Alpha Wave Global LP Trims Stake in Carpenter Technology Co. (NYSE:CRS)

Alpha Wave Global LP lessened its stake in shares of Carpenter Technology Co. (NYSE:CRS - Free Report) by 74.8% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 16,835 shares of the basic materials company's stock after selling 50,044 shares during the quarter. Carpenter Technology comprises 1.3% of Alpha Wave Global LP's portfolio, making the stock its 12th largest holding. Alpha Wave Global LP's holdings in Carpenter Technology were worth $2,857,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of CRS. Pictet Asset Management Holding SA raised its stake in shares of Carpenter Technology by 14.6% during the fourth quarter. Pictet Asset Management Holding SA now owns 6,865 shares of the basic materials company's stock valued at $1,165,000 after acquiring an additional 877 shares during the last quarter. Tidal Investments LLC lifted its position in Carpenter Technology by 91.9% in the 3rd quarter. Tidal Investments LLC now owns 21,083 shares of the basic materials company's stock valued at $3,364,000 after acquiring an additional 10,094 shares in the last quarter. Manuka Financial LLC bought a new stake in Carpenter Technology in the 4th quarter worth about $368,000. Park Avenue Securities LLC purchased a new position in Carpenter Technology in the 4th quarter worth about $419,000. Finally, XML Financial LLC lifted its stake 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 acquiring an additional 6,460 shares during the period. 92.03% of the stock is currently owned by institutional investors.

Carpenter Technology Stock Up 7.5 %

CRS stock traded up $13.26 on Wednesday, hitting $190.64. 540,176 shares of the company's stock were exchanged, compared to its average volume of 740,162. The firm has a 50 day moving average price of $183.27 and a two-hundred day moving average price of $181.04. Carpenter Technology Co. has a 12-month low of $77.26 and a 12-month high of $213.66. The stock has a market cap of $9.52 billion, a P/E ratio of 35.97, a price-to-earnings-growth ratio of 0.93 and a beta of 1.28. 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 (NYSE:CRS - Get Free Report) last announced its quarterly earnings data on Thursday, January 30th. The basic materials company reported $1.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.08. Carpenter Technology had a return on equity of 19.88% and a net margin of 9.34%. As a group, equities research analysts expect that Carpenter Technology Co. will post 6.83 EPS for the current fiscal year.

Carpenter Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 5th. Shareholders of record on Tuesday, April 22nd will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, April 22nd. This represents a $0.80 annualized dividend and a yield of 0.42%. Carpenter Technology's dividend payout ratio (DPR) is currently 15.09%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CRS. Northcoast Research upgraded shares of Carpenter Technology from a "sell" rating to a "neutral" rating in a research note on Wednesday, April 9th. BTIG Research set a $230.00 target price on Carpenter Technology in a research report on Friday, January 31st. Finally, JPMorgan Chase & Co. upped their price target on shares of Carpenter Technology from $235.00 to $240.00 and gave the company an "overweight" rating in a research report on Wednesday, February 19th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $167.17.

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.