American Trust Decreases Stock Position in Carpenter Technology Co. (NYSE:CRS)

American Trust cut its position in Carpenter Technology Co. (NYSE:CRS) by 9.0% during the fourth quarter, HoldingsChannel.com reports. The fund owned 2,032 shares of the basic materials company’s stock after selling 201 shares during the period. American Trust’s holdings in Carpenter Technology were worth $345,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. FMR LLC grew its holdings 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 worth $754,295,000 after buying an additional 979,313 shares in the last quarter. SurgoCap Partners LP lifted its stake in shares of Carpenter Technology by 117.6% in the fourth quarter. SurgoCap Partners LP now owns 1,442,069 shares of the basic materials company’s stock worth $244,734,000 after buying an additional 779,357 shares in the last quarter. Norges Bank acquired a new position in Carpenter Technology during the fourth quarter worth about $100,505,000. Allspring Global Investments Holdings LLC boosted its position in Carpenter Technology by 428.4% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 592,034 shares of the basic materials company’s stock worth $103,714,000 after acquiring an additional 479,985 shares during the last quarter. Finally, Freestone Grove Partners LP purchased a new stake in Carpenter Technology during the 4th quarter valued at about $69,285,000. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Carpenter Technology Price Performance

NYSE:CRS opened at $230.23 on Monday. Carpenter Technology Co. has a 52 week low of $95.17 and a 52 week high of $236.59. The stock’s fifty day moving average is $193.16 and its two-hundred day moving average is $189.95. The company has a market capitalization of $11.46 billion, a P/E ratio of 43.44, a P/E/G ratio of 0.93 and a beta of 1.33. The company has a quick ratio of 1.92, a current ratio of 3.80 and a debt-to-equity ratio of 0.40.

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

Carpenter Technology declared that its board has approved a share repurchase program 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 purchase up to 4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

Carpenter Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Shareholders of record on Tuesday, April 22nd will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.35%. The ex-dividend date of this dividend is Tuesday, April 22nd. Carpenter Technology’s dividend payout ratio is presently 11.33%.

Insider Activity

In related news, Director I Martin Inglis sold 3,433 shares of the stock in a transaction that occurred on Tuesday, April 29th. The shares were sold at an average price of $197.66, for a total transaction of $678,566.78. Following the completion of the transaction, the director now owns 6,732 shares of the company’s stock, valued at approximately $1,330,647.12. This trade represents a 33.77% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 2.90% of the company’s stock.

Analysts Set New Price Targets

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

About Carpenter Technology

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.