in shares of Carpenter Technology by 28.3% during the fourth quarter. FMR LLC now owns 4,444,608 shares of the basic materials company’s stock valued at $754,295,000 after purchasing an additional 979,313 shares in the last quarter. Norges Bank bought a new stake in Carpenter Technology during the 4th quarter valued at $100,505,000. Allspring Global Investments Holdings LLC boosted its position in Carpenter Technology by 428.4% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 592,034 shares of the basic materials company’s stock valued at $103,714,000 after acquiring an additional 479,985 shares in the last quarter. Freestone Grove Partners LP bought a new stake in Carpenter Technology during the 4th quarter valued at $69,285,000. Finally, Invesco Ltd. boosted its position in Carpenter Technology by 30.3% during the 4th quarter. Invesco Ltd. now owns 1,537,235 shares of the basic materials company’s stock valued at $260,884,000 after acquiring an additional 357,417 shares in the last quarter. 92.03% of the stock is currently owned by institutional investors.

Carpenter Technology Price Performance

Shares of NYSE CRS opened at $224.40 on Wednesday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.92 and a current ratio of 3.80. The company has a market cap of $11.17 billion, a PE ratio of 42.34, a P/E/G ratio of 0.93 and a beta of 1.33. The business has a 50-day simple moving average of $185.02 and a two-hundred day simple moving average of $185.95. Carpenter Technology Co. has a fifty-two week low of $95.17 and a fifty-two week high of $225.42.

Carpenter Technology (NYSE:CRS) last released its earnings results on Thursday, April 24th. The basic materials company reported $1.88 EPS for the quarter, topping analysts’ consensus estimates of $1.74 by $0.14. The company had revenue of $727.00 million during the quarter, compared to analysts’ expectations of $729.67 million. Carpenter Technology had a net margin of 9.34% and a return on equity of 19.88%. Carpenter Technology’s revenue for the quarter was up 6.1% on a year-over-year basis. During the same period last year, the business earned $1.19 EPS. As a group, equities analysts expect that Carpenter Technology Co. will post 6.83 EPS for the current fiscal year.

Carpenter Technology announced that its board has approved a share buyback program on Thursday, April 24th that permits the company to buyback $400.00 million in shares. This buyback authorization permits the basic materials company to buy up to 4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.

Carpenter Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Tuesday, April 22nd will be paid a dividend of $0.20 per share. The ex-dividend date is Tuesday, April 22nd. This represents a $0.80 annualized dividend and a dividend yield of 0.36%. Carpenter Technology’s payout ratio is currently 11.33%.

Insider Transactions at Carpenter Technology

In other Carpenter Technology news, Director I Martin Inglis sold 3,433 shares of Carpenter Technology stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $197.66, for a total transaction of $678,566.78. Following the completion of the sale, the director now owns 6,732 shares of the company’s stock, valued at approximately $1,330,647.12. The trade was a 33.77% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 2.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Northcoast Research raised Carpenter Technology from a “sell” rating to a “neutral” rating in a research report on Wednesday, April 9th. BTIG Research set a $230.00 price target on shares of Carpenter Technology in a report on Friday, January 31st. Finally, JPMorgan Chase & Co. raised their price target on shares of Carpenter Technology from $240.00 to $245.00 and gave the company an “overweight” rating in a report on Monday, April 28th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $168.00.

Carpenter Technology Company Profile

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.