Tower Research Capital LLC TRC Reduces Position in Carpenter Technology Co. (NYSE:CRS)

Tower Research Capital LLC TRC lowered its holdings in Carpenter Technology Co. (NYSE:CRS - Free Report) by 44.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,043 shares of the basic materials company's stock after selling 4,032 shares during the period. Tower Research Capital LLC TRC's holdings in Carpenter Technology were worth $856,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Stratos Wealth Partners LTD. boosted its position in Carpenter Technology by 2.7% in the 4th quarter. Stratos Wealth Partners LTD. now owns 2,415 shares of the basic materials company's stock valued at $410,000 after buying an additional 63 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in Carpenter Technology by 11.9% during the 4th quarter. EverSource Wealth Advisors LLC now owns 669 shares of the basic materials company's stock worth $114,000 after buying an additional 71 shares during the period. CIBC Asset Management Inc lifted its position 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 worth $258,000 after buying an additional 78 shares in the last quarter. Fifth Third Bancorp boosted its stake in shares of Carpenter Technology by 23.5% during the 4th quarter. Fifth Third Bancorp now owns 573 shares of the basic materials company's stock worth $97,000 after acquiring an additional 109 shares in the last quarter. Finally, Wesbanco Bank Inc. raised its stake in Carpenter Technology by 1.2% during the 4th quarter. Wesbanco Bank Inc. now owns 9,797 shares of the basic materials company's stock valued at $1,663,000 after purchasing an additional 115 shares during the last quarter. Institutional investors and hedge funds own 92.03% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have commented on CRS. BTIG Research set a $230.00 price target on shares of Carpenter Technology in a research report on Friday, January 31st. Northcoast Research raised Carpenter Technology from a "sell" rating to a "neutral" rating in a research report on Wednesday, April 9th. Finally, JPMorgan Chase & Co. increased their target price on Carpenter Technology from $240.00 to $245.00 and gave the stock an "overweight" rating in a research note on Monday. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $168.00.

Carpenter Technology Stock Performance

Shares of CRS traded up $7.73 during mid-day trading on Thursday, hitting $203.34. The stock had a trading volume of 434,257 shares, compared to its average volume of 751,088. The firm has a market cap of $10.16 billion, a P/E ratio of 38.44, a PEG ratio of 0.93 and a beta of 1.28. 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 business has a fifty day moving average price of $182.95 and a 200-day moving average price of $182.36. Carpenter Technology Co. has a 52 week low of $90.26 and a 52 week high of $213.66.

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

Carpenter Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Tuesday, April 22nd will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.39%. The ex-dividend date is Tuesday, April 22nd. Carpenter Technology's payout ratio is currently 11.33%.

Carpenter Technology announced that its Board of Directors has authorized a stock repurchase program on Thursday, April 24th that allows the company to repurchase $400.00 million in shares. This repurchase authorization allows the basic materials company to reacquire up to 4% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's board believes its shares are undervalued.

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.