Carpenter Technology Co. (NYSE:CRS) Shares Sold by Prudential Financial Inc.

Prudential Financial Inc. cut its stake in shares of Carpenter Technology Co. (NYSE:CRS - Free Report) by 75.3% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 40,195 shares of the basic materials company's stock after selling 122,520 shares during the quarter. Prudential Financial Inc. owned about 0.08% of Carpenter Technology worth $6,821,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Tidal Investments LLC increased its holdings in Carpenter Technology by 91.9% in the third quarter. Tidal Investments LLC now owns 21,083 shares of the basic materials company's stock valued at $3,364,000 after buying an additional 10,094 shares in the last quarter. Manuka Financial LLC purchased a new position in Carpenter Technology in the 4th quarter valued at approximately $368,000. Park Avenue Securities LLC acquired a new position in Carpenter Technology during the fourth quarter worth $419,000. Avala Global LP boosted its position in Carpenter Technology by 21.0% during the third quarter. Avala Global LP now owns 423,700 shares of the basic materials company's stock worth $67,614,000 after purchasing an additional 73,400 shares in the last quarter. Finally, XML Financial LLC grew its holdings in Carpenter Technology by 215.3% in the fourth 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 during the last quarter. Hedge funds and other institutional investors own 92.03% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on CRS. 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 research note on Wednesday, February 19th. BTIG Research set a $230.00 target price on shares of Carpenter Technology in a research report on Friday, January 31st. One investment analyst has rated the stock with a sell rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $167.17.

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Carpenter Technology Price Performance

Shares of CRS traded down $15.64 during trading hours on Friday, reaching $150.90. 1,563,935 shares of the company traded hands, compared to its average volume of 723,322. The stock has a fifty day simple moving average of $190.40 and a 200 day simple moving average of $179.94. Carpenter Technology Co. has a fifty-two week low of $74.21 and a fifty-two week high of $213.66. The stock has a market capitalization of $7.54 billion, a PE ratio of 28.47, a price-to-earnings-growth ratio of 0.93 and a beta of 1.28. 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 (NYSE:CRS - Get Free Report) last issued its quarterly earnings results on Thursday, January 30th. The basic materials company reported $1.66 EPS for the quarter, topping analysts' consensus estimates of $1.58 by $0.08. Carpenter Technology had a net margin of 9.34% and a return on equity of 19.88%. As a group, research analysts predict that Carpenter Technology Co. will post 6.83 EPS for the current fiscal year.

Carpenter Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 28th were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.53%. The ex-dividend date of this dividend was Tuesday, January 28th. Carpenter Technology's dividend payout ratio is presently 15.09%.

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.