First Trust Advisors LP Sells 19,212 Shares of Carpenter Technology Co. (NYSE:CRS)

First Trust Advisors LP trimmed its holdings in Carpenter Technology Co. (NYSE:CRS - Free Report) by 25.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 56,088 shares of the basic materials company's stock after selling 19,212 shares during the quarter. First Trust Advisors LP owned about 0.11% of Carpenter Technology worth $9,519,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in CRS. Kestra Investment Management LLC acquired a new position in Carpenter Technology in the fourth quarter valued at approximately $25,000. CIBC Private Wealth Group LLC grew its holdings 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 purchasing an additional 127 shares during the period. UMB Bank n.a. increased 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 valued at $52,000 after purchasing an additional 191 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new position in shares of Carpenter Technology during the third quarter valued at about $80,000. Finally, Morse Asset Management Inc bought a new position in shares of Carpenter Technology during the 3rd quarter worth about $84,000. Institutional investors own 92.03% of the company's stock.

Insider Buying and Selling

In related news, Director I Martin Inglis sold 3,433 shares of Carpenter Technology 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 owns 6,732 shares of the company's stock, valued at approximately $1,330,647.12. The trade was a 33.77 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.90% of the stock is currently owned by corporate insiders.

Carpenter Technology Stock Up 5.4 %

Shares of CRS traded up $11.01 during trading hours on Friday, reaching $213.34. 1,221,493 shares of the stock traded hands, compared to its average volume of 751,147. Carpenter Technology Co. has a 52 week low of $95.17 and a 52 week high of $215.14. The company has a current ratio of 3.80, a quick ratio of 1.92 and a debt-to-equity ratio of 0.40. The stock has a fifty day simple moving average of $183.00 and a 200 day simple moving average of $182.67. The company has a market cap of $10.66 billion, a price-to-earnings ratio of 40.25, a PEG ratio of 0.93 and a beta of 1.28.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its earnings results on Thursday, April 24th. The basic materials company reported $1.88 earnings per share for the quarter, topping analysts' consensus estimates of $1.74 by $0.14. The firm had revenue of $727.00 million for the quarter, compared to the consensus estimate of $729.67 million. Carpenter Technology had a return on equity of 19.88% and a net margin of 9.34%. The company's revenue was up 6.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.19 EPS. On average, equities analysts forecast that Carpenter Technology Co. will post 6.83 EPS for the current year.

Carpenter Technology announced that its Board of Directors has initiated a stock 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 purchase up to 4% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's board of directors believes its stock is undervalued.

Carpenter Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Tuesday, April 22nd will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, April 22nd. This represents a $0.80 annualized dividend and a yield of 0.37%. Carpenter Technology's payout ratio is currently 11.33%.

Wall Street Analysts Forecast Growth

CRS has been the topic of a number of research reports. JPMorgan Chase & Co. upped their price target on Carpenter Technology from $240.00 to $245.00 and gave the stock an "overweight" rating in a research note on Monday. BTIG Research set a $230.00 price objective on shares of Carpenter Technology in a report on Friday, January 31st. Finally, Northcoast Research upgraded shares of Carpenter Technology from a "sell" rating to a "neutral" rating in a report on Wednesday, April 9th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $168.00.

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.