Bank of America Corp DE Lowers Stock Position in Carpenter Technology Co. (NYSE:CRS)

Bank of America Corp DE lowered its position in Carpenter Technology Co. (NYSE:CRS - Free Report) by 58.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 93,068 shares of the basic materials company's stock after selling 133,425 shares during the quarter. Bank of America Corp DE owned approximately 0.19% of Carpenter Technology worth $15,795,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the company. Kestra Investment Management LLC bought a new position in shares of Carpenter Technology in the fourth quarter valued at about $25,000. CIBC Private Wealth Group LLC raised its position in shares of Carpenter Technology by 109.5% in the fourth quarter. CIBC Private Wealth Group LLC now owns 243 shares of the basic materials company's stock valued at $45,000 after purchasing an additional 127 shares during the period. UMB Bank n.a. raised its position in shares of Carpenter Technology by 169.0% in the fourth quarter. UMB Bank n.a. now owns 304 shares of the basic materials company's stock valued at $52,000 after purchasing an additional 191 shares during the period. Fifth Third Bancorp raised its position in shares of Carpenter Technology by 23.5% in the fourth quarter. Fifth Third Bancorp now owns 573 shares of the basic materials company's stock valued at $97,000 after purchasing an additional 109 shares during the period. Finally, EverSource Wealth Advisors LLC raised its position in shares of Carpenter Technology by 11.9% in the fourth quarter. EverSource Wealth Advisors LLC now owns 669 shares of the basic materials company's stock valued at $114,000 after purchasing an additional 71 shares during the period. Institutional investors and hedge funds own 92.03% of the company's stock.

Insider Buying and Selling at Carpenter Technology

In related news, Director I Martin Inglis sold 3,433 shares of the 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 owns 6,732 shares in the company, valued at approximately $1,330,647.12. This represents a 33.77% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 2.90% of the stock is currently owned by company insiders.

Analyst Ratings Changes

CRS has been the topic of several research analyst reports. BTIG Research set a $230.00 price objective on shares of Carpenter Technology in a research report on Friday, January 31st. JPMorgan Chase & Co. raised 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. Finally, Northcoast Research raised shares of Carpenter Technology from a "sell" rating to a "neutral" rating in a research report on Wednesday, April 9th. 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 currently has a consensus rating of "Moderate Buy" and a consensus target price of $168.00.

Carpenter Technology Trading Up 1.9%

Shares of NYSE CRS traded up $4.23 during midday trading on Monday, reaching $230.23. The stock had a trading volume of 886,496 shares, compared to its average volume of 763,109. The firm has a market cap of $11.46 billion, a price-to-earnings ratio of 43.44, a price-to-earnings-growth ratio of 0.93 and a beta of 1.33. Carpenter Technology Co. has a twelve month low of $95.17 and a twelve month high of $236.59. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.92 and a current ratio of 3.80. The company's 50 day moving average price is $193.94 and its 200 day moving average price is $190.32.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its earnings results on Thursday, April 24th. The basic materials company reported $1.88 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 net margin of 9.34% and a return on equity of 19.88%. Carpenter Technology's quarterly revenue was up 6.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.19 EPS. As a group, sell-side analysts expect that Carpenter Technology Co. will post 6.83 EPS for the current year.

Carpenter Technology announced that its Board of Directors has initiated a share repurchase program on Thursday, April 24th that permits the company to repurchase $400.00 million in outstanding shares. This repurchase authorization permits the basic materials company to purchase up to 4% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's management believes its stock is undervalued.

Carpenter Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Shareholders of record on Tuesday, April 22nd will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, April 22nd. This represents a $0.80 dividend on an annualized basis and a yield of 0.35%. Carpenter Technology's dividend payout ratio (DPR) is presently 11.33%.

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.