Carpenter Technology Co. (NYSE:CRS) Shares Sold by Castleark Management LLC

Castleark Management LLC lessened its holdings in shares of Carpenter Technology Co. (NYSE:CRS - Free Report) by 38.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 45,880 shares of the basic materials company's stock after selling 28,840 shares during the period. Castleark Management LLC owned approximately 0.09% of Carpenter Technology worth $7,786,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of CRS. 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 worth $1,165,000 after purchasing an additional 877 shares during the period. Manuka Financial LLC acquired a new position in Carpenter Technology during the fourth quarter worth about $368,000. Park Avenue Securities LLC purchased a new position in Carpenter Technology in the fourth quarter valued at about $419,000. XML Financial LLC lifted its position in shares of Carpenter Technology by 215.3% during 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. purchased a new stake in shares of Carpenter Technology during the 4th quarter worth approximately $18,731,000. Hedge funds and other institutional investors own 92.03% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. BTIG Research set a $230.00 price objective on Carpenter Technology in a research note on Friday, January 31st. Northcoast Research upgraded shares of Carpenter Technology from a "sell" rating to a "neutral" rating in a research report on Wednesday, April 9th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Carpenter Technology from $240.00 to $245.00 and gave the company an "overweight" rating in a research note on Monday, April 28th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $168.00.

Insider Transactions at Carpenter Technology

In other Carpenter Technology news, Director I Martin Inglis sold 3,433 shares of the stock in a transaction that occurred on Tuesday, April 29th. The shares were 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 $1,330,647.12. This trade represents a 33.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 2.90% of the company's stock.

Carpenter Technology Price Performance

Shares of NYSE:CRS traded up $4.23 on Monday, hitting $230.23. The company had a trading volume of 886,496 shares, compared to its average volume of 763,109. The company has a current ratio of 3.80, a quick ratio of 1.92 and a debt-to-equity ratio of 0.40. The company has a market cap of $11.46 billion, a PE ratio of 43.44, a PEG 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 $236.59. The business has a 50 day moving average of $193.16 and a 200 day moving average of $189.95.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its quarterly earnings results 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 company had revenue of $727.00 million for the quarter, compared to analysts' expectations of $729.67 million. Carpenter Technology had a net margin of 9.34% and a return on equity of 19.88%. The firm's revenue for the quarter was up 6.1% compared to the same quarter last year. During the same period last year, the company earned $1.19 EPS. As a group, equities analysts anticipate that Carpenter Technology Co. will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

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 issued a $0.20 dividend. The ex-dividend date of this dividend is Tuesday, April 22nd. This represents a $0.80 annualized dividend and a yield of 0.35%. Carpenter Technology's dividend payout ratio (DPR) is presently 11.33%.

Carpenter Technology announced that its Board of Directors has initiated a share buyback program on Thursday, April 24th that permits the company to buyback $400.00 million in shares. This buyback authorization permits the basic materials company to buy up to 4% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's board believes its shares are undervalued.

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.