Focus Partners Wealth Has $730,000 Stock Position in Carpenter Technology Co. (NYSE:CRS)

Focus Partners Wealth reduced its position in Carpenter Technology Co. (NYSE:CRS) by 6.1% during the 4th quarter, HoldingsChannel.com reports. The firm owned 4,301 shares of the basic materials company’s stock after selling 278 shares during the quarter. Focus Partners Wealth’s holdings in Carpenter Technology were worth $730,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the company. Pictet Asset Management Holding SA boosted its stake in Carpenter Technology by 14.6% during the 4th quarter. Pictet Asset Management Holding SA now owns 6,865 shares of the basic materials company’s stock valued at $1,165,000 after purchasing an additional 877 shares during the period. Manuka Financial LLC bought a new position in shares of Carpenter Technology during the 4th quarter worth approximately $368,000. Park Avenue Securities LLC acquired a new stake in Carpenter Technology during the 4th quarter valued at $419,000. XML Financial LLC increased its holdings in Carpenter Technology by 215.3% during the 4th quarter. XML Financial LLC now owns 9,460 shares of the basic materials company’s stock valued at $1,605,000 after purchasing an additional 6,460 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in Carpenter Technology during the 4th quarter valued at $18,731,000. 92.03% of the stock is owned by institutional investors and hedge funds.

Carpenter Technology Trading Up 0.8%

NYSE CRS opened at $232.27 on Monday. The company has a quick ratio of 1.92, a current ratio of 3.80 and a debt-to-equity ratio of 0.40. Carpenter Technology Co. has a twelve month low of $95.17 and a twelve month high of $234.52. The company has a market cap of $11.56 billion, a price-to-earnings ratio of 43.82, a price-to-earnings-growth ratio of 0.93 and a beta of 1.33. The business’s fifty day moving average is $188.18 and its 200 day moving average is $187.63.

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

Carpenter Technology announced that its Board of Directors has initiated a share repurchase plan 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 reacquire up to 4% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Carpenter Technology Dividend Announcement

The business also recently disclosed 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 is currently 11.33%.

Insiders Place Their Bets

In other news, Director I Martin Inglis sold 3,433 shares of the business’s stock in a transaction that occurred 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 transaction, the director now owns 6,732 shares in the company, valued at $1,330,647.12. The trade was a 33.77% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 2.90% of the company’s stock.

Wall Street Analyst Weigh In

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