Comerica Bank Sells 2,688 Shares of Carpenter Technology Co. (NYSE:CRS)

Comerica Bank cut its holdings in Carpenter Technology Co. (NYSE:CRS - Free Report) by 5.0% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 50,783 shares of the basic materials company's stock after selling 2,688 shares during the quarter. Comerica Bank owned approximately 0.10% of Carpenter Technology worth $8,618,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. FMR LLC increased its stake in shares of Carpenter Technology by 28.3% in the fourth quarter. FMR LLC now owns 4,444,608 shares of the basic materials company's stock valued at $754,295,000 after buying an additional 979,313 shares during the period. Invesco Ltd. raised its position in Carpenter Technology by 30.3% during the 4th quarter. Invesco Ltd. now owns 1,537,235 shares of the basic materials company's stock worth $260,884,000 after purchasing an additional 357,417 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Carpenter Technology by 3.5% during the 4th quarter. Geode Capital Management LLC now owns 1,138,615 shares of the basic materials company's stock worth $193,279,000 after buying an additional 38,411 shares during the period. Northern Trust Corp grew its position in shares of Carpenter Technology by 21.0% in the 4th quarter. Northern Trust Corp now owns 679,343 shares of the basic materials company's stock valued at $115,291,000 after buying an additional 117,759 shares during the last quarter. Finally, Norges Bank bought a new position in shares of Carpenter Technology during the fourth quarter worth about $100,505,000. Institutional investors own 92.03% of the company's stock.

Carpenter Technology Stock Up 1.0 %

NYSE:CRS traded up $2.09 during trading hours on Friday, hitting $211.27. 333,588 shares of the company traded hands, compared to its average volume of 745,883. Carpenter Technology Co. has a one year low of $95.17 and a one year high of $215.96. The company has a quick ratio of 1.92, a current ratio of 3.80 and a debt-to-equity ratio of 0.40. The company has a market cap of $10.52 billion, a PE ratio of 39.86, a PEG ratio of 0.93 and a beta of 1.33. The firm's 50-day simple moving average is $183.79 and its 200-day simple moving average is $184.45.

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

Carpenter Technology announced that its Board of Directors has initiated a stock repurchase plan on Thursday, April 24th that authorizes the company to buyback $400.00 million in shares. This buyback authorization authorizes the basic materials company to repurchase up to 4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's board of directors believes its stock is undervalued.

Carpenter Technology Dividend Announcement

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

Insider Activity at Carpenter Technology

In other news, Director I Martin Inglis sold 3,433 shares of the firm's stock in a transaction that occurred on Tuesday, April 29th. The shares were 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 in the company, valued at approximately $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 can be accessed through the SEC website. 2.90% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

CRS has been the subject of several recent analyst reports. JPMorgan Chase & Co. increased their price objective 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 upgraded Carpenter Technology from a "sell" rating to a "neutral" rating in a report on Wednesday, April 9th. Finally, BTIG Research set a $230.00 price objective on shares of Carpenter Technology in a research note on Friday, January 31st. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average 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.