Orser Capital Management LLC Cuts Holdings in Carpenter Technology Co. (NYSE:CRS)

Orser Capital Management LLC cut its stake in shares of Carpenter Technology Co. (NYSE:CRS - Free Report) by 5.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 29,393 shares of the basic materials company's stock after selling 1,700 shares during the quarter. Carpenter Technology makes up approximately 4.2% of Orser Capital Management LLC's holdings, making the stock its 6th biggest position. Orser Capital Management LLC owned about 0.06% of Carpenter Technology worth $5,325,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Pictet Asset Management Holding SA grew its stake in shares of Carpenter Technology by 14.6% during the 4th quarter. Pictet Asset Management Holding SA now owns 6,865 shares of the basic materials company's stock valued at $1,165,000 after acquiring an additional 877 shares during the period. Raymond James Financial Inc. purchased a new position in Carpenter Technology in the 4th quarter worth approximately $18,731,000. Allspring Global Investments Holdings LLC lifted its holdings in Carpenter Technology by 428.4% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 592,034 shares of the basic materials company's stock worth $103,714,000 after purchasing an additional 479,985 shares in the last quarter. Commonwealth Equity Services LLC lifted its holdings in Carpenter Technology by 1.5% in the 4th quarter. Commonwealth Equity Services LLC now owns 10,880 shares of the basic materials company's stock worth $1,846,000 after purchasing an additional 160 shares in the last quarter. Finally, Stratos Wealth Partners LTD. lifted its holdings in Carpenter Technology by 2.7% in the 4th quarter. Stratos Wealth Partners LTD. now owns 2,415 shares of the basic materials company's stock worth $410,000 after purchasing an additional 63 shares in the last quarter. 92.03% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CRS. Northcoast Research raised Carpenter Technology from a "sell" rating to a "neutral" rating in a report on Wednesday, April 9th. JPMorgan Chase & Co. boosted their price target on Carpenter Technology from $240.00 to $245.00 and gave the stock an "overweight" rating in a report on Monday, April 28th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Carpenter Technology presently has an average rating of "Moderate Buy" and an average target price of $168.00.

Carpenter Technology Price Performance

Shares of CRS traded up $1.72 during mid-day trading on Friday, hitting $248.78. 497,249 shares of the stock were exchanged, compared to its average volume of 772,544. The company has a market cap of $12.38 billion, a PE ratio of 46.94, a price-to-earnings-growth ratio of 0.93 and a beta of 1.33. Carpenter Technology Co. has a 52-week low of $95.17 and a 52-week high of $252.63. The firm has a 50-day moving average of $203.76 and a two-hundred day moving average of $194.10. 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 (NYSE:CRS - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.74 by $0.14. The business 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 company's revenue for the quarter was up 6.1% on a year-over-year basis. During the same period in the prior year, the firm earned $1.19 EPS. On average, equities analysts predict that Carpenter Technology Co. will post 6.83 earnings per share for the current year.

Carpenter Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Tuesday, April 22nd were issued a dividend of $0.20 per share. The ex-dividend date was Tuesday, April 22nd. This represents a $0.80 annualized dividend and a dividend yield of 0.32%. Carpenter Technology's dividend payout ratio (DPR) is 11.33%.

Carpenter Technology declared that its board has authorized a stock buyback plan on Thursday, April 24th that authorizes the company to buyback $400.00 million in outstanding shares. This buyback authorization authorizes the basic materials company to reacquire up to 4% of its shares through open market purchases. Shares buyback plans are often an indication that the company's board believes its stock is undervalued.

Insider Transactions at Carpenter Technology

In other news, Director I Martin Inglis sold 3,433 shares of the business's stock in a transaction that occurred on Tuesday, April 29th. The stock was sold at an average price of $197.66, for a total transaction 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 position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 2.90% of the company's stock.

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.