Carpenter Technology Co. (NYSE:CRS) Shares Sold by Emerald Mutual Fund Advisers Trust

Emerald Mutual Fund Advisers Trust lessened its position in shares of Carpenter Technology Co. (NYSE:CRS - Free Report) by 53.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 133,363 shares of the basic materials company's stock after selling 150,762 shares during the period. Carpenter Technology makes up approximately 1.4% of Emerald Mutual Fund Advisers Trust's investment portfolio, making the stock its 17th largest position. Emerald Mutual Fund Advisers Trust owned about 0.27% of Carpenter Technology worth $22,633,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Morse Asset Management Inc acquired a new position in shares of Carpenter Technology in the third quarter worth approximately $84,000. Barclays PLC boosted its holdings in Carpenter Technology by 471.1% during the 3rd quarter. Barclays PLC now owns 101,745 shares of the basic materials company's stock worth $16,236,000 after acquiring an additional 83,930 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new stake in shares of Carpenter Technology in the 3rd quarter worth $80,000. Tidal Investments LLC raised its holdings in shares of Carpenter Technology by 91.9% in the third quarter. Tidal Investments LLC now owns 21,083 shares of the basic materials company's stock valued at $3,364,000 after purchasing an additional 10,094 shares during the last quarter. Finally, Franklin Resources Inc. boosted its holdings in Carpenter Technology by 9.7% during the third quarter. Franklin Resources Inc. now owns 368,077 shares of the basic materials company's stock worth $57,891,000 after purchasing an additional 32,442 shares during the last quarter. 92.03% of the stock is owned by institutional investors and hedge funds.

Carpenter Technology Price Performance

Shares of NYSE:CRS traded up $11.01 during trading on Friday, reaching $213.34. The company had a trading volume of 1,221,493 shares, compared to its average volume of 747,754. 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 has a fifty day moving average of $183.27 and a two-hundred day moving average of $183.23. Carpenter Technology Co. has a 12 month low of $95.17 and a 12 month high of $215.25. The stock has a market capitalization of $10.62 billion, a P/E ratio of 40.25, a price-to-earnings-growth ratio of 0.93 and a beta of 1.33.

Carpenter Technology (NYSE:CRS - Get Free Report) last posted its quarterly earnings data 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 net margin of 9.34% and a return on equity of 19.88%. The company had revenue of $727.00 million for the quarter, compared to the consensus estimate of $729.67 million. During the same quarter last year, the firm posted $1.19 earnings per share. The firm's revenue was up 6.1% compared to the same quarter last year. Equities research analysts forecast 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 stock buyback plan on Thursday, April 24th that allows the company to buyback $400.00 million in shares. This buyback authorization allows the basic materials company to reacquire up to 4% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's board of directors believes its shares are 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 issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, April 22nd. This represents a $0.80 annualized dividend and a yield of 0.37%. Carpenter Technology's payout ratio is presently 11.33%.

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 value of $678,566.78. Following the completion of the sale, the director now owns 6,732 shares in the company, 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 can be accessed through the SEC website. 2.90% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have commented on CRS. BTIG Research set a $230.00 target price on shares of Carpenter Technology in a research report on Friday, January 31st. Northcoast Research upgraded Carpenter Technology from a "sell" rating to a "neutral" rating in a research note on Wednesday, April 9th. Finally, JPMorgan Chase & Co. upped their price target 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 equities research 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 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.