Tower Research Capital LLC TRC Trims Stake in Carpenter Technology Co. (NYSE:CRS)

Tower Research Capital LLC TRC lowered its position in Carpenter Technology Co. (NYSE:CRS - Free Report) by 44.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,043 shares of the basic materials company's stock after selling 4,032 shares during the period. Tower Research Capital LLC TRC's holdings in Carpenter Technology were worth $856,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also modified their holdings of the company. Stratos Wealth Partners LTD. boosted its holdings in Carpenter Technology by 2.7% during the 4th quarter. Stratos Wealth Partners LTD. now owns 2,415 shares of the basic materials company's stock valued at $410,000 after acquiring an additional 63 shares during the period. EverSource Wealth Advisors LLC boosted its stake in shares of Carpenter Technology by 11.9% during the fourth quarter. EverSource Wealth Advisors LLC now owns 669 shares of the basic materials company's stock valued at $114,000 after purchasing an additional 71 shares during the period. CIBC Asset Management Inc grew its holdings in shares of Carpenter Technology by 5.4% in the fourth quarter. CIBC Asset Management Inc now owns 1,521 shares of the basic materials company's stock worth $258,000 after purchasing an additional 78 shares during the last quarter. Fifth Third Bancorp increased its stake in Carpenter Technology by 23.5% in the 4th quarter. Fifth Third Bancorp now owns 573 shares of the basic materials company's stock worth $97,000 after buying an additional 109 shares during the period. Finally, Wesbanco Bank Inc. lifted its holdings in Carpenter Technology by 1.2% during the 4th quarter. Wesbanco Bank Inc. now owns 9,797 shares of the basic materials company's stock valued at $1,663,000 after buying an additional 115 shares in the last quarter. Hedge funds and other institutional investors own 92.03% of the company's stock.

Carpenter Technology Trading Down 0.4 %

Shares of NYSE:CRS opened at $198.70 on Friday. The company has a market capitalization of $9.92 billion, a PE ratio of 37.49, a P/E/G ratio of 0.93 and a beta of 1.28. The company has a current ratio of 3.80, a quick ratio of 1.92 and a debt-to-equity ratio of 0.40. Carpenter Technology Co. has a 12-month low of $81.99 and a 12-month high of $213.66. The business's fifty day simple moving average is $183.39 and its 200-day simple moving average is $181.64.

Carpenter Technology (NYSE:CRS - Get Free Report) last posted its earnings results on Thursday, April 24th. The basic materials company reported $1.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.74 by $0.14. The company had revenue of $727.00 million for the quarter, compared to analyst estimates of $729.67 million. Carpenter Technology had a return on equity of 19.88% and a net margin of 9.34%. As a group, equities research analysts predict that Carpenter Technology Co. will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology declared that its Board of Directors has initiated a share repurchase 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 repurchase up to 4% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's management believes its stock is undervalued.

Carpenter Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Tuesday, April 22nd will be given 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 payout ratio is 15.09%.

Analyst Ratings Changes

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

About Carpenter Technology

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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