MRA Advisory Group Acquires New Shares in Carpenter Technology Co. (NYSE:CRS)

MRA Advisory Group bought a new stake in Carpenter Technology Co. (NYSE:CRS - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 2,369 shares of the basic materials company's stock, valued at approximately $429,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. FMR LLC boosted its position in Carpenter Technology by 28.3% during the fourth quarter. FMR LLC now owns 4,444,608 shares of the basic materials company's stock worth $754,295,000 after purchasing an additional 979,313 shares in the last quarter. SurgoCap Partners LP boosted its position in Carpenter Technology by 117.6% during the fourth quarter. SurgoCap Partners LP now owns 1,442,069 shares of the basic materials company's stock worth $244,734,000 after purchasing an additional 779,357 shares in the last quarter. Norges Bank purchased a new stake in Carpenter Technology during the fourth quarter worth $100,505,000. Allspring Global Investments Holdings LLC boosted its position in Carpenter Technology by 428.4% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 592,034 shares of the basic materials company's stock worth $103,714,000 after purchasing an additional 479,985 shares in the last quarter. Finally, GAMMA Investing LLC boosted its position in Carpenter Technology by 19,404.3% during the first quarter. GAMMA Investing LLC now owns 479,221 shares of the basic materials company's stock worth $86,825,000 after purchasing an additional 476,764 shares in the last quarter. Institutional investors and hedge funds own 92.03% of the company's stock.

Carpenter Technology Stock Up 1.6%

Shares of CRS traded up $4.03 during trading on Monday, reaching $252.77. The company's stock had a trading volume of 1,203,015 shares, compared to its average volume of 775,834. Carpenter Technology Co. has a twelve month low of $95.17 and a twelve month high of $265.45. 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 company has a market cap of $12.58 billion, a price-to-earnings ratio of 47.69, a P/E/G ratio of 0.93 and a beta of 1.37. The company has a fifty day moving average of $203.76 and a two-hundred day moving average of $194.29.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.88 EPS for the quarter, topping the consensus estimate of $1.74 by $0.14. Carpenter Technology had a net margin of 9.34% and a return on equity of 19.88%. The business had revenue of $727.00 million for the quarter, compared to analysts' expectations of $729.67 million. During the same quarter last year, the company posted $1.19 earnings per share. The company's quarterly revenue was up 6.1% compared to the same quarter last year. On average, sell-side analysts predict that Carpenter Technology Co. will post 6.83 EPS for the current fiscal year.

Carpenter Technology announced that its Board of Directors has authorized a share repurchase plan on Thursday, April 24th that allows the company to buyback $400.00 million in shares. This buyback authorization allows the basic materials company to buy up to 4% of its shares through open market purchases. Shares buyback plans are often an indication that the company's leadership believes its shares are undervalued.

Carpenter Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Tuesday, April 22nd were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.32%. The ex-dividend date was Tuesday, April 22nd. Carpenter Technology's dividend payout ratio is currently 11.33%.

Insider Activity at Carpenter Technology

In other Carpenter Technology news, Director I Martin Inglis sold 3,433 shares of the business's stock in a transaction 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 completion of the sale, the director now owns 6,732 shares in the company, valued at $1,330,647.12. The trade was a 33.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.90% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on CRS shares. JPMorgan Chase & Co. boosted their target price on Carpenter Technology from $240.00 to $245.00 and gave the stock an "overweight" rating in a research report on Monday, April 28th. Northcoast Research upgraded Carpenter Technology from a "sell" rating to a "neutral" rating in a research report on Wednesday, April 9th. Finally, Benchmark lifted their price objective on Carpenter Technology from $250.00 to $300.00 and gave the stock a "buy" rating in a research report on Monday. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $188.83.

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.