Graham Capital Management L.P. Sells 1,571 Shares of Carpenter Technology Co. (NYSE:CRS)

Graham Capital Management L.P. lessened its position in shares of Carpenter Technology Co. (NYSE:CRS) by 54.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,321 shares of the basic materials company’s stock after selling 1,571 shares during the period. Graham Capital Management L.P.’s holdings in Carpenter Technology were worth $224,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in CRS. Kestra Investment Management LLC purchased a new stake in Carpenter Technology during the fourth quarter valued at about $25,000. CIBC Private Wealth Group LLC lifted its stake in shares of Carpenter Technology by 109.5% during the 4th quarter. CIBC Private Wealth Group LLC now owns 243 shares of the basic materials company’s stock valued at $45,000 after buying an additional 127 shares in the last quarter. UMB Bank n.a. boosted its holdings in Carpenter Technology by 169.0% in the 4th quarter. UMB Bank n.a. now owns 304 shares of the basic materials company’s stock worth $52,000 after buying an additional 191 shares during the period. Fifth Third Bancorp grew its stake in Carpenter Technology by 23.5% in the 4th quarter. Fifth Third Bancorp now owns 573 shares of the basic materials company’s stock valued at $97,000 after buying an additional 109 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its holdings in Carpenter Technology by 11.9% during the 4th quarter. EverSource Wealth Advisors LLC now owns 669 shares of the basic materials company’s stock valued at $114,000 after acquiring an additional 71 shares during the period. Institutional investors own 92.03% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on CRS. BTIG Research set a $230.00 price target on Carpenter Technology in a report on Friday, January 31st. JPMorgan Chase & Co. increased their price objective on Carpenter Technology from $240.00 to $245.00 and gave the stock an “overweight” rating in a report on Monday, April 28th. Finally, Northcoast Research raised Carpenter Technology from a “sell” rating to a “neutral” rating in a report on Wednesday, April 9th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Carpenter Technology presently has a consensus rating of “Moderate Buy” and an average target price of $168.00.

Carpenter Technology Trading Up 0.8%

Carpenter Technology stock opened at $232.27 on Monday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.92 and a current ratio of 3.80. Carpenter Technology Co. has a fifty-two week low of $95.17 and a fifty-two week high of $234.52. The stock has a market cap of $11.56 billion, a P/E ratio of 43.82, a PEG ratio of 0.93 and a beta of 1.33. The firm’s fifty day moving average price is $188.18 and its 200-day moving average price is $187.63.

Carpenter Technology (NYSE:CRS) last announced its earnings results on Thursday, April 24th. The basic materials company reported $1.88 earnings per share for the quarter, topping analysts’ consensus estimates of $1.74 by $0.14. Carpenter Technology had a return on equity of 19.88% and a net margin of 9.34%. The business had revenue of $727.00 million for the quarter, compared to analyst estimates of $729.67 million. During the same period in the prior year, the company earned $1.19 EPS. The company’s quarterly revenue was up 6.1% compared to the same quarter last year. Equities research analysts forecast that Carpenter Technology Co. will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Tuesday, April 22nd will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.34%. The ex-dividend date is Tuesday, April 22nd. Carpenter Technology’s dividend payout ratio is currently 11.33%.

Carpenter Technology declared that its Board of Directors has approved a stock repurchase plan on Thursday, April 24th that permits the company to buyback $400.00 million in outstanding shares. This buyback authorization permits the basic materials company to repurchase up to 4% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its shares are undervalued.

Insider Activity at Carpenter Technology

In other Carpenter Technology news, Director I Martin Inglis sold 3,433 shares of the firm’s 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 sale, the director now owns 6,732 shares in the company, valued at $1,330,647.12. This trade represents a 33.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.90% of the stock is currently owned by insiders.

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.