Tidal Investments LLC Reduces Stock Holdings in Carpenter Technology Co. (NYSE:CRS)

Tidal Investments LLC lessened its holdings in Carpenter Technology Co. (NYSE:CRS - Free Report) by 20.3% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund 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 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of CRS. Kestra Investment Management LLC bought a new position in Carpenter Technology during the fourth quarter valued at $25,000. CIBC Private Wealth Group LLC lifted its stake in Carpenter Technology by 109.5% in the fourth quarter. CIBC Private Wealth Group LLC now owns 243 shares of the basic materials company's stock worth $45,000 after acquiring an additional 127 shares during the period. UMB Bank n.a. lifted its stake in Carpenter Technology by 169.0% in the fourth quarter. UMB Bank n.a. now owns 304 shares of the basic materials company's stock worth $52,000 after acquiring an additional 191 shares during the period. Fifth Third Bancorp lifted its position in shares of Carpenter Technology by 23.5% during the fourth quarter. Fifth Third Bancorp now owns 573 shares of the basic materials company's stock valued at $97,000 after buying an additional 109 shares during the last quarter. Finally, EverSource Wealth Advisors LLC lifted its position in shares of Carpenter Technology by 11.9% during the fourth quarter. EverSource Wealth Advisors LLC now owns 669 shares of the basic materials company's stock valued at $114,000 after buying an additional 71 shares during the last quarter. Institutional investors own 92.03% of the company's stock.

Carpenter Technology Trading Up 2.4%

Shares of CRS stock traded up $5.64 on Tuesday, hitting $235.80. 132,070 shares of the stock traded hands, compared to its average volume of 861,070. The firm's 50-day moving average price is $193.94 and its two-hundred day moving average price is $190.32. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.92 and a current ratio of 3.80. The stock has a market capitalization of $11.74 billion, a PE ratio of 44.50, a PEG ratio of 0.93 and a beta of 1.33. Carpenter Technology Co. has a twelve month low of $95.17 and a twelve month high of $236.59.

Carpenter Technology (NYSE:CRS - Get Free Report) last posted its earnings results on Thursday, April 24th. The basic materials company reported $1.88 EPS for the quarter, beating analysts' consensus estimates of $1.74 by $0.14. Carpenter Technology had a net margin of 9.34% and a return on equity of 19.88%. The company had revenue of $727.00 million for the quarter, compared to analysts' expectations of $729.67 million. During the same quarter in the prior year, the company posted $1.19 earnings per share. Carpenter Technology's revenue for the quarter was up 6.1% compared to the same quarter last year. As a group, analysts anticipate that Carpenter Technology Co. 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, June 5th. Shareholders of record on Tuesday, April 22nd will be given a $0.20 dividend. The ex-dividend date of this dividend is Tuesday, April 22nd. This represents a $0.80 dividend on an annualized basis and a yield of 0.34%. Carpenter Technology's payout ratio is currently 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 outstanding shares. This buyback authorization allows the basic materials company to repurchase up to 4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board of directors believes its shares are undervalued.

Analyst Ratings Changes

CRS has been the topic of several recent analyst reports. JPMorgan Chase & Co. upped their price objective on shares of 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 target on shares of Carpenter Technology in a research note on Friday, January 31st. Finally, Northcoast Research raised shares of Carpenter Technology from a "sell" rating to a "neutral" rating in a research note on Wednesday, April 9th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $168.00.

Insider Buying and Selling at Carpenter Technology

In other Carpenter Technology news, Director I Martin Inglis sold 3,433 shares of the company's stock in a transaction dated 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 owns 6,732 shares of the company's stock, valued at $1,330,647.12. This represents a 33.77% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 2.90% of the stock is currently owned by corporate insiders.

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.