Carpenter Technology Co. (NYSE:CRS) Shares Sold by Nuveen Asset Management LLC

Nuveen Asset Management LLC reduced its position in Carpenter Technology Co. (NYSE:CRS) by 8.0% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 377,198 shares of the basic materials company’s stock after selling 32,587 shares during the period. Nuveen Asset Management LLC’s holdings in Carpenter Technology were worth $64,014,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Kestra Investment Management LLC purchased a new position in shares of Carpenter Technology in the 4th quarter worth $25,000. CIBC Private Wealth Group LLC raised its position 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 buying an additional 127 shares during the period. UMB Bank n.a. raised its position in Carpenter Technology by 169.0% in the fourth quarter. UMB Bank n.a. now owns 304 shares of the basic materials company’s stock valued at $52,000 after purchasing an additional 191 shares during the period. Fifth Third Bancorp raised its position in Carpenter Technology by 23.5% in the fourth quarter. Fifth Third Bancorp now owns 573 shares of the basic materials company’s stock valued at $97,000 after purchasing an additional 109 shares during the period. Finally, EverSource Wealth Advisors LLC raised its position in Carpenter Technology by 11.9% in the fourth quarter. EverSource Wealth Advisors LLC now owns 669 shares of the basic materials company’s stock valued at $114,000 after purchasing an additional 71 shares during the period. 92.03% of the stock is owned by hedge funds and other institutional investors.

Carpenter Technology Stock Up 0.8%

Shares of NYSE CRS opened at $232.27 on Monday. Carpenter Technology Co. has a 1 year low of $95.17 and a 1 year high of $234.52. The firm has a market cap of $11.56 billion, a price-to-earnings ratio of 43.82, a PEG ratio of 0.93 and a beta of 1.33. 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 stock’s 50-day simple moving average is $188.18 and its 200-day simple moving average 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 (EPS) 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 previous year, the company earned $1.19 earnings per share. The company’s revenue for the quarter was up 6.1% compared to the same quarter last year. As a group, equities analysts anticipate that Carpenter Technology Co. will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders 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 0.34%. The ex-dividend date is Tuesday, April 22nd. Carpenter Technology’s payout ratio is 11.33%.

Carpenter Technology announced that its Board of Directors has authorized a stock buyback plan on Thursday, April 24th that permits the company to repurchase $400.00 million in shares. This repurchase authorization permits the basic materials company to repurchase up to 4% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

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

Insider Transactions at Carpenter Technology

In related news, Director I Martin Inglis sold 3,433 shares of the business’s stock in a transaction dated 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 sale, the director now directly owns 6,732 shares of the company’s stock, valued at $1,330,647.12. The trade was a 33.77% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 2.90% of the company’s stock.

Carpenter Technology 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.