DNB Asset Management AS Acquires Shares of 3,085 Carpenter Technology Corporation $CRS

DNB Asset Management AS acquired a new stake in Carpenter Technology Corporation (NYSE:CRS) during the fourth quarter, Holdings Channel.com reports. The institutional investor acquired 3,085 shares of the basic materials company’s stock, valued at approximately $971,000.

A number of other hedge funds have also recently modified their holdings of CRS. Woodline Partners LP purchased a new position in shares of Carpenter Technology during the first quarter valued at about $4,050,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Carpenter Technology by 1.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 104,785 shares of the basic materials company’s stock valued at $18,985,000 after buying an additional 1,701 shares during the period. Focus Partners Wealth increased its position in shares of Carpenter Technology by 7.3% during the first quarter. Focus Partners Wealth now owns 4,615 shares of the basic materials company’s stock valued at $836,000 after buying an additional 314 shares during the period. Quantbot Technologies LP purchased a new position in shares of Carpenter Technology during the second quarter valued at about $80,000. Finally, Arrowstreet Capital Limited Partnership purchased a new position in shares of Carpenter Technology during the second quarter valued at about $533,000. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently issued reports on CRS. Wall Street Zen upgraded shares of Carpenter Technology from a “hold” rating to a “buy” rating in a research report on Saturday, January 31st. Susquehanna boosted their price target on shares of Carpenter Technology from $470.00 to $495.00 and gave the company a “positive” rating in a research report on Thursday, April 30th. KeyCorp boosted their price target on shares of Carpenter Technology from $453.00 to $459.00 and gave the company an “overweight” rating in a research report on Monday, May 4th. BTIG Research boosted their price target on shares of Carpenter Technology from $375.00 to $450.00 and gave the company a “buy” rating in a research report on Thursday, April 30th. Finally, TD Cowen boosted their price target on shares of Carpenter Technology from $430.00 to $450.00 and gave the company a “buy” rating in a research report on Thursday, April 30th. Nine investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $438.78.

Insider Activity

In other news, VP Marshall D. Akins sold 11,815 shares of the firm’s 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 transaction, the vice president directly owned 18,344 shares in the company, valued at $8,096,307.84. This trade represents a 39.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP James D. Dee sold 15,800 shares of the company’s stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $391.78, for a total transaction of $6,190,124.00. Following the completion of the transaction, the senior vice president owned 73,739 shares in the company, valued at approximately $28,889,465.42. This represents a 17.65% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 28,365 shares of company stock worth $11,722,687 over the last three months. 2.90% of the stock is currently owned by corporate insiders.

Carpenter Technology Trading Up 3.6%

NYSE:CRS opened at $421.03 on Thursday. Carpenter Technology Corporation has a one year low of $219.58 and a one year high of $475.69. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.73 and a quick ratio of 2.08. The company’s 50-day simple moving average is $411.95 and its 200 day simple moving average is $364.52. The firm has a market capitalization of $20.92 billion, a P/E ratio of 44.32, a PEG ratio of 1.52 and a beta of 1.24.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings data on Wednesday, April 29th. The basic materials company reported $2.77 EPS for the quarter, topping the consensus estimate of $2.59 by $0.18. Carpenter Technology had a net margin of 15.82% and a return on equity of 25.02%. The business had revenue of $655.60 million for the quarter, compared to analyst estimates of $797.00 million. During the same quarter in the previous year, the firm posted $1.88 earnings per share. Carpenter Technology’s quarterly revenue was up 11.6% on a year-over-year basis. As a group, analysts forecast that Carpenter Technology Corporation will post 10.43 EPS for the current fiscal year.

Carpenter Technology Announces Dividend

The business also recently declared 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 is Tuesday, April 28th. This represents a $0.80 annualized dividend and a dividend yield of 0.2%. Carpenter Technology’s dividend payout ratio (DPR) is presently 8.42%.

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