Cetera Investment Advisers Grows Stake in Carpenter Technology Co. (NYSE:CRS)

Cetera Investment Advisers boosted its holdings in shares of Carpenter Technology Co. (NYSE:CRS - Free Report) by 13.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,048 shares of the basic materials company's stock after buying an additional 1,423 shares during the period. Cetera Investment Advisers' holdings in Carpenter Technology were worth $2,045,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in CRS. Barclays PLC grew its holdings in Carpenter Technology by 471.1% during the third quarter. Barclays PLC now owns 101,745 shares of the basic materials company's stock worth $16,236,000 after acquiring an additional 83,930 shares during the period. Park Avenue Securities LLC acquired a new stake in Carpenter Technology during the fourth quarter worth about $419,000. Ameritas Advisory Services LLC acquired a new stake in Carpenter Technology during the fourth quarter worth about $511,000. UMB Bank n.a. grew its holdings in Carpenter Technology by 169.0% during the fourth quarter. UMB Bank n.a. now owns 304 shares of the basic materials company's stock worth $52,000 after acquiring an additional 191 shares during the period. Finally, Atomi Financial Group Inc. acquired a new stake in Carpenter Technology during the fourth quarter worth about $219,000. 92.03% of the stock is owned by institutional investors and hedge funds.

Carpenter Technology Stock Up 1.9%

Shares of NYSE:CRS traded up $4.23 on Friday, hitting $230.23. 886,496 shares of the company's stock were exchanged, compared to its average volume of 763,109. The firm's 50-day moving average is $193.16 and its 200 day moving average is $189.95. The company has a market capitalization of $11.46 billion, a PE ratio of 43.44, a P/E/G ratio of 0.93 and a beta of 1.33. Carpenter Technology Co. has a 1-year low of $95.17 and a 1-year high of $236.59. 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 released 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 during 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 business's quarterly revenue was up 6.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.19 EPS. Sell-side analysts predict that Carpenter Technology Co. will post 6.83 EPS for the current year.

Carpenter Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Tuesday, April 22nd will be given a $0.20 dividend. The ex-dividend date is Tuesday, April 22nd. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.35%. Carpenter Technology's dividend payout ratio (DPR) is presently 11.33%.

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

Analysts Set New Price Targets

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

Insider Activity at Carpenter Technology

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

Carpenter Technology 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.