Advent International L.P. Reduces Holdings in Carpenter Technology Co. (NYSE:CRS)

Advent International L.P. cut its position in Carpenter Technology Co. (NYSE:CRS - Free Report) by 41.0% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 717,646 shares of the basic materials company's stock after selling 497,955 shares during the period. Carpenter Technology makes up 2.8% of Advent International L.P.'s holdings, making the stock its 7th largest position. Advent International L.P. owned approximately 1.44% of Carpenter Technology worth $121,792,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Kestra Investment Management LLC purchased a new position in Carpenter Technology in the 4th quarter valued at $25,000. CIBC Private Wealth Group LLC lifted its stake in shares of Carpenter Technology by 109.5% in the fourth 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 in the last quarter. UMB Bank n.a. grew its stake in Carpenter Technology by 169.0% during the 4th quarter. UMB Bank n.a. now owns 304 shares of the basic materials company's stock valued at $52,000 after acquiring an additional 191 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in Carpenter Technology in the 3rd quarter valued at about $80,000. Finally, Morse Asset Management Inc purchased a new position in Carpenter Technology in the 3rd quarter worth approximately $84,000. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director I Martin Inglis sold 3,433 shares of the business'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 sale, the director now directly owns 6,732 shares in the company, valued at approximately $1,330,647.12. The trade was a 33.77 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 2.90% of the company's stock.

Carpenter Technology Trading Down 0.7 %

Shares of CRS stock traded down $1.40 during trading hours on Monday, hitting $211.61. 627,253 shares of the company were exchanged, compared to its average volume of 747,273. The firm has a fifty day moving average of $183.27 and a 200 day moving average of $183.39. 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 Co. has a 1 year low of $95.17 and a 1 year high of $216.00. The firm has a market cap of $10.53 billion, a PE ratio of 39.93, a PEG ratio of 0.93 and a beta of 1.33.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.88 earnings per share for the quarter, beating the consensus estimate of $1.74 by $0.14. The business had revenue of $727.00 million for the quarter, compared to analyst estimates of $729.67 million. Carpenter Technology had a return on equity of 19.88% and a net margin of 9.34%. The company's revenue was up 6.1% compared to the same quarter last year. During the same period in the previous year, the company posted $1.19 EPS. Analysts expect that Carpenter Technology Co. will post 6.83 earnings per share for the current year.

Carpenter Technology declared that its Board of Directors has initiated a share repurchase program on Thursday, April 24th that allows the company to repurchase $400.00 million in shares. This repurchase authorization allows the basic materials company to repurchase up to 4% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.

Carpenter Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Tuesday, April 22nd will be paid a $0.20 dividend. The ex-dividend date is Tuesday, April 22nd. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.38%. Carpenter Technology's dividend payout ratio (DPR) is presently 11.33%.

Analysts Set New Price Targets

A number of brokerages have issued reports on CRS. Northcoast Research raised Carpenter Technology from a "sell" rating to a "neutral" rating in a research note on Wednesday, April 9th. BTIG Research set a $230.00 price target on shares of Carpenter Technology in a research report on Friday, January 31st. Finally, JPMorgan Chase & Co. increased their target price on shares of Carpenter Technology from $240.00 to $245.00 and gave the stock an "overweight" rating in a research note on Monday, April 28th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price 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.