Graham Capital Management L.P. Sells 1,571 Shares of Carpenter Technology Co. (NYSE:CRS)

Graham Capital Management L.P. lessened its holdings in shares of Carpenter Technology Co. (NYSE:CRS - Free Report) by 54.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,321 shares of the basic materials company's stock after selling 1,571 shares during the quarter. Graham Capital Management L.P.'s holdings in Carpenter Technology were worth $224,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also modified their holdings of the company. Pictet Asset Management Holding SA boosted 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 acquiring an additional 877 shares during the last quarter. Manuka Financial LLC purchased a new position in shares of Carpenter Technology during the 4th quarter worth $368,000. Park Avenue Securities LLC purchased a new position in shares of Carpenter Technology during the 4th quarter worth $419,000. XML Financial LLC boosted its stake 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 worth $1,605,000 after acquiring an additional 6,460 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new position in shares of Carpenter Technology during the 4th quarter worth $18,731,000. Hedge funds and other institutional investors own 92.03% of the company's stock.

Insiders Place Their Bets

In other Carpenter Technology news, Director I Martin Inglis sold 3,433 shares of the business's stock in a transaction on Tuesday, April 29th. The shares were sold at an average price of $197.66, for a total value of $678,566.78. Following the sale, the director now owns 6,732 shares in the company, valued at $1,330,647.12. The trade was a 33.77% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 2.90% of the company's stock.

Carpenter Technology Price Performance

Shares of CRS traded up $4.23 during trading hours on Friday, reaching $230.23. 886,496 shares of the stock traded hands, 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. Carpenter Technology Co. has a 52-week low of $95.17 and a 52-week high of $236.59. The company's 50-day moving average price is $193.16 and its two-hundred day moving average price is $189.85. The company has a market cap of $11.46 billion, a P/E ratio of 43.44, a price-to-earnings-growth ratio of 0.93 and a beta of 1.33.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.88 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 net margin of 9.34% and a return on equity of 19.88%. The business's quarterly revenue was up 6.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.19 EPS. On average, analysts anticipate that Carpenter Technology Co. will post 6.83 earnings per share for the current year.

Carpenter Technology announced that its board has authorized a share repurchase program on Thursday, April 24th that allows the company to repurchase $400.00 million in outstanding shares. This repurchase authorization allows the basic materials company to repurchase up to 4% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's leadership believes its stock is undervalued.

Carpenter Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Shareholders of record on Tuesday, April 22nd will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 0.35%. The ex-dividend date of this dividend is Tuesday, April 22nd. Carpenter Technology's payout ratio is currently 11.33%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on CRS. Northcoast Research upgraded shares of Carpenter Technology from a "sell" rating to a "neutral" rating in a research note on Wednesday, April 9th. BTIG Research set a $230.00 target price on shares of Carpenter Technology in a research note on Friday, January 31st. Finally, JPMorgan Chase & Co. lifted their target price 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 company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus 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.