Ameriprise Financial Inc. Sells 184,409 Shares of Carpenter Technology Co. (NYSE:CRS)

Ameriprise Financial Inc. lowered its stake in shares of Carpenter Technology Co. (NYSE:CRS - Free Report) by 20.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 712,985 shares of the basic materials company's stock after selling 184,409 shares during the quarter. Ameriprise Financial Inc. owned approximately 1.43% of Carpenter Technology worth $120,990,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in CRS. Alua Capital Management LP bought a new stake in Carpenter Technology during the fourth quarter valued at $20,987,000. Aristeia Capital L.L.C. bought a new stake in shares of Carpenter Technology during the 4th quarter valued at about $602,000. Mercer Global Advisors Inc. ADV acquired a new stake in Carpenter Technology during the fourth quarter worth about $212,000. Third Point LLC lifted its holdings in Carpenter Technology by 31.8% in the fourth quarter. Third Point LLC now owns 870,000 shares of the basic materials company's stock worth $147,648,000 after acquiring an additional 210,000 shares during the last quarter. Finally, Freestone Grove Partners LP acquired a new position in Carpenter Technology in the fourth quarter valued at approximately $69,285,000. Institutional investors own 92.03% of the company's stock.

Insider Buying and Selling

In other news, Director I Martin Inglis sold 3,433 shares of the firm's stock in a transaction dated Tuesday, April 29th. The shares were sold at an average price of $197.66, for a total transaction 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 approximately $1,330,647.12. This trade represents a 33.77 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.90% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. JPMorgan Chase & Co. upped 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. BTIG Research set a $230.00 price target on shares of Carpenter Technology in a research note on Friday, January 31st. Finally, Northcoast Research raised Carpenter Technology from a "sell" rating to a "neutral" rating in a report on Wednesday, April 9th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $168.00.

Carpenter Technology Stock Up 1.6 %

Shares of NYSE CRS traded up $3.31 during trading hours on Friday, hitting $212.49. The stock had a trading volume of 727,023 shares, compared to its average volume of 749,402. The company has a market capitalization of $10.58 billion, a P/E ratio of 40.09, a P/E/G ratio of 0.93 and a beta of 1.33. The firm's 50-day moving average price is $183.98 and its two-hundred day moving average price is $185.04. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.92 and a current ratio of 3.80. Carpenter Technology Co. has a 52 week low of $95.17 and a 52 week high of $215.96.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.88 EPS for the quarter, beating the consensus estimate of $1.74 by $0.14. The company had revenue of $727.00 million for the quarter, compared to the consensus estimate 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 for the quarter was up 6.1% compared to the same quarter last year. During the same quarter last year, the company posted $1.19 earnings per share. Analysts anticipate that Carpenter Technology Co. will post 6.83 EPS for the current fiscal year.

Carpenter Technology announced that its board has authorized a stock 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 reacquire up to 4% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's management believes its stock is undervalued.

Carpenter Technology Dividend Announcement

The business also recently announced 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. This represents a $0.80 annualized dividend and a dividend yield of 0.38%. The ex-dividend date is Tuesday, April 22nd. Carpenter Technology's payout ratio is presently 11.33%.

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.