Carpenter Technology Co. (NYSE:CRS) Stake Raised by Rhumbline Advisers

Rhumbline Advisers boosted its position in Carpenter Technology Co. (NYSE:CRS - Free Report) by 1.9% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 169,455 shares of the basic materials company's stock after acquiring an additional 3,093 shares during the period. Rhumbline Advisers owned about 0.34% of Carpenter Technology worth $30,702,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Pictet Asset Management Holding SA raised 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 buying an additional 877 shares during the period. Raymond James Financial Inc. acquired a new position in Carpenter Technology during the 4th quarter worth approximately $18,731,000. Allspring Global Investments Holdings LLC boosted its stake in shares of Carpenter Technology by 428.4% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 592,034 shares of the basic materials company's stock valued at $103,714,000 after purchasing an additional 479,985 shares during the period. Commonwealth Equity Services LLC boosted its position 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 valued at $1,846,000 after buying an additional 160 shares during the last quarter. Finally, Stratos Wealth Partners LTD. grew its stake in Carpenter Technology by 2.7% during the 4th quarter. Stratos Wealth Partners LTD. now owns 2,415 shares of the basic materials company's stock valued at $410,000 after purchasing an additional 63 shares in the last quarter. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Carpenter Technology Stock Performance

CRS traded up $1.72 during trading hours on Friday, hitting $248.78. 497,249 shares of the stock were exchanged, compared to its average volume of 770,494. Carpenter Technology Co. has a 12 month low of $95.17 and a 12 month high of $251.55. The stock has a 50-day simple moving average of $202.44 and a 200-day simple moving average of $193.66. The company has a debt-to-equity ratio of 0.40, a current ratio of 3.80 and a quick ratio of 1.92. The stock has a market cap of $12.38 billion, a price-to-earnings ratio of 46.94, 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 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 analysts' expectations of $729.67 million. Carpenter Technology had a return on equity of 19.88% and a net margin of 9.34%. The firm's quarterly revenue was up 6.1% compared to the same quarter last year. During the same period last year, the business posted $1.19 earnings per share. Analysts anticipate that Carpenter Technology Co. will post 6.83 earnings per share for the current year.

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

Carpenter Technology Dividend Announcement

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

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 dated Tuesday, April 29th. The stock was sold at an average price of $197.66, for a total transaction of $678,566.78. Following the sale, the director now owns 6,732 shares in the company, valued at approximately $1,330,647.12. The trade was a 33.77% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.90% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

CRS has been the topic of several recent analyst reports. Northcoast Research raised shares of Carpenter Technology from a "sell" rating to a "neutral" rating in a report on Wednesday, April 9th. JPMorgan Chase & Co. boosted their target price 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. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $168.00.

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.