Handelsbanken Fonder AB Trims Position in Carpenter Technology Corporation (NYSE:CRS)

Handelsbanken Fonder AB cut its holdings in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 24.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 9,400 shares of the basic materials company's stock after selling 3,000 shares during the quarter. Handelsbanken Fonder AB's holdings in Carpenter Technology were worth $1,703,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Kestra Investment Management LLC purchased a new position in shares of Carpenter Technology during the 4th quarter worth $25,000. Ameriflex Group Inc. purchased a new stake in Carpenter Technology in the fourth quarter valued at $44,000. CIBC Private Wealth Group LLC boosted its stake in Carpenter Technology by 109.5% during the fourth quarter. CIBC Private Wealth Group LLC now owns 243 shares of the basic materials company's stock worth $45,000 after buying an additional 127 shares during the period. Versant Capital Management Inc lifted its holdings in shares of Carpenter Technology by 27.3% in the 1st 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 last quarter. Finally, UMB Bank n.a. lifted its stake in Carpenter Technology by 54.9% during the first quarter. UMB Bank n.a. now owns 471 shares of the basic materials company's stock worth $85,000 after purchasing an additional 167 shares in the last quarter. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Carpenter Technology Stock Down 0.3%

Shares of CRS traded down $0.69 during midday trading on Wednesday, reaching $252.37. The stock had a trading volume of 281,871 shares, compared to its average volume of 776,403. The company has a market cap of $12.56 billion, a price-to-earnings ratio of 35.80, a PEG ratio of 1.05 and a beta of 1.37. The company's fifty day simple moving average is $215.96 and its two-hundred day simple moving average is $196.95. Carpenter Technology Corporation has a 1-year low of $95.70 and a 1-year high of $256.52. The company has a debt-to-equity ratio of 0.39, a current ratio of 3.75 and a quick ratio of 1.89.

Carpenter Technology (NYSE:CRS - Get Free Report) last posted its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.88 earnings per share for the quarter, beating analysts' consensus estimates of $1.74 by $0.14. Carpenter Technology had a return on equity of 21.16% and a net margin of 12.26%. The company had revenue of $727.00 million for the quarter, compared to analysts' expectations of $729.67 million. During the same period last year, the firm earned $1.19 earnings per share. Carpenter Technology's quarterly revenue was up 6.1% on a year-over-year basis. Equities research analysts expect that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

Carpenter Technology Announces Dividend

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

Carpenter Technology announced that its board has authorized a stock buyback plan on Thursday, April 24th that permits the company to repurchase $400.00 million in shares. This repurchase authorization permits the basic materials company to purchase up to 4% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's management believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Northcoast Research raised shares of Carpenter Technology from a "sell" rating to a "neutral" rating in a research report on Wednesday, April 9th. Benchmark increased their price objective on Carpenter Technology from $250.00 to $300.00 and gave the company a "buy" rating in a research note on Monday, June 9th. JPMorgan Chase & Co. boosted their target price on Carpenter Technology from $245.00 to $305.00 and gave the stock an "overweight" rating in a research note on Tuesday. Finally, Cowen restated a "buy" rating on shares of Carpenter Technology in a report on Thursday, June 12th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, Carpenter Technology presently has an average rating of "Moderate Buy" and an average target price of $244.75.

Insider Transactions at Carpenter Technology

In related news, Director Anastasios John Hart sold 1,000 shares of the business's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $243.72, for a total value of $243,720.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director I Martin Inglis sold 3,433 shares of the firm's stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $197.66, for a total value of $678,566.78. Following the transaction, the director now directly 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 disclosure for this sale can be found here. Insiders own 2.90% of the company's stock.

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.