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

Key Points

• DNB Asset Management AS disclosed a new fourth-quarter stake in Carpenter Technology, buying 3,085 shares valued at about $971,000.
• Institutional ownership remains very high at 92.03%, while several other large investors have recently increased or initiated positions in the company.
• Analysts remain constructive on CRS, with an average rating of Moderate Buy and a consensus price target of $438.78; the company also recently beat EPS estimates and announced a quarterly dividend of $0.20 per share.

DNB Asset Management AS purchased a new stake in Carpenter Technology Corporation (NYSE:CRS - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 3,085 shares of the basic materials company's stock, valued at approximately $971,000.

Several other large investors have also recently bought and sold shares of the company. Ion Asset Management Ltd. bought a new stake in shares of Carpenter Technology during the 3rd quarter worth $4,027,000. American Century Companies Inc. lifted its holdings in shares of Carpenter Technology by 4.0% during the 3rd quarter. American Century Companies Inc. now owns 467,702 shares of the basic materials company's stock worth $114,841,000 after acquiring an additional 18,201 shares during the last quarter. Kinetic Partners Management LP lifted its holdings in shares of Carpenter Technology by 15.5% during the 3rd quarter. Kinetic Partners Management LP now owns 386,500 shares of the basic materials company's stock worth $94,901,000 after acquiring an additional 51,800 shares during the last quarter. WCM Investment Management LLC lifted its holdings in shares of Carpenter Technology by 77.9% during the 3rd quarter. WCM Investment Management LLC now owns 357,498 shares of the basic materials company's stock worth $86,261,000 after acquiring an additional 156,554 shares during the last quarter. Finally, Bright Futures Wealth Management LLC. bought a new stake in shares of Carpenter Technology during the 3rd quarter worth $674,000. 92.03% of the stock is owned by institutional investors.

Insider Buying and Selling at Carpenter Technology

In other Carpenter Technology news, SVP James D. Dee sold 15,800 shares of the business's stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $391.78, for a total value of $6,190,124.00. Following the transaction, the senior vice president owned 73,739 shares in the company, valued at approximately $28,889,465.42. The trade was a 17.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Anastasios John Hart sold 750 shares of the business's stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $423.86, for a total transaction of $317,895.00. Following the completion of the transaction, the director owned 750 shares in the company, valued at $317,895. The trade was a 50.00% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 28,365 shares of company stock worth $11,722,687. 2.90% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research firms have recently issued reports on CRS. TD Cowen lifted their price objective on shares of Carpenter Technology from $430.00 to $450.00 and gave the stock a "buy" rating in a report on Thursday, April 30th. Wells Fargo & Company lifted their price objective on shares of Carpenter Technology from $400.00 to $425.00 and gave the stock an "equal weight" rating in a report on Monday, May 4th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $500.00 price objective on shares of Carpenter Technology in a report on Thursday, April 30th. JPMorgan Chase & Co. lifted their price objective on shares of Carpenter Technology from $465.00 to $470.00 and gave the stock an "overweight" rating in a report on Thursday, April 30th. Finally, Wall Street Zen raised shares of Carpenter Technology from a "hold" rating to a "buy" rating in a report on Saturday, January 31st. Nine research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $438.78.

Carpenter Technology Price Performance

Shares of NYSE:CRS opened at $421.03 on Thursday. The stock has a market cap of $20.92 billion, a PE ratio of 44.32, a PEG ratio of 1.52 and a beta of 1.24. The company's fifty day moving average is $411.95 and its 200 day moving average is $364.52. Carpenter Technology Corporation has a 52 week low of $219.58 and a 52 week high of $475.69. The company has a quick ratio of 2.08, a current ratio of 3.73 and a debt-to-equity ratio of 0.33.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued its earnings results on Wednesday, April 29th. The basic materials company reported $2.77 EPS for the quarter, topping analysts' consensus estimates of $2.59 by $0.18. The company had revenue of $655.60 million for the quarter, compared to analysts' expectations of $797.00 million. Carpenter Technology had a net margin of 15.82% and a return on equity of 25.02%. The firm's revenue was up 11.6% compared to the same quarter last year. During the same quarter last year, the company earned $1.88 EPS. Research analysts anticipate that Carpenter Technology Corporation will post 10.43 earnings per share for the current year.

Carpenter Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 4th. Shareholders of record on Tuesday, April 28th will be given a $0.20 dividend. The ex-dividend date is Tuesday, April 28th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.2%. Carpenter Technology's payout ratio 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.

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