Carpenter Technology Co. (NYSE:CRS) Shares Sold by CANADA LIFE ASSURANCE Co

CANADA LIFE ASSURANCE Co trimmed its stake in shares of Carpenter Technology Co. (NYSE:CRS - Free Report) by 25.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 43,953 shares of the basic materials company's stock after selling 14,998 shares during the quarter. CANADA LIFE ASSURANCE Co owned 0.09% of Carpenter Technology worth $7,462,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of CRS. Evergreen Capital Management LLC increased its stake in shares of Carpenter Technology by 4.8% during the fourth quarter. Evergreen Capital Management LLC now owns 4,533 shares of the basic materials company's stock worth $769,000 after buying an additional 209 shares during the period. Gabelli Funds LLC purchased a new stake in shares of Carpenter Technology in the 4th quarter valued at approximately $1,782,000. Jump Financial LLC acquired a new stake in shares of Carpenter Technology in the 4th quarter valued at $1,753,000. Guggenheim Capital LLC lifted its position in shares of Carpenter Technology by 83.4% during the 4th quarter. Guggenheim Capital LLC now owns 6,817 shares of the basic materials company's stock worth $1,157,000 after purchasing an additional 3,101 shares during the last quarter. Finally, Forest Avenue Capital Management LP grew its stake in shares of Carpenter Technology by 90.4% during the fourth quarter. Forest Avenue Capital Management LP now owns 301,468 shares of the basic materials company's stock worth $51,162,000 after purchasing an additional 143,168 shares in the last quarter. Hedge funds and other institutional investors own 92.03% of the company's stock.

Carpenter Technology Stock Performance

Shares of CRS stock traded down $0.70 during trading hours on Friday, hitting $198.70. The stock had a trading volume of 1,034,295 shares, compared to its average volume of 752,438. The company has a debt-to-equity ratio of 0.40, a current ratio of 3.80 and a quick ratio of 1.92. The firm has a market capitalization of $9.92 billion, a PE ratio of 37.49, a PEG ratio of 0.93 and a beta of 1.28. The stock's 50 day moving average is $183.39 and its 200 day moving average is $181.64. Carpenter Technology Co. has a twelve month low of $81.99 and a twelve month high of $213.66.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued 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. 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 for the quarter, compared to the consensus estimate of $729.67 million. As a group, research analysts forecast that Carpenter Technology Co. will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology announced that its board has approved a stock buyback program on Thursday, April 24th that authorizes the company to buyback $400.00 million in shares. This buyback authorization authorizes 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 business 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. This represents a $0.80 annualized dividend and a yield of 0.40%. The ex-dividend date of this dividend is Tuesday, April 22nd. Carpenter Technology's dividend payout ratio is presently 15.09%.

Analysts Set New Price Targets

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