Rhumbline Advisers Grows Stock Position in Carpenter Technology Co. (NYSE:CRS)

Rhumbline Advisers increased its holdings in shares of Carpenter Technology Co. (NYSE:CRS - Free Report) by 1.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (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 approximately 0.34% of Carpenter Technology worth $30,702,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Stratos Wealth Partners LTD. grew its holdings in Carpenter Technology by 2.7% during the fourth quarter. Stratos Wealth Partners LTD. now owns 2,415 shares of the basic materials company's stock worth $410,000 after acquiring an additional 63 shares during the period. EverSource Wealth Advisors LLC grew its holdings in Carpenter Technology by 11.9% during the fourth quarter. EverSource Wealth Advisors LLC now owns 669 shares of the basic materials company's stock worth $114,000 after acquiring an additional 71 shares during the period. Versant Capital Management Inc grew its holdings 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 worth $65,000 after acquiring an additional 77 shares during the period. CIBC Asset Management Inc grew its holdings in Carpenter Technology by 5.4% during the fourth quarter. CIBC Asset Management Inc now owns 1,521 shares of the basic materials company's stock worth $258,000 after acquiring an additional 78 shares during the period. Finally, EP Wealth Advisors LLC grew its holdings in Carpenter Technology by 4.6% during the fourth quarter. EP Wealth Advisors LLC now owns 2,168 shares of the basic materials company's stock worth $368,000 after acquiring an additional 95 shares during the period. Institutional investors and hedge funds own 92.03% of the company's stock.

Insider Activity

In other news, Director I Martin Inglis sold 3,433 shares of the company'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 sale, the director now directly owns 6,732 shares in the company, valued at $1,330,647.12. This represents a 33.77% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 2.90% of the company's stock.

Wall Street Analysts Forecast Growth

CRS has been the topic of several research reports. JPMorgan Chase & Co. upped their target price on Carpenter Technology from $240.00 to $245.00 and gave the company an "overweight" rating in a report on Monday, April 28th. Northcoast Research upgraded shares of Carpenter Technology from a "sell" rating to a "neutral" rating in a research report on Wednesday, April 9th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Carpenter Technology has a consensus rating of "Moderate Buy" and a consensus target price of $168.00.

Carpenter Technology Price Performance

NYSE:CRS traded up $1.72 during trading hours on Friday, reaching $248.78. 497,249 shares of the company traded hands, compared to its average volume of 774,119. 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 firm's 50-day moving average is $203.76 and its 200-day moving average is $194.29. The stock has a market cap of $12.38 billion, a P/E ratio of 46.94, a P/E/G ratio of 0.93 and a beta of 1.37. Carpenter Technology Co. has a 1-year low of $95.17 and a 1-year high of $252.63.

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, beating the consensus estimate of $1.74 by $0.14. Carpenter Technology had a return on equity of 19.88% and a net margin of 9.34%. The business had revenue of $727.00 million for the quarter, compared to the consensus estimate of $729.67 million. During the same period in the prior year, the business earned $1.19 earnings per share. The business's revenue was up 6.1% on a year-over-year basis. Equities research analysts expect that Carpenter Technology Co. will post 6.83 earnings per share for the current fiscal year.

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

Carpenter Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Tuesday, April 22nd were given a $0.20 dividend. 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 is currently 11.33%.

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.