National Bank of Canada FI Trims Stake in Carpenter Technology Corporation $CRS

Key Points

• National Bank of Canada FI reduced its holdings in Carpenter Technology Corporation by 92.1%, selling 37,190 shares during the first quarter, leaving it with only 3,183 shares valued at $577,000.
• Carpenter Technology recently reported $2.21 earnings per share for the quarter, surpassing estimates, but experienced a 5.4% decline in revenue year-over-year.
• The company has authorized a $400 million stock repurchase program which reflects the board's belief that its shares are undervalued.

National Bank of Canada FI trimmed its position in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 92.1% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,183 shares of the basic materials company's stock after selling 37,190 shares during the quarter. National Bank of Canada FI's holdings in Carpenter Technology were worth $577,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of CRS. M&T Bank Corp boosted its position in shares of Carpenter Technology by 3.9% in the 1st quarter. M&T Bank Corp now owns 1,541 shares of the basic materials company's stock worth $279,000 after purchasing an additional 58 shares in the last quarter. Versant Capital Management Inc raised its holdings in 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. Bessemer Group Inc. lifted its position in Carpenter Technology by 50.3% in the 1st quarter. Bessemer Group Inc. now owns 230 shares of the basic materials company's stock valued at $42,000 after acquiring an additional 77 shares in the last quarter. Fifth Third Bancorp lifted its position in Carpenter Technology by 13.6% in the 1st quarter. Fifth Third Bancorp now owns 651 shares of the basic materials company's stock valued at $118,000 after acquiring an additional 78 shares in the last quarter. Finally, Mission Wealth Management LP lifted its position in Carpenter Technology by 4.0% in the 1st quarter. Mission Wealth Management LP now owns 2,008 shares of the basic materials company's stock valued at $364,000 after acquiring an additional 78 shares in the last quarter. 92.03% of the stock is owned by institutional investors.

Carpenter Technology Stock Performance

CRS traded up $1.4160 during mid-day trading on Thursday, reaching $241.5060. 519,580 shares of the company traded hands, compared to its average volume of 931,469. The stock has a market capitalization of $12.04 billion, a P/E ratio of 32.55, a P/E/G ratio of 1.11 and a beta of 1.44. The company has a quick ratio of 2.01, a current ratio of 3.65 and a debt-to-equity ratio of 0.37. The company's fifty day moving average price is $264.61 and its 200-day moving average price is $222.30. Carpenter Technology Corporation has a 52-week low of $129.57 and a 52-week high of $290.84.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its earnings results on Thursday, July 31st. The basic materials company reported $2.21 earnings per share for the quarter, beating analysts' consensus estimates of $2.03 by $0.18. The business had revenue of $755.60 million during the quarter, compared to analyst estimates of $790.73 million. Carpenter Technology had a net margin of 13.07% and a return on equity of 21.50%. The company's quarterly revenue was down 5.4% compared to the same quarter last year. During the same period in the previous year, the business earned $1.82 EPS. On average, sell-side analysts expect that Carpenter Technology Corporation will post 6.83 EPS for the current year.

Carpenter Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Tuesday, August 26th will be paid a dividend of $0.20 per share. The ex-dividend date is Tuesday, August 26th. This represents a $0.80 dividend on an annualized basis and a yield of 0.3%. Carpenter Technology's payout ratio is currently 10.78%.

Carpenter Technology announced that its board has approved a stock repurchase program on Thursday, April 24th that authorizes the company to repurchase $400.00 million in shares. This repurchase authorization authorizes the basic materials company to repurchase up to 4% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's board of directors believes its stock is undervalued.

Analysts Set New Price Targets

Several research firms recently issued reports on CRS. Benchmark upped their price objective on Carpenter Technology from $250.00 to $300.00 and gave the company a "buy" rating in a research report on Monday, June 9th. Cowen reaffirmed a "buy" rating on shares of Carpenter Technology in a research report on Thursday, June 12th. JPMorgan Chase & Co. upped their price objective on Carpenter Technology from $245.00 to $305.00 and gave the company an "overweight" rating in a research report on Tuesday, June 17th. Finally, BTIG Research reaffirmed a "buy" rating on shares of Carpenter Technology in a research report on Monday, August 4th. Four investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Carpenter Technology has a consensus rating of "Moderate Buy" and an average price target of $278.33.

Insider Buying and Selling at Carpenter Technology

In other Carpenter Technology 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 transaction of $243,720.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director I Martin Inglis sold 5,691 shares of the business's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $244.54, for a total transaction of $1,391,677.14. Following the sale, the director owned 6,732 shares of the company's stock, valued at approximately $1,646,243.28. This represents a 45.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 25,691 shares of company stock worth $6,290,207. 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.