SG Americas Securities LLC Decreases Holdings in Carpenter Technology Corporation (NYSE:CRS)

SG Americas Securities LLC lessened its stake in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 54.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 4,438 shares of the basic materials company's stock after selling 5,248 shares during the quarter. SG Americas Securities LLC's holdings in Carpenter Technology were worth $804,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Pictet Asset Management Holding SA increased its stake in Carpenter Technology by 14.6% during the fourth quarter. Pictet Asset Management Holding SA now owns 6,865 shares of the basic materials company's stock worth $1,165,000 after acquiring an additional 877 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in Carpenter Technology during the fourth quarter worth $18,731,000. Commonwealth Equity Services LLC increased its stake in Carpenter Technology by 1.5% during the fourth quarter. Commonwealth Equity Services LLC now owns 10,880 shares of the basic materials company's stock worth $1,846,000 after acquiring an additional 160 shares during the last quarter. UMB Bank n.a. increased 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 acquiring an additional 167 shares during the last quarter. Finally, Sanctuary Advisors LLC acquired a new stake in Carpenter Technology during the fourth quarter worth $193,000. Institutional investors and hedge funds own 92.03% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. JPMorgan Chase & Co. raised their price target on Carpenter Technology from $245.00 to $305.00 and gave the stock an "overweight" rating in a research report on Tuesday, June 17th. Benchmark raised their price target on Carpenter Technology from $250.00 to $300.00 and gave the stock a "buy" rating in a research report on Monday, June 9th. Northcoast Research upgraded Carpenter Technology from a "sell" rating to a "neutral" rating in a research report on Wednesday, April 9th. Finally, Cowen restated a "buy" rating on shares of Carpenter Technology in a research report on Thursday, June 12th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $244.75.

Carpenter Technology Stock Up 3.1%

NYSE:CRS traded up $7.77 during midday trading on Monday, reaching $261.49. The company had a trading volume of 708,711 shares, compared to its average volume of 777,420. The firm has a market capitalization of $13.02 billion, a price-to-earnings ratio of 37.04, a PEG ratio of 1.06 and a beta of 1.37. The stock's fifty day simple moving average is $222.60 and its 200-day simple moving average is $198.64. Carpenter Technology Corporation has a 12-month low of $97.84 and a 12-month high of $262.05. The company has a current ratio of 3.75, a quick ratio of 1.89 and a debt-to-equity ratio of 0.39.

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

Carpenter Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Tuesday, April 22nd were issued a $0.20 dividend. 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 0.31%. Carpenter Technology's dividend payout ratio (DPR) is presently 11.33%.

Carpenter Technology announced that its Board of Directors has initiated a share buyback program on Thursday, April 24th that allows the company to buyback $400.00 million in shares. This buyback authorization allows the basic materials company to purchase up to 4% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

Insider Activity at Carpenter Technology

In other Carpenter Technology news, Director Anastasios John Hart sold 1,000 shares of Carpenter Technology stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $243.72, for a total transaction of $243,720.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 sale, the director now directly owns 6,732 shares of the company's stock, valued at $1,330,647.12. This trade represents a 33.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.90% of the stock is currently owned by company insiders.

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.