Tidal Investments LLC Trims Position in Carpenter Technology Co. (NYSE:CRS)

Tidal Investments LLC lowered its position in Carpenter Technology Co. (NYSE:CRS - Free Report) by 20.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 16,794 shares of the basic materials company's stock after selling 4,289 shares during the period. Tidal Investments LLC's holdings in Carpenter Technology were worth $2,850,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Pictet Asset Management Holding SA boosted its holdings in Carpenter Technology by 14.6% in 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 in the last quarter. Manuka Financial LLC bought a new position in Carpenter Technology in the fourth quarter worth approximately $368,000. Park Avenue Securities LLC bought a new position in Carpenter Technology in the fourth quarter worth approximately $419,000. XML Financial LLC boosted its holdings in Carpenter Technology by 215.3% in the fourth quarter. XML Financial LLC now owns 9,460 shares of the basic materials company's stock worth $1,605,000 after acquiring an additional 6,460 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new position in Carpenter Technology in the fourth quarter worth approximately $18,731,000. Institutional investors own 92.03% of the company's stock.

Insider Activity at Carpenter Technology

In related news, Director I Martin Inglis sold 3,433 shares of the business's 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 in the company, valued at approximately $1,330,647.12. The trade was a 33.77% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 2.90% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

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

Carpenter Technology Stock Performance

Shares of NYSE CRS traded up $4.23 during mid-day trading on Friday, reaching $230.23. 886,496 shares of the company's stock were exchanged, compared to its average volume of 763,109. The firm has a market capitalization of $11.46 billion, a price-to-earnings ratio of 43.44, a price-to-earnings-growth ratio of 0.93 and a beta of 1.33. Carpenter Technology Co. has a 52 week low of $95.17 and a 52 week high of $236.59. The company has a debt-to-equity ratio of 0.40, a current ratio of 3.80 and a quick ratio of 1.92. The firm has a 50-day moving average price of $193.16 and a two-hundred day moving average price of $189.85.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its earnings results on Thursday, April 24th. The basic materials company reported $1.88 EPS for the quarter, topping analysts' consensus estimates of $1.74 by $0.14. The company had revenue of $727.00 million for 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 business's revenue for the quarter was up 6.1% compared to the same quarter last year. During the same period in the previous year, the business posted $1.19 EPS. Analysts predict that Carpenter Technology Co. will post 6.83 EPS for the current year.

Carpenter Technology announced that its Board of Directors has initiated a share buyback plan on Thursday, April 24th that permits the company to repurchase $400.00 million in outstanding shares. This repurchase authorization permits the basic materials company to repurchase up to 4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board believes its stock is undervalued.

Carpenter Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Tuesday, April 22nd will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.35%. The ex-dividend date is Tuesday, April 22nd. Carpenter Technology's dividend payout ratio is currently 11.33%.

About Carpenter Technology

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.