Deutsche Bank AG Raises Stake in Carpenter Technology Co. (NYSE:CRS)

Deutsche Bank AG grew its stake in shares of Carpenter Technology Co. (NYSE:CRS - Free Report) by 76.5% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 50,540 shares of the basic materials company's stock after purchasing an additional 21,899 shares during the period. Deutsche Bank AG owned approximately 0.10% of Carpenter Technology worth $8,577,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. FMR LLC raised its stake in shares of Carpenter Technology by 28.3% during the 4th quarter. FMR LLC now owns 4,444,608 shares of the basic materials company's stock worth $754,295,000 after buying an additional 979,313 shares during the last quarter. Invesco Ltd. raised its stake in shares of Carpenter Technology by 30.3% during the 4th quarter. Invesco Ltd. now owns 1,537,235 shares of the basic materials company's stock worth $260,884,000 after buying an additional 357,417 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Carpenter Technology by 3.5% during the 4th quarter. Geode Capital Management LLC now owns 1,138,615 shares of the basic materials company's stock worth $193,279,000 after buying an additional 38,411 shares during the last quarter. Third Point LLC raised its stake in shares of Carpenter Technology by 31.8% during the 4th quarter. Third Point LLC now owns 870,000 shares of the basic materials company's stock worth $147,648,000 after buying an additional 210,000 shares during the last quarter. Finally, Northern Trust Corp raised its stake in shares of Carpenter Technology by 21.0% during the 4th quarter. Northern Trust Corp now owns 679,343 shares of the basic materials company's stock worth $115,291,000 after buying an additional 117,759 shares during the last quarter. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Northcoast Research raised Carpenter Technology from a "sell" rating to a "neutral" rating in a research note on Wednesday, April 9th. JPMorgan Chase & Co. lifted their price target on Carpenter Technology from $240.00 to $245.00 and gave the stock an "overweight" rating in a research note on Monday, April 28th. Finally, BTIG Research set a $230.00 price target on Carpenter Technology in a research note on Friday, January 31st. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $168.00.

Insiders Place Their Bets

In other Carpenter Technology news, Director I Martin Inglis sold 3,433 shares of the company's stock in a transaction that occurred on Tuesday, April 29th. The stock was sold at an average price of $197.66, for a total value of $678,566.78. Following the completion of the transaction, the director now owns 6,732 shares in the company, valued at $1,330,647.12. This represents a 33.77% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.90% of the stock is owned by company insiders.

Carpenter Technology Stock Up 0.8%

Shares of NYSE:CRS opened at $232.27 on Friday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.92 and a current ratio of 3.80. Carpenter Technology Co. has a 1 year low of $95.17 and a 1 year high of $234.52. The stock has a market capitalization of $11.56 billion, a P/E ratio of 43.82, a PEG ratio of 0.93 and a beta of 1.33. The stock has a 50-day simple moving average of $188.18 and a 200-day simple moving average of $187.17.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued its earnings results on Thursday, April 24th. The basic materials company reported $1.88 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 analysts' expectations of $729.67 million. During the same quarter in the previous year, the business earned $1.19 EPS. The company's revenue for the quarter was up 6.1% on a year-over-year basis. Equities analysts forecast that Carpenter Technology Co. will post 6.83 earnings per share for the current year.

Carpenter Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Tuesday, April 22nd will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.34%. The ex-dividend date of this dividend is Tuesday, April 22nd. Carpenter Technology's payout ratio is currently 11.33%.

Carpenter Technology declared that its board has authorized a share buyback program on Thursday, April 24th that authorizes the company to repurchase $400.00 million in shares. This repurchase authorization authorizes the basic materials company to reacquire up to 4% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's leadership believes its shares are undervalued.

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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