Carpenter Technology Co. (NYSE:CRS) Shares Sold by Comerica Bank

Comerica Bank reduced its position in shares of Carpenter Technology Co. (NYSE:CRS) by 5.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 50,783 shares of the basic materials company’s stock after selling 2,688 shares during the period. Comerica Bank owned 0.10% of Carpenter Technology worth $8,618,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Pictet Asset Management Holding SA lifted its holdings in Carpenter Technology by 14.6% in the fourth quarter. Pictet Asset Management Holding SA now owns 6,865 shares of the basic materials company’s stock valued at $1,165,000 after acquiring an additional 877 shares during the last quarter. Tidal Investments LLC grew its holdings in shares of Carpenter Technology by 91.9% during the 3rd quarter. Tidal Investments LLC now owns 21,083 shares of the basic materials company’s stock worth $3,364,000 after purchasing an additional 10,094 shares during the period. Manuka Financial LLC acquired a new stake in shares of Carpenter Technology during the 4th quarter worth about $368,000. Park Avenue Securities LLC purchased a new stake in Carpenter Technology in the 4th quarter valued at about $419,000. Finally, XML Financial LLC lifted its position in Carpenter Technology by 215.3% in the fourth quarter. XML Financial LLC now owns 9,460 shares of the basic materials company’s stock valued at $1,605,000 after buying an additional 6,460 shares during the last quarter. 92.03% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Carpenter Technology

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

Analyst Upgrades and Downgrades

Several analysts recently weighed in 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. increased their target price on Carpenter Technology from $240.00 to $245.00 and gave the stock an “overweight” rating in a research note on Monday, April 28th. Finally, Northcoast Research raised Carpenter Technology from a “sell” rating to a “neutral” rating in a research report on Wednesday, April 9th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $168.00.

Carpenter Technology Price Performance

CRS stock opened at $213.34 on Friday. Carpenter Technology Co. has a 1 year low of $95.17 and a 1 year high of $215.25. The firm has a market capitalization of $10.62 billion, a P/E ratio of 40.25, a P/E/G ratio of 0.93 and a beta of 1.33. The company has a debt-to-equity ratio of 0.40, a current ratio of 3.80 and a quick ratio of 1.92. The business’s 50-day moving average is $183.27 and its two-hundred day moving average is $183.23.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings results 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. Carpenter Technology had a net margin of 9.34% and a return on equity of 19.88%. The company had revenue of $727.00 million during the quarter, compared to the consensus estimate of $729.67 million. During the same quarter in the previous year, the firm earned $1.19 earnings per share. The firm’s quarterly revenue was up 6.1% on a year-over-year basis. Analysts anticipate that Carpenter Technology Co. will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology announced that its Board of Directors has approved a stock buyback program on Thursday, April 24th that authorizes the company to buyback $400.00 million in outstanding shares. This buyback authorization authorizes the basic materials company to purchase up to 4% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Carpenter Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Shareholders of record on Tuesday, April 22nd will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.37%. The ex-dividend date of this dividend is Tuesday, April 22nd. Carpenter Technology’s dividend payout ratio (DPR) is 11.33%.

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.