NBC Securities Inc. Invests $228,000 in Carpenter Technology Co. (NYSE:CRS)

NBC Securities Inc. purchased a new stake in Carpenter Technology Co. (NYSE:CRS - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The firm purchased 1,263 shares of the basic materials company's stock, valued at approximately $228,000.

A number of other institutional investors have also modified their holdings of CRS. FMR LLC raised its position in shares of Carpenter Technology by 28.3% in the 4th quarter. FMR LLC now owns 4,444,608 shares of the basic materials company's stock valued at $754,295,000 after purchasing an additional 979,313 shares during the last quarter. SurgoCap Partners LP raised its position in shares of Carpenter Technology by 117.6% in the 4th quarter. SurgoCap Partners LP now owns 1,442,069 shares of the basic materials company's stock valued at $244,734,000 after purchasing an additional 779,357 shares during the last quarter. Norges Bank purchased a new position in shares of Carpenter Technology in the 4th quarter valued at approximately $100,505,000. Allspring Global Investments Holdings LLC raised its position in shares of Carpenter Technology by 428.4% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 592,034 shares of the basic materials company's stock valued at $103,714,000 after purchasing an additional 479,985 shares during the last quarter. Finally, GAMMA Investing LLC raised its position in shares of Carpenter Technology by 19,404.3% in the 1st quarter. GAMMA Investing LLC now owns 479,221 shares of the basic materials company's stock valued at $86,825,000 after purchasing an additional 476,764 shares during the last quarter. 92.03% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Northcoast Research raised shares of Carpenter Technology from a "sell" rating to a "neutral" rating in a research report on Wednesday, April 9th. Benchmark increased their price objective on shares of Carpenter Technology from $250.00 to $300.00 and gave the company a "buy" rating in a research report on Monday. Finally, JPMorgan Chase & Co. increased their price objective on shares of Carpenter Technology from $240.00 to $245.00 and gave the company an "overweight" rating in a research report on Monday, April 28th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $201.60.

Insiders Place Their Bets

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

Carpenter Technology Stock Performance

CRS traded down $1.05 during trading on Wednesday, reaching $244.89. 917,877 shares of the company's stock were exchanged, compared to its average volume of 778,622. Carpenter Technology Co. has a 1 year low of $95.17 and a 1 year high of $256.52. 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 stock has a market capitalization of $12.19 billion, a P/E ratio of 46.21, a price-to-earnings-growth ratio of 0.93 and a beta of 1.37. The company's fifty day simple moving average is $208.53 and its 200-day simple moving average is $195.42.

Carpenter Technology (NYSE:CRS - Get Free Report) last posted its quarterly 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 net margin of 9.34% and a return on equity of 19.88%. The company had revenue of $727.00 million during the quarter, compared to analyst estimates of $729.67 million. During the same period last year, the firm posted $1.19 EPS. Carpenter Technology's revenue for the quarter was up 6.1% compared to the same quarter last year. As a group, research analysts predict that Carpenter Technology Co. will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Tuesday, April 22nd were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.33%. The ex-dividend date of this dividend was Tuesday, April 22nd. Carpenter Technology's dividend payout ratio is presently 11.33%.

Carpenter Technology announced that its Board of Directors has approved a share repurchase program on Thursday, April 24th that permits the company to buyback $400.00 million in outstanding shares. This buyback authorization permits the basic materials company to reacquire up to 4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's board of directors 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.