Castleark Management LLC Reduces Stake in Carpenter Technology Co. (NYSE:CRS)

Castleark Management LLC lowered its position in Carpenter Technology Co. (NYSE:CRS) by 38.6% in the 4th quarter, HoldingsChannel.com reports. The fund owned 45,880 shares of the basic materials company’s stock after selling 28,840 shares during the quarter. Castleark Management LLC’s holdings in Carpenter Technology were worth $7,786,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Carpenter Technology Trading Down 0.5%

Carpenter Technology stock opened at $234.42 on Wednesday. Carpenter Technology Co. has a 12-month low of $95.17 and a 12-month high of $236.59. The firm has a market capitalization of $11.67 billion, a price-to-earnings ratio of 44.23, a P/E/G ratio of 0.93 and a beta of 1.33. The firm has a 50 day moving average of $190.42 and a 200 day moving average of $188.51. The company has a current ratio of 3.80, a quick ratio of 1.92 and a debt-to-equity ratio of 0.40.

Carpenter Technology (NYSE:CRS) last posted its quarterly 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. The business had revenue of $727.00 million during the quarter, compared to analyst estimates of $729.67 million. Carpenter Technology had a net margin of 9.34% and a return on equity of 19.88%. The company’s revenue was up 6.1% on a year-over-year basis. During the same period in the prior year, the business posted $1.19 earnings per share. As a group, research analysts predict that Carpenter Technology Co. will post 6.83 earnings per share for the current year.

Carpenter Technology announced that its board has initiated a stock repurchase program on Thursday, April 24th that allows the company to buyback $400.00 million in shares. This buyback authorization allows the basic materials company to reacquire up to 4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Carpenter Technology Announces Dividend

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

Insiders Place Their Bets

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 directly owns 6,732 shares of the company’s stock, 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.90% of the stock is currently owned by company insiders.

Analyst Ratings Changes

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