Carpenter Technology Corporation $CRS Shares Sold by Ameriprise Financial Inc.

Key Points

• Ameriprise Financial Inc. reduced its stake in Carpenter Technology Corporation by 7.9%, now holding approximately 1.32% of the company, valued at $119 million.
• Institutional investors collectively own 92.03% of Carpenter Technology's stock, with significant increases in holdings by firms such as Invesco Ltd. and SurgoCap Partners LP.
• Carpenter Technology announced a quarterly dividend of $0.20 per share with a yield of 0.3%, and analysts project a consensus target price of $278.33 for the stock.

Ameriprise Financial Inc. cut its stake in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 7.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 656,949 shares of the basic materials company's stock after selling 56,036 shares during the period. Ameriprise Financial Inc. owned 1.32% of Carpenter Technology worth $119,017,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of CRS. IMA Advisory Services Inc. purchased a new position in shares of Carpenter Technology during the first quarter valued at approximately $36,000. Bessemer Group Inc. lifted its position in shares of Carpenter Technology by 50.3% in the 1st quarter. Bessemer Group Inc. now owns 230 shares of the basic materials company's stock worth $42,000 after purchasing an additional 77 shares during the period. Ameriflex Group Inc. bought a new stake in Carpenter Technology during the 4th quarter valued at $44,000. Strategic Investment Solutions Inc. IL bought a new position in Carpenter Technology in the first quarter worth about $49,000. Finally, Versant Capital Management Inc lifted its position in Carpenter Technology by 27.3% during the first quarter. Versant Capital Management Inc now owns 359 shares of the basic materials company's stock valued at $65,000 after acquiring an additional 77 shares during the last quarter. Hedge funds and other institutional investors own 92.03% of the company's stock.

Wall Street Analyst Weigh In

CRS has been the subject of several research reports. Benchmark lifted their price objective on shares of Carpenter Technology from $250.00 to $300.00 and gave the stock a "buy" rating in a research note on Monday, June 9th. BTIG Research reissued a "buy" rating on shares of Carpenter Technology in a report on Monday, August 4th. Cowen reaffirmed a "buy" rating on shares of Carpenter Technology in a report on Thursday, June 12th. Finally, JPMorgan Chase & Co. raised their price target on shares of Carpenter Technology from $245.00 to $305.00 and gave the stock an "overweight" rating in a research report on Tuesday, June 17th. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $278.33.

Insider Activity at Carpenter Technology

In related news, CEO Tony R. Thene sold 19,000 shares of Carpenter Technology stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $244.99, for a total transaction of $4,654,810.00. Following the transaction, the chief executive officer owned 535,019 shares in the company, valued at approximately $131,074,304.81. This trade represents a 3.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director I Martin Inglis sold 5,691 shares of the company's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $244.54, for a total value of $1,391,677.14. Following the completion of the sale, the director owned 6,732 shares of the company's stock, valued at approximately $1,646,243.28. The trade was a 45.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 25,691 shares of company stock valued at $6,290,207. 2.90% of the stock is currently owned by insiders.

Carpenter Technology Price Performance

Shares of Carpenter Technology stock traded down $2.16 on Friday, reaching $240.40. The company's stock had a trading volume of 284,398 shares, compared to its average volume of 907,976. The company has a quick ratio of 2.01, a current ratio of 3.65 and a debt-to-equity ratio of 0.37. The company has a market capitalization of $11.98 billion, a P/E ratio of 32.39, a PEG ratio of 1.08 and a beta of 1.44. The stock has a 50-day moving average price of $263.76 and a 200-day moving average price of $224.06. Carpenter Technology Corporation has a 52-week low of $129.57 and a 52-week high of $290.84.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The basic materials company reported $2.21 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.03 by $0.18. Carpenter Technology had a net margin of 13.07% and a return on equity of 21.50%. The firm had revenue of $755.60 million for the quarter, compared to analysts' expectations of $790.73 million. During the same quarter last year, the company earned $1.82 EPS. The firm's revenue for the quarter was down 5.4% compared to the same quarter last year. Analysts expect that Carpenter Technology Corporation will post 6.83 EPS for the current year.

Carpenter Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Tuesday, August 26th will be given a $0.20 dividend. The ex-dividend date is Tuesday, August 26th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.3%. Carpenter Technology's dividend payout ratio is 10.78%.

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.