Bank of America Corp DE Has $15.80 Million Stock Holdings in Carpenter Technology Co. (NYSE:CRS)

Bank of America Corp DE trimmed its position in Carpenter Technology Co. (NYSE:CRS - Free Report) by 58.9% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 93,068 shares of the basic materials company's stock after selling 133,425 shares during the period. Bank of America Corp DE owned about 0.19% of Carpenter Technology worth $15,795,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in CRS. Pictet Asset Management Holding SA increased its holdings in Carpenter Technology by 14.6% in the fourth quarter. Pictet Asset Management Holding SA now owns 6,865 shares of the basic materials company's stock valued at $1,165,000 after purchasing an additional 877 shares during the last quarter. Manuka Financial LLC acquired a new position in shares of Carpenter Technology during the 4th quarter worth about $368,000. Park Avenue Securities LLC bought a new stake in shares of Carpenter Technology in the 4th quarter valued at about $419,000. XML Financial LLC raised its position in shares of Carpenter Technology by 215.3% in the 4th quarter. XML Financial LLC now owns 9,460 shares of the basic materials company's stock valued at $1,605,000 after acquiring an additional 6,460 shares during the period. Finally, Raymond James Financial Inc. acquired a new stake in shares of Carpenter Technology in the 4th quarter valued at approximately $18,731,000. 92.03% of the stock is owned by institutional investors and hedge funds.

Carpenter Technology Price Performance

Shares of NYSE:CRS opened at $234.42 on Wednesday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.92 and a current ratio of 3.80. Carpenter Technology Co. has a 52 week low of $95.17 and a 52 week high of $236.59. The firm has a market cap of $11.67 billion, a PE ratio of 44.23, a price-to-earnings-growth ratio of 0.93 and a beta of 1.33. The firm's fifty day moving average is $190.42 and its 200-day moving average is $188.51.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued its quarterly earnings results 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. The firm 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%. The company's revenue for the quarter was up 6.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.19 EPS. Sell-side analysts predict that Carpenter Technology Co. will post 6.83 earnings per share for the current year.

Carpenter Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Tuesday, April 22nd will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.34%. The ex-dividend date of this dividend is Tuesday, April 22nd. Carpenter Technology's payout ratio is 11.33%.

Carpenter Technology declared that its board has authorized a stock buyback program on Thursday, April 24th that authorizes the company to repurchase $400.00 million in outstanding shares. This repurchase authorization authorizes the basic materials company to repurchase up to 4% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's management believes its shares are undervalued.

Wall Street Analyst Weigh In

CRS has been the topic of several recent analyst reports. JPMorgan Chase & Co. lifted their price objective on Carpenter Technology from $240.00 to $245.00 and gave the company an "overweight" rating in a report on Monday, April 28th. BTIG Research set a $230.00 target price on shares of Carpenter Technology in a report on Friday, January 31st. Finally, Northcoast Research upgraded shares of Carpenter Technology from a "sell" rating to a "neutral" rating in a report on Wednesday, April 9th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Carpenter Technology currently has a consensus rating of "Moderate Buy" and a consensus target price of $168.00.

Insider Buying and Selling

In other Carpenter Technology news, Director I Martin Inglis sold 3,433 shares of the business'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 transaction, the director now owns 6,732 shares of the company's stock, valued at approximately $1,330,647.12. The trade was a 33.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.90% of the stock is owned by company insiders.

About Carpenter Technology

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.

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