Amalgamated Bank Sells 817 Shares of Carpenter Technology Corporation (NYSE:CRS)

Amalgamated Bank lessened its holdings in shares of Carpenter Technology Corporation (NYSE:CRS) by 3.6% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 21,914 shares of the basic materials company’s stock after selling 817 shares during the quarter. Amalgamated Bank’s holdings in Carpenter Technology were worth $3,970,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CRS. Bessemer Group Inc. raised its position in Carpenter Technology by 50.3% during the first quarter. Bessemer Group Inc. now owns 230 shares of the basic materials company’s stock valued at $42,000 after acquiring an additional 77 shares in the last quarter. Ameriflex Group Inc. bought a new position in Carpenter Technology during the fourth quarter valued at approximately $44,000. CIBC Private Wealth Group LLC raised its position in Carpenter Technology by 109.5% during the fourth quarter. CIBC Private Wealth Group LLC now owns 243 shares of the basic materials company’s stock valued at $45,000 after acquiring an additional 127 shares in the last quarter. Versant Capital Management Inc raised its position in shares of Carpenter Technology by 27.3% in the first quarter. Versant Capital Management Inc now owns 359 shares of the basic materials company’s stock valued at $65,000 after purchasing an additional 77 shares during the period. Finally, UMB Bank n.a. raised its position in shares of Carpenter Technology by 54.9% in the first quarter. UMB Bank n.a. now owns 471 shares of the basic materials company’s stock valued at $85,000 after purchasing an additional 167 shares during the period. Institutional investors own 92.03% of the company’s stock.

Insiders Place Their Bets

In other Carpenter Technology news, Director Anastasios John Hart sold 1,000 shares of Carpenter Technology stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $243.72, for a total transaction of $243,720.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director I Martin Inglis sold 3,433 shares of Carpenter Technology 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 owned 6,732 shares in the company, valued at $1,330,647.12. This represents a 33.77% decrease in their position. The disclosure for this sale can be found here. 2.90% of the stock is owned by insiders.

Carpenter Technology Trading Up 1.8%

Shares of Carpenter Technology stock opened at $279.88 on Friday. The company’s fifty day simple moving average is $237.78 and its 200-day simple moving average is $203.55. The company has a market cap of $13.93 billion, a price-to-earnings ratio of 39.64, a PEG ratio of 0.92 and a beta of 1.39. The company has a current ratio of 3.75, a quick ratio of 1.89 and a debt-to-equity ratio of 0.39. Carpenter Technology Corporation has a 1 year low of $104.02 and a 1 year high of $282.99.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.74 by $0.14. The business had revenue of $727.00 million for the quarter, compared to the consensus estimate of $729.67 million. Carpenter Technology had a net margin of 12.26% and a return on equity of 21.16%. Carpenter Technology’s quarterly revenue was up 6.1% on a year-over-year basis. During the same quarter last year, the company posted $1.19 earnings per share. As a group, sell-side analysts expect that Carpenter Technology Corporation will post 6.83 EPS for the current year.

Carpenter Technology announced that its board has authorized a share buyback 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 reacquire up to 4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Carpenter Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Tuesday, April 22nd were paid a dividend of $0.20 per share. The ex-dividend date was Tuesday, April 22nd. This represents a $0.80 dividend on an annualized basis and a yield of 0.29%. Carpenter Technology’s dividend payout ratio is currently 11.33%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Cowen reissued a “buy” rating on shares of Carpenter Technology in a research report on Thursday, June 12th. Benchmark lifted their price target on shares of Carpenter Technology from $250.00 to $300.00 and gave the company a “buy” rating in a research report on Monday, June 9th. Northcoast Research raised shares of Carpenter Technology from a “sell” rating to a “neutral” rating in a research report on Wednesday, April 9th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Carpenter Technology from $245.00 to $305.00 and gave the company an “overweight” rating in a research report on Tuesday, June 17th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $278.33.

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.