OneDigital Investment Advisors LLC Decreases Stock Position in Carpenter Technology Co. (NYSE:CRS)

OneDigital Investment Advisors LLC reduced its holdings in shares of Carpenter Technology Co. (NYSE:CRS) by 33.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,223 shares of the basic materials company’s stock after selling 613 shares during the quarter. OneDigital Investment Advisors LLC’s holdings in Carpenter Technology were worth $208,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CRS. Pictet Asset Management Holding SA raised its position in shares of Carpenter Technology by 14.6% during the 4th quarter. Pictet Asset Management Holding SA now owns 6,865 shares of the basic materials company’s stock worth $1,165,000 after purchasing an additional 877 shares during the last quarter. Tidal Investments LLC raised its holdings in shares of Carpenter Technology by 91.9% in the third quarter. Tidal Investments LLC now owns 21,083 shares of the basic materials company’s stock worth $3,364,000 after acquiring an additional 10,094 shares during the last quarter. Manuka Financial LLC purchased a new stake in shares of Carpenter Technology in the fourth quarter valued at $368,000. Park Avenue Securities LLC acquired a new stake in shares of Carpenter Technology during the fourth quarter valued at $419,000. Finally, XML Financial LLC increased its position in Carpenter Technology by 215.3% during the 4th quarter. XML Financial LLC now owns 9,460 shares of the basic materials company’s stock worth $1,605,000 after purchasing an additional 6,460 shares in the last quarter. Institutional investors and hedge funds own 92.03% of the company’s stock.

Analysts Set New Price Targets

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

Carpenter Technology Price Performance

CRS opened at $197.23 on Wednesday. Carpenter Technology Co. has a 1 year low of $82.46 and a 1 year high of $213.66. 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’s 50 day simple moving average is $182.95 and its 200 day simple moving average is $182.27. The stock has a market capitalization of $9.85 billion, a PE ratio of 37.21, a P/E/G ratio of 0.93 and a beta of 1.28.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.88 earnings per share (EPS) for the quarter, beating the consensus estimate 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%. The business’s quarterly revenue was up 6.1% compared to the same quarter last year. During the same period in the previous year, the company earned $1.19 EPS. As a group, sell-side analysts expect that Carpenter Technology Co. will post 6.83 EPS for the current year.

Carpenter Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Shareholders of record on Tuesday, April 22nd will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, April 22nd. This represents a $0.80 annualized dividend and a yield of 0.41%. Carpenter Technology’s dividend payout ratio is presently 11.33%.

Carpenter Technology announced that its Board of Directors has initiated 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 stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.

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.