Man Group plc Sells 69,160 Shares of Carpenter Technology Co. (NYSE:CRS)

Man Group plc cut its holdings in Carpenter Technology Co. (NYSE:CRS - Free Report) by 56.1% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 54,186 shares of the basic materials company's stock after selling 69,160 shares during the quarter. Man Group plc owned 0.11% of Carpenter Technology worth $9,196,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Stratos Wealth Partners LTD. raised its position in shares of 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 purchasing an additional 63 shares during the period. EverSource Wealth Advisors LLC raised its position in Carpenter Technology by 11.9% in the 4th quarter. EverSource Wealth Advisors LLC now owns 669 shares of the basic materials company's stock valued at $114,000 after buying an additional 71 shares during the last quarter. CIBC Asset Management Inc raised its position in Carpenter Technology by 5.4% in the 4th quarter. CIBC Asset Management Inc now owns 1,521 shares of the basic materials company's stock valued at $258,000 after buying an additional 78 shares during the last quarter. EP Wealth Advisors LLC raised its position in Carpenter Technology by 4.6% in the 4th quarter. EP Wealth Advisors LLC now owns 2,168 shares of the basic materials company's stock valued at $368,000 after buying an additional 95 shares during the last quarter. Finally, Fifth Third Bancorp raised its position in Carpenter Technology by 23.5% in the 4th quarter. Fifth Third Bancorp now owns 573 shares of the basic materials company's stock valued at $97,000 after buying an additional 109 shares during the last quarter. 92.03% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Director I Martin Inglis sold 3,433 shares of Carpenter Technology 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 completion of the sale, the director now owns 6,732 shares of the company's stock, valued at approximately $1,330,647.12. This trade represents a 33.77% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 2.90% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on CRS shares. BTIG Research set a $230.00 price target on Carpenter Technology in a research report on Friday, January 31st. Northcoast Research raised 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 target 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 investment analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $168.00.

Carpenter Technology Stock Performance

Shares of Carpenter Technology stock traded up $4.23 during trading hours on Friday, hitting $230.23. 886,496 shares of the company's stock traded hands, compared to its average volume of 763,109. Carpenter Technology Co. has a 12-month low of $95.17 and a 12-month high of $236.59. The stock has a market capitalization of $11.46 billion, a price-to-earnings ratio of 43.44, a PEG ratio of 0.93 and a beta of 1.33. The company has a fifty day simple moving average of $193.16 and a 200-day simple moving average of $189.85. The company has a debt-to-equity ratio of 0.40, a current ratio of 3.80 and a quick ratio of 1.92.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its earnings results 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 firm had revenue of $727.00 million during the quarter, compared to analyst estimates of $729.67 million. During the same period last year, the firm posted $1.19 EPS. The business's revenue was up 6.1% compared to the same quarter last year. Equities research analysts anticipate that Carpenter Technology Co. will post 6.83 EPS for the current fiscal year.

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

Carpenter Technology Dividend Announcement

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

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.