SG Americas Securities LLC Cuts Position 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 first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor 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 quarter.

A number of other large investors have also made changes to their positions in the stock. EverSource Wealth Advisors LLC increased its holdings in shares of 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 purchasing an additional 71 shares in the last quarter. Versant Capital Management Inc grew its stake 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 valued at $65,000 after acquiring an additional 77 shares during the last quarter. CIBC Asset Management Inc grew its stake 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 acquiring an additional 78 shares during the last quarter. EP Wealth Advisors LLC grew its stake 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 acquiring an additional 95 shares during the last quarter. Finally, Two Sigma Advisers LP grew its stake in Carpenter Technology by 5.9% in the 4th quarter. Two Sigma Advisers LP now owns 1,800 shares of the basic materials company's stock valued at $305,000 after acquiring an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 92.03% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Northcoast Research raised shares of Carpenter Technology from a "sell" rating to a "neutral" rating in a research note on Wednesday, April 9th. JPMorgan Chase & Co. increased their price objective on shares of Carpenter Technology from $245.00 to $305.00 and gave the company an "overweight" rating in a research note on Tuesday. Benchmark increased their price objective on shares of Carpenter Technology from $250.00 to $300.00 and gave the company a "buy" rating in a research note on Monday, June 9th. Finally, Cowen reissued a "buy" rating on shares of Carpenter Technology in a research note on Thursday, June 12th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, Carpenter Technology presently has an average rating of "Moderate Buy" and an average price target of $244.75.

Carpenter Technology Price Performance

Carpenter Technology stock opened at $250.59 on Friday. Carpenter Technology Corporation has a 12-month low of $95.70 and a 12-month high of $256.52. The stock has a market capitalization of $12.47 billion, a P/E ratio of 35.49, a P/E/G ratio of 1.05 and a beta of 1.37. The firm's 50-day moving average is $219.17 and its two-hundred day moving average is $197.70. The company has a debt-to-equity ratio of 0.39, a current ratio of 3.75 and a quick ratio of 1.89.

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 (EPS) for the quarter, topping the consensus estimate of $1.74 by $0.14. Carpenter Technology had a net margin of 12.26% and a return on equity of 21.16%. The company had revenue of $727.00 million for the quarter, compared to analysts' expectations of $729.67 million. During the same period last year, the company earned $1.19 EPS. The firm's revenue for the quarter was up 6.1% compared to the same quarter last year. Equities analysts predict that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

Carpenter Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Tuesday, April 22nd were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, April 22nd. This represents a $0.80 annualized dividend and a dividend yield of 0.32%. Carpenter Technology's dividend payout ratio is currently 11.33%.

Carpenter Technology declared that its Board of Directors has authorized a share repurchase plan on Thursday, April 24th that allows the company to buyback $400.00 million in outstanding shares. This buyback authorization allows the basic materials company to purchase up to 4% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's leadership believes its stock is undervalued.

Insiders Place Their Bets

In related news, Director I Martin Inglis sold 3,433 shares of the firm'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 sale, the director now directly 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Anastasios John Hart sold 1,000 shares of the firm's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $243.72, for a total transaction of $243,720.00. The disclosure for this sale can be found here. 2.90% of the stock is owned by corporate 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.

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