Carpenter Technology Co. (NYSE:CRS) Shares Sold by Nuveen Asset Management LLC

Nuveen Asset Management LLC lowered its stake in shares of Carpenter Technology Co. (NYSE:CRS - Free Report) by 8.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 377,198 shares of the basic materials company's stock after selling 32,587 shares during the quarter. Nuveen Asset Management LLC owned approximately 0.76% of Carpenter Technology worth $64,014,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CRS. Barclays PLC raised its stake in Carpenter Technology by 471.1% during the 3rd 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 in the last quarter. Park Avenue Securities LLC acquired a new position in Carpenter Technology in the fourth quarter valued at $419,000. Burney Co. grew its holdings in shares of Carpenter Technology by 6.2% during the fourth 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 acquired a new stake in shares of Carpenter Technology during the fourth quarter worth about $511,000. Finally, UMB Bank n.a. increased its position in shares of Carpenter Technology by 169.0% during the fourth quarter. UMB Bank n.a. now owns 304 shares of the basic materials company's stock worth $52,000 after purchasing an additional 191 shares in the last quarter. Institutional investors and hedge funds own 92.03% of the company's stock.

Insider Transactions at Carpenter Technology

In related news, Director I Martin Inglis sold 3,433 shares of Carpenter Technology 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 transaction, the director now directly owns 6,732 shares in the company, valued at $1,330,647.12. This trade represents a 33.77% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 2.90% of the company's stock.

Analysts Set New Price Targets

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

Carpenter Technology Stock Performance

Shares of NYSE:CRS traded down $4.48 on Thursday, reaching $225.81. The company's stock had a trading volume of 609,068 shares, compared to its average volume of 759,126. Carpenter Technology Co. has a 52-week low of $95.17 and a 52-week high of $236.59. The stock has a market capitalization of $11.24 billion, a P/E ratio of 42.61, a PEG ratio of 0.93 and a beta of 1.33. The stock's 50-day moving average is $191.35 and its two-hundred day moving average is $188.80. 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 issued its quarterly 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 for the quarter, compared to analysts' expectations of $729.67 million. During the same quarter in the previous year, the firm posted $1.19 EPS. The firm's revenue for the quarter was up 6.1% on a year-over-year basis. As a group, sell-side analysts forecast that Carpenter Technology Co. will post 6.83 EPS for the current year.

Carpenter Technology announced that its board has approved a stock buyback 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 buy up to 4% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's board 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. Stockholders of record on Tuesday, April 22nd will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.35%. The ex-dividend date of this dividend is Tuesday, April 22nd. Carpenter Technology's payout ratio is currently 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.