Wolf Hill Capital Management LP trimmed its position in Carpenter Technology Co. (NYSE:CRS - Free Report) by 49.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 360,903 shares of the basic materials company's stock after selling 354,769 shares during the quarter. Carpenter Technology accounts for 4.4% of Wolf Hill Capital Management LP's holdings, making the stock its 7th biggest holding. Wolf Hill Capital Management LP owned 0.72% of Carpenter Technology worth $61,249,000 at the end of the most recent reporting period.
Several other large investors have also recently added to or reduced their stakes in CRS. Kestra Investment Management LLC acquired a new position in shares of Carpenter Technology in the fourth quarter valued at about $25,000. CIBC Private Wealth Group LLC increased its holdings in shares of 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 worth $45,000 after purchasing an additional 127 shares during the period. UMB Bank n.a. raised its position in shares of Carpenter Technology by 169.0% in the fourth quarter. UMB Bank n.a. now owns 304 shares of the basic materials company's stock valued at $52,000 after buying an additional 191 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new stake in shares of Carpenter Technology in the third quarter valued at approximately $80,000. Finally, Morse Asset Management Inc acquired a new stake in Carpenter Technology during the third quarter worth approximately $84,000. Institutional investors own 92.03% of the company's stock.
Carpenter Technology Trading Down 0.4 %
NYSE CRS traded down $0.70 on Friday, hitting $198.70. The company's stock had a trading volume of 1,034,295 shares, compared to its average volume of 752,438. The firm has a market cap of $9.92 billion, a PE ratio of 37.49, a PEG ratio of 0.93 and a beta of 1.28. The company's 50-day moving average is $183.39 and its 200 day moving average is $181.64. 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 1-year low of $81.99 and a 1-year high of $213.66.
Carpenter Technology (NYSE:CRS - Get Free Report) last released its earnings results on Thursday, April 24th. The basic materials company reported $1.88 earnings per share for the quarter, beating analysts' consensus estimates of $1.74 by $0.14. The business had revenue of $727.00 million during the quarter, compared to the consensus estimate of $729.67 million. Carpenter Technology had a net margin of 9.34% and a return on equity of 19.88%. As a group, analysts predict that Carpenter Technology Co. will post 6.83 earnings per share for the current fiscal year.
Carpenter Technology announced that its Board of Directors has initiated 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 management believes its stock is undervalued.
Carpenter Technology Dividend Announcement
The firm also recently declared 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 is Tuesday, April 22nd. This represents a $0.80 dividend on an annualized basis and a yield of 0.40%. Carpenter Technology's dividend payout ratio (DPR) is presently 15.09%.
Wall Street Analysts Forecast Growth
Several brokerages have weighed in on CRS. JPMorgan Chase & Co. lifted their price objective on Carpenter Technology from $235.00 to $240.00 and gave the company an "overweight" rating in a report on Wednesday, February 19th. BTIG Research set a $230.00 price target on Carpenter Technology in a research note on Friday, January 31st. Finally, Northcoast Research upgraded shares of Carpenter Technology from a "sell" rating to a "neutral" rating in a research note on Wednesday, April 9th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, Carpenter Technology presently has an average rating of "Moderate Buy" and an average price target of $167.17.
Check Out Our Latest Report on Carpenter Technology
About Carpenter Technology
(
Free Report)
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.
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