Man Group plc Decreases Holdings in Carpenter Technology Co. (NYSE:CRS)

Man Group plc lowered its stake in shares of Carpenter Technology Co. (NYSE:CRS - Free Report) by 56.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 54,186 shares of the basic materials company's stock after selling 69,160 shares during the period. Man Group plc owned about 0.11% of Carpenter Technology worth $9,196,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Barclays PLC boosted its stake in shares of Carpenter Technology by 471.1% in 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 last quarter. Park Avenue Securities LLC acquired a new stake in Carpenter Technology during the 4th quarter worth $419,000. Burney Co. boosted its stake in Carpenter Technology by 6.2% during the 4th quarter. Burney Co. now owns 2,045 shares of the basic materials company's stock worth $347,000 after purchasing an additional 120 shares during the last quarter. Ameritas Advisory Services LLC purchased a new stake in shares of Carpenter Technology during the fourth quarter worth $511,000. Finally, UMB Bank n.a. raised its position in shares of Carpenter Technology by 169.0% in the fourth quarter. UMB Bank n.a. now owns 304 shares of the basic materials company's stock valued at $52,000 after buying an additional 191 shares during the last quarter. Hedge funds and other institutional investors own 92.03% of the company's stock.

Insider Buying and Selling at Carpenter Technology

In other news, Director I Martin Inglis sold 3,433 shares of the company's stock in a transaction that occurred 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 transaction, the director now directly owns 6,732 shares in the company, valued at approximately $1,330,647.12. This 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. Company insiders own 2.90% of the company's stock.

Analysts Set New Price Targets

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

Carpenter Technology Price Performance

Carpenter Technology stock opened at $232.27 on Monday. 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 50-day moving average price of $188.18 and a 200 day moving average price of $187.63. Carpenter Technology Co. has a 12-month low of $95.17 and a 12-month high of $234.52. The stock has a market cap of $11.56 billion, a P/E ratio of 43.82, a PEG ratio of 0.93 and a beta of 1.33.

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 for the quarter, topping analysts' consensus estimates 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 company's revenue was up 6.1% compared to the same quarter last year. During the same period in the prior year, the business posted $1.19 EPS. Sell-side analysts anticipate that Carpenter Technology Co. will post 6.83 earnings per share for the current year.

Carpenter Technology declared that its board has approved a share repurchase program on Thursday, April 24th that permits the company to buyback $400.00 million in outstanding shares. This buyback authorization permits the basic materials company to purchase up to 4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's leadership believes its shares are undervalued.

Carpenter Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Shareholders of record on Tuesday, April 22nd will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.34%. The ex-dividend date of this dividend is Tuesday, April 22nd. Carpenter Technology's dividend payout ratio (DPR) is presently 11.33%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.