Ameriprise Financial Inc. Trims Stock Position in Carpenter Technology Co. (NYSE:CRS)

Ameriprise Financial Inc. decreased its position in shares of Carpenter Technology Co. (NYSE:CRS) by 20.5% during the 4th quarter, HoldingsChannel.com reports. The firm owned 712,985 shares of the basic materials company’s stock after selling 184,409 shares during the quarter. Ameriprise Financial Inc.’s holdings in Carpenter Technology were worth $120,990,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also made changes to their positions in CRS. Alua Capital Management LP acquired a new position in Carpenter Technology during the fourth quarter worth approximately $20,987,000. Aristeia Capital L.L.C. purchased a new position in shares of Carpenter Technology during the fourth quarter worth approximately $602,000. Mercer Global Advisors Inc. ADV acquired a new position in shares of Carpenter Technology in the 4th quarter valued at $212,000. Third Point LLC raised its position in Carpenter Technology by 31.8% in the 4th quarter. Third Point LLC now owns 870,000 shares of the basic materials company’s stock valued at $147,648,000 after purchasing an additional 210,000 shares during the last quarter. Finally, Freestone Grove Partners LP acquired a new stake in Carpenter Technology during the 4th quarter worth $69,285,000. Institutional investors and hedge funds own 92.03% of the company’s stock.

Carpenter Technology Stock Performance

NYSE CRS opened at $209.22 on Thursday. The business has a 50 day moving average price of $183.74 and a 200 day moving average price of $184.10. 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 company has a market capitalization of $10.41 billion, a P/E ratio of 39.48, a PEG ratio of 0.93 and a beta of 1.33. Carpenter Technology Co. has a 1-year low of $95.17 and a 1-year high of $215.25.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings results 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 return on equity of 19.88% and a net margin of 9.34%. The business had revenue of $727.00 million during the quarter, compared to the consensus estimate of $729.67 million. During the same quarter in the previous year, the company posted $1.19 EPS. The business’s revenue was up 6.1% on a year-over-year basis. Sell-side analysts expect that Carpenter Technology Co. will post 6.83 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Shareholders of record on Tuesday, April 22nd will be issued a $0.20 dividend. The ex-dividend date of this dividend is Tuesday, April 22nd. This represents a $0.80 dividend on an annualized basis and a yield of 0.38%. Carpenter Technology’s dividend payout ratio (DPR) is 11.33%.

Carpenter Technology announced that its board has initiated a stock repurchase program on Thursday, April 24th that allows the company to repurchase $400.00 million in shares. This repurchase authorization allows the basic materials company to reacquire up to 4% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

CRS has been the subject of several recent research reports. Northcoast Research upgraded shares of Carpenter Technology from a “sell” rating to a “neutral” rating in a research note on Wednesday, April 9th. JPMorgan Chase & Co. increased their price objective on Carpenter Technology from $240.00 to $245.00 and gave the stock an “overweight” rating in a research report on Monday, April 28th. Finally, BTIG Research set a $230.00 target price on Carpenter Technology in a report on Friday, January 31st. 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, Carpenter Technology has an average rating of “Moderate Buy” and an average target price of $168.00.

Insiders Place Their Bets

In other news, Director I Martin Inglis sold 3,433 shares of the stock in a transaction dated Tuesday, April 29th. The shares were sold at an average price of $197.66, for a total transaction of $678,566.78. Following the transaction, the director now directly owns 6,732 shares in the company, valued at $1,330,647.12. This represents a 33.77 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 2.90% of the stock is owned by corporate insiders.

Carpenter Technology Company 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.