Nuveen Asset Management LLC Cuts Holdings in Carpenter Technology Co. (NYSE:CRS)

Nuveen Asset Management LLC trimmed its holdings in shares of Carpenter Technology Co. (NYSE:CRS) by 8.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 377,198 shares of the basic materials company’s stock after selling 32,587 shares during the period. Nuveen Asset Management LLC owned about 0.76% of Carpenter Technology worth $64,014,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. Kestra Investment Management LLC purchased a new position in Carpenter Technology in the 4th quarter valued at approximately $25,000. CIBC Private Wealth Group LLC increased its stake in Carpenter Technology by 109.5% in the 4th quarter. CIBC Private Wealth Group LLC now owns 243 shares of the basic materials company’s stock valued at $45,000 after purchasing an additional 127 shares in the last quarter. UMB Bank n.a. increased its stake in Carpenter Technology by 169.0% in the 4th 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. Fifth Third Bancorp increased its stake in Carpenter Technology by 23.5% in the 4th quarter. Fifth Third Bancorp now owns 573 shares of the basic materials company’s stock valued at $97,000 after purchasing an additional 109 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its stake in Carpenter Technology by 11.9% in the 4th quarter. EverSource Wealth Advisors LLC now owns 669 shares of the basic materials company’s stock valued at $114,000 after purchasing an additional 71 shares in the last quarter. 92.03% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Carpenter Technology

In other Carpenter Technology news, Director I Martin Inglis sold 3,433 shares of the stock in a transaction on Tuesday, April 29th. The stock was sold at an average price of $197.66, for a total transaction of $678,566.78. Following the sale, the director now owns 6,732 shares in the company, valued at approximately $1,330,647.12. This represents a 33.77% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 2.90% of the stock is owned by insiders.

Carpenter Technology Price Performance

Shares of NYSE:CRS opened at $232.27 on Monday. The business’s fifty day moving average price is $188.18 and its two-hundred day moving average price is $187.63. The stock has a market cap of $11.56 billion, a PE ratio of 43.82, a price-to-earnings-growth ratio of 0.93 and a beta of 1.33. 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 Co. has a one year low of $95.17 and a one year high of $234.52.

Carpenter Technology (NYSE:CRS) last announced 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. The firm 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%. Carpenter Technology’s quarterly revenue was up 6.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.19 EPS. On average, analysts forecast that Carpenter Technology Co. will post 6.83 EPS for the current fiscal year.

Carpenter Technology announced that its board has initiated a stock repurchase 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 buy up to 4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Carpenter Technology Dividend Announcement

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 issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.34%. The ex-dividend date is Tuesday, April 22nd. Carpenter Technology’s dividend payout ratio (DPR) is presently 11.33%.

Wall Street Analyst Weigh In

CRS has been the subject of several research analyst reports. Northcoast Research raised Carpenter Technology from a “sell” rating to a “neutral” rating in a research note on Wednesday, April 9th. JPMorgan Chase & Co. raised their price objective on Carpenter Technology from $240.00 to $245.00 and gave the company an “overweight” rating in a research note on Monday, April 28th. Finally, BTIG Research set a $230.00 price objective on Carpenter Technology in a research note on Friday, January 31st. One analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target 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.