Norges Bank Buys New Shares in Carpenter Technology Corporation $CRS

Norges Bank bought a new stake in Carpenter Technology Corporation (NYSE:CRS) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 620,168 shares of the basic materials company’s stock, valued at approximately $195,254,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Brown Miller Wealth Management LLC grew its stake in shares of Carpenter Technology by 2.4% in the fourth quarter. Brown Miller Wealth Management LLC now owns 1,411 shares of the basic materials company’s stock valued at $444,000 after buying an additional 33 shares in the last quarter. Northwestern Mutual Investment Management Company LLC grew its stake in shares of Carpenter Technology by 0.3% in the fourth quarter. Northwestern Mutual Investment Management Company LLC now owns 11,146 shares of the basic materials company’s stock valued at $3,509,000 after buying an additional 34 shares in the last quarter. Clearstead Advisors LLC grew its stake in shares of Carpenter Technology by 17.9% in the third quarter. Clearstead Advisors LLC now owns 237 shares of the basic materials company’s stock valued at $58,000 after buying an additional 36 shares in the last quarter. Armstrong Advisory Group Inc. grew its stake in shares of Carpenter Technology by 57.3% in the fourth quarter. Armstrong Advisory Group Inc. now owns 118 shares of the basic materials company’s stock valued at $37,000 after buying an additional 43 shares in the last quarter. Finally, Pallas Capital Advisors LLC grew its stake in shares of Carpenter Technology by 5.3% in the fourth quarter. Pallas Capital Advisors LLC now owns 899 shares of the basic materials company’s stock valued at $283,000 after buying an additional 45 shares in the last quarter. 92.03% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, VP Marshall D. Akins sold 11,815 shares of Carpenter Technology stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $441.36, for a total transaction of $5,214,668.40. Following the completion of the sale, the vice president owned 18,344 shares of the company’s stock, valued at approximately $8,096,307.84. This trade represents a 39.18% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Anastasios John Hart sold 750 shares of Carpenter Technology stock in a transaction on Monday, May 4th. The stock was sold at an average price of $423.86, for a total value of $317,895.00. Following the sale, the director directly owned 750 shares of the company’s stock, valued at $317,895. This represents a 50.00% decrease in their position. The SEC filing for this sale provides additional information. 2.90% of the stock is currently owned by company insiders.

Carpenter Technology Trading Down 0.1%

Shares of Carpenter Technology stock opened at $486.86 on Thursday. The business has a fifty day simple moving average of $428.11 and a two-hundred day simple moving average of $374.48. Carpenter Technology Corporation has a 1 year low of $228.00 and a 1 year high of $495.58. The company has a market capitalization of $24.19 billion, a price-to-earnings ratio of 51.25, a P/E/G ratio of 1.80 and a beta of 1.25. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.73 and a quick ratio of 2.08.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings results on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.59 by $0.18. Carpenter Technology had a return on equity of 25.02% and a net margin of 15.82%.The business had revenue of $655.60 million during the quarter, compared to the consensus estimate of $797.00 million. During the same quarter last year, the firm posted $1.88 EPS. The company’s quarterly revenue was up 11.6% on a year-over-year basis. Research analysts forecast that Carpenter Technology Corporation will post 10.54 EPS for the current year.

Carpenter Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 4th. Stockholders of record on Tuesday, April 28th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, April 28th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.2%. Carpenter Technology’s dividend payout ratio (DPR) is currently 8.42%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on CRS. Susquehanna raised their target price on shares of Carpenter Technology from $470.00 to $495.00 and gave the company a “positive” rating in a research note on Thursday, April 30th. KeyCorp raised their price target on Carpenter Technology from $453.00 to $459.00 and gave the company an “overweight” rating in a report on Monday, May 4th. JPMorgan Chase & Co. raised their price target on Carpenter Technology from $465.00 to $470.00 and gave the company an “overweight” rating in a report on Thursday, April 30th. Weiss Ratings raised Carpenter Technology from a “buy (b)” rating to a “buy (b+)” rating in a report on Friday, May 8th. Finally, Wells Fargo & Company raised their price target on Carpenter Technology from $400.00 to $425.00 and gave the company an “equal weight” rating in a report on Monday, May 4th. Nine investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $441.00.

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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.