Castleark Management LLC Sells 28,840 Shares of Carpenter Technology Co. (NYSE:CRS)

Castleark Management LLC decreased its position in shares of Carpenter Technology Co. (NYSE:CRS) by 38.6% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 45,880 shares of the basic materials company’s stock after selling 28,840 shares during the period. Castleark Management LLC owned about 0.09% of Carpenter Technology worth $7,786,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Barclays PLC grew its stake in Carpenter Technology by 471.1% in the third quarter. Barclays PLC now owns 101,745 shares of the basic materials company’s stock worth $16,236,000 after purchasing an additional 83,930 shares during the period. Park Avenue Securities LLC purchased a new stake in shares of Carpenter Technology in the 4th quarter worth about $419,000. Ameritas Advisory Services LLC bought a new position in shares of Carpenter Technology in the 4th quarter worth about $511,000. UMB Bank n.a. increased its stake in shares of Carpenter Technology by 169.0% in the 4th 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 in the last quarter. Finally, Atomi Financial Group Inc. purchased a new position in Carpenter Technology during the 4th quarter valued at about $219,000. Institutional investors own 92.03% of the company’s stock.

Carpenter Technology Trading Down 0.5%

Shares of NYSE CRS opened at $234.42 on Wednesday. The firm’s 50 day moving average price is $190.42 and its 200-day moving average price is $188.51. Carpenter Technology Co. has a 52-week low of $95.17 and a 52-week high of $236.59. 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 company has a market cap of $11.67 billion, a PE ratio of 44.23, a P/E/G ratio of 0.93 and a beta of 1.33.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings data 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. 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 during the quarter, compared to analyst estimates of $729.67 million. During the same period in the previous year, the business earned $1.19 EPS. The firm’s revenue for the quarter was up 6.1% on a year-over-year basis. On average, equities research analysts expect that Carpenter Technology Co. will post 6.83 EPS for the current fiscal year.

Carpenter Technology declared that its board has authorized a stock repurchase plan on Thursday, April 24th that authorizes the company to buyback $400.00 million in shares. This buyback authorization authorizes the basic materials company to repurchase up to 4% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s leadership believes its shares are undervalued.

Carpenter Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders 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 dividend yield of 0.34%. The ex-dividend date of this dividend is Tuesday, April 22nd. Carpenter Technology’s payout ratio is currently 11.33%.

Insider Activity 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 transaction of $678,566.78. Following the transaction, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.90% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. BTIG Research set a $230.00 price objective on shares of Carpenter Technology in a report on Friday, January 31st. 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, April 28th. 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 issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $168.00.

About Carpenter Technology

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.