Carpenter Technology Co. (NYSE:CRS) Shares Bought by Northern Trust Corp

Northern Trust Corp grew its holdings in Carpenter Technology Co. (NYSE:CRS - Free Report) by 21.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 679,343 shares of the basic materials company's stock after acquiring an additional 117,759 shares during the period. Northern Trust Corp owned about 1.36% of Carpenter Technology worth $115,291,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in CRS. Barclays PLC grew its holdings in Carpenter Technology by 471.1% during the 3rd quarter. Barclays PLC now owns 101,745 shares of the basic materials company's stock valued at $16,236,000 after purchasing an additional 83,930 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new position in shares of Carpenter Technology in the third quarter worth about $80,000. Tidal Investments LLC boosted its holdings in Carpenter Technology by 91.9% in the third quarter. Tidal Investments LLC now owns 21,083 shares of the basic materials company's stock valued at $3,364,000 after purchasing an additional 10,094 shares during the last quarter. Franklin Resources Inc. grew its stake in Carpenter Technology by 9.7% during the 3rd quarter. Franklin Resources Inc. now owns 368,077 shares of the basic materials company's stock valued at $57,891,000 after purchasing an additional 32,442 shares in the last quarter. Finally, GAMMA Investing LLC increased its holdings in Carpenter Technology by 17.0% during the 4th quarter. GAMMA Investing LLC now owns 2,457 shares of the basic materials company's stock worth $417,000 after purchasing an additional 357 shares during the last quarter. Institutional investors and hedge funds own 92.03% of the company's stock.

Analyst Ratings Changes

A number of research firms have commented on CRS. JPMorgan Chase & Co. increased their price objective on shares of Carpenter Technology from $240.00 to $245.00 and gave the company an "overweight" rating in a research note on Monday, April 28th. BTIG Research set a $230.00 price objective on shares of 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 equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $168.00.

Carpenter Technology Stock Performance

Shares of NYSE:CRS traded up $0.82 during trading hours on Friday, hitting $210.00. The stock had a trading volume of 307,650 shares, compared to its average volume of 745,784. Carpenter Technology Co. has a 1-year low of $95.17 and a 1-year high of $215.96. The firm has a market capitalization of $10.45 billion, a price-to-earnings ratio of 39.62, a PEG ratio of 0.93 and a beta of 1.33. The stock's fifty day simple moving average is $183.79 and its 200 day simple moving average is $184.45. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.92 and a current ratio of 3.80.

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 (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 firm had revenue of $727.00 million during the quarter, compared to analyst estimates of $729.67 million. During the same quarter in the prior year, the firm posted $1.19 EPS. Carpenter Technology's revenue was up 6.1% compared to the same quarter last year. Sell-side analysts anticipate that Carpenter Technology Co. will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Tuesday, April 22nd will be issued 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 0.38%. Carpenter Technology's payout ratio is 11.33%.

Carpenter Technology declared that its board has authorized a stock buyback plan on Thursday, April 24th that allows the company to buyback $400.00 million in shares. This buyback authorization allows the basic materials company to buy up to 4% of its stock through open market purchases. Stock buyback plans are often an indication that the company's management believes its stock is undervalued.

Insiders Place Their Bets

In other news, Director I Martin Inglis sold 3,433 shares of the company's stock in a transaction on Tuesday, April 29th. The stock was sold at an average price of $197.66, for a total value of $678,566.78. Following the completion of the sale, the director now owns 6,732 shares in the company, valued at $1,330,647.12. This represents a 33.77 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 2.90% of the stock is currently owned by 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.