Algert Global LLC Sells 10,952 Shares of Carpenter Technology Co. (NYSE:CRS)

Algert Global LLC decreased its holdings in shares of Carpenter Technology Co. (NYSE:CRS - Free Report) by 13.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 70,761 shares of the basic materials company's stock after selling 10,952 shares during the quarter. Algert Global LLC owned approximately 0.14% of Carpenter Technology worth $12,009,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in CRS. Stratos Wealth Partners LTD. increased its position in shares of Carpenter Technology by 2.7% in the fourth quarter. Stratos Wealth Partners LTD. now owns 2,415 shares of the basic materials company's stock valued at $410,000 after acquiring an additional 63 shares during the last quarter. EverSource Wealth Advisors LLC increased its holdings in shares of Carpenter Technology by 11.9% during the fourth quarter. EverSource Wealth Advisors LLC now owns 669 shares of the basic materials company's stock worth $114,000 after purchasing an additional 71 shares during the period. CIBC Asset Management Inc boosted its stake in shares of Carpenter Technology by 5.4% in the fourth quarter. CIBC Asset Management Inc now owns 1,521 shares of the basic materials company's stock valued at $258,000 after buying an additional 78 shares during the period. Fifth Third Bancorp lifted its position in shares of Carpenter Technology by 23.5% during the 4th quarter. Fifth Third Bancorp now owns 573 shares of the basic materials company's stock valued at $97,000 after acquiring an additional 109 shares during the period. Finally, Wesbanco Bank Inc. grew its stake in Carpenter Technology by 1.2% during the fourth quarter. Wesbanco Bank Inc. now owns 9,797 shares of the basic materials company's stock worth $1,663,000 after buying an additional 115 shares in the last quarter. Institutional investors own 92.03% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Northcoast Research upgraded shares of 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 objective on Carpenter Technology in a research report on Friday, January 31st. Finally, JPMorgan Chase & Co. lifted their price target on Carpenter Technology from $240.00 to $245.00 and gave the company 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 given a buy rating to the stock. According to data from MarketBeat, Carpenter Technology currently has a consensus rating of "Moderate Buy" and an average target price of $168.00.

Insider Activity

In other news, Director I Martin Inglis sold 3,433 shares of the firm's stock in a transaction 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 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 at the SEC website. Insiders own 2.90% of the company's stock.

Carpenter Technology Stock Up 1.2 %

NYSE CRS traded up $2.54 during mid-day trading on Friday, hitting $211.72. The company's stock had a trading volume of 369,503 shares, compared to its average volume of 868,085. The company has a current ratio of 3.80, a quick ratio of 1.92 and a debt-to-equity ratio of 0.40. The company's 50 day simple moving average is $183.79 and its 200 day simple moving average is $184.45. Carpenter Technology Co. has a twelve month low of $95.17 and a twelve month high of $215.96. The firm has a market capitalization of $10.54 billion, a price-to-earnings ratio of 39.95, a PEG ratio of 0.93 and a beta of 1.33.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.88 EPS for the quarter, beating analysts' consensus estimates of $1.74 by $0.14. The company had revenue of $727.00 million during 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%. Carpenter Technology's revenue was up 6.1% on a year-over-year basis. During the same period last year, the business posted $1.19 earnings per share. Analysts anticipate that Carpenter Technology Co. will post 6.83 earnings per share for the current 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 paid a $0.20 dividend. The ex-dividend date is Tuesday, April 22nd. This represents a $0.80 annualized dividend and a dividend yield of 0.38%. Carpenter Technology's payout ratio is 11.33%.

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

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.