Alpha Wave Global LP Trims Stake in Carpenter Technology Co. (NYSE:CRS)

Alpha Wave Global LP lessened its position in Carpenter Technology Co. (NYSE:CRS) by 74.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 16,835 shares of the basic materials company’s stock after selling 50,044 shares during the quarter. Carpenter Technology accounts for 1.3% of Alpha Wave Global LP’s portfolio, making the stock its 12th largest position. Alpha Wave Global LP’s holdings in Carpenter Technology were worth $2,857,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in CRS. Stratos Wealth Partners LTD. raised its position 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 purchasing an additional 63 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Carpenter Technology by 11.9% in the fourth quarter. EverSource Wealth Advisors LLC now owns 669 shares of the basic materials company’s stock valued at $114,000 after acquiring an additional 71 shares in the last quarter. CIBC Asset Management Inc raised 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 valued at $258,000 after acquiring an additional 78 shares in the last quarter. Fifth Third Bancorp lifted its stake in Carpenter Technology by 23.5% in the fourth quarter. Fifth Third Bancorp now owns 573 shares of the basic materials company’s stock worth $97,000 after acquiring an additional 109 shares during the period. Finally, Wesbanco Bank Inc. grew 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 worth $1,663,000 after acquiring an additional 115 shares in the last quarter. 92.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Carpenter Technology Trading Down 1.2 %

NYSE CRS opened at $170.19 on Friday. Carpenter Technology Co. has a 52 week low of $75.73 and a 52 week high of $213.66. The company has a 50 day moving average price of $184.06 and a 200 day moving average price of $180.58. The company has a quick ratio of 1.92, a current ratio of 3.80 and a debt-to-equity ratio of 0.40. The firm has a market cap of $8.50 billion, a PE ratio of 32.11, a price-to-earnings-growth ratio of 0.93 and a beta of 1.28.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings results on Thursday, January 30th. The basic materials company reported $1.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.58 by $0.08. Carpenter Technology had a return on equity of 19.88% and a net margin of 9.34%. As a group, sell-side analysts forecast 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 will be paid on Thursday, June 5th. Shareholders of record on Tuesday, April 22nd will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 0.47%. The ex-dividend date of this dividend is Tuesday, April 22nd. Carpenter Technology’s dividend payout ratio is presently 15.09%.

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.