NBC Securities Inc. Boosts Stake in Carpenter Technology Corporation $CRS

Key Points

• NBC Securities Inc. increased its stake in Carpenter Technology Corporation by 136.7%, acquiring an additional 1,727 shares, bringing its total holdings to 2,990 shares worth $826,000.
• CEO Tony R. Thene sold 19,000 shares valued at approximately $4.65 million, representing a 3.43% decrease in his ownership.
• JPMorgan Chase & Co. raised Carpenter Technology's price target from $245 to $305 and maintained an "overweight" rating, contributing to a consensus target price of $278.33 with an average rating of "Moderate Buy."

NBC Securities Inc. raised its position in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 136.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,990 shares of the basic materials company's stock after purchasing an additional 1,727 shares during the quarter. NBC Securities Inc.'s holdings in Carpenter Technology were worth $826,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of CRS. Cetera Investment Advisers raised its position in Carpenter Technology by 13.4% in the fourth quarter. Cetera Investment Advisers now owns 12,048 shares of the basic materials company's stock valued at $2,045,000 after purchasing an additional 1,423 shares during the last quarter. ProShare Advisors LLC raised its position in Carpenter Technology by 57.7% in the fourth quarter. ProShare Advisors LLC now owns 15,736 shares of the basic materials company's stock valued at $2,671,000 after purchasing an additional 5,759 shares during the last quarter. State of Wyoming raised its position in Carpenter Technology by 38.7% in the fourth quarter. State of Wyoming now owns 1,831 shares of the basic materials company's stock valued at $311,000 after purchasing an additional 511 shares during the last quarter. Two Sigma Advisers LP raised its position in Carpenter Technology by 5.9% in the fourth quarter. Two Sigma Advisers LP now owns 1,800 shares of the basic materials company's stock valued at $305,000 after purchasing an additional 100 shares during the last quarter. Finally, Squarepoint Ops LLC bought a new position in Carpenter Technology in the fourth quarter valued at about $20,101,000. 92.03% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director I Martin Inglis sold 5,691 shares of the business's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $244.54, for a total transaction of $1,391,677.14. Following the completion of the transaction, the director directly owned 6,732 shares in the company, valued at $1,646,243.28. The trade was a 45.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Tony R. Thene sold 19,000 shares of the business's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $244.99, for a total value of $4,654,810.00. Following the transaction, the chief executive officer owned 535,019 shares of the company's stock, valued at approximately $131,074,304.81. The trade was a 3.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 28,124 shares of company stock worth $6,890,250. 2.90% of the stock is owned by corporate insiders.

Carpenter Technology Stock Performance

Carpenter Technology stock traded down $7.22 during mid-day trading on Friday, reaching $239.52. 3,772,191 shares of the company's stock were exchanged, compared to its average volume of 778,042. The business's fifty day simple moving average is $254.20 and its 200 day simple moving average is $229.21. The firm has a market capitalization of $11.94 billion, a PE ratio of 32.28, a P/E/G ratio of 1.09 and a beta of 1.52. Carpenter Technology Corporation has a one year low of $138.61 and a one year high of $290.84. The company has a quick ratio of 2.01, a current ratio of 3.65 and a debt-to-equity ratio of 0.37.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The basic materials company reported $2.21 EPS for the quarter, topping analysts' consensus estimates of $2.03 by $0.18. Carpenter Technology had a return on equity of 21.50% and a net margin of 13.07%.The business had revenue of $755.60 million for the quarter, compared to analyst estimates of $790.73 million. During the same period last year, the company posted $1.82 earnings per share. Carpenter Technology's quarterly revenue was down 5.4% compared to the same quarter last year. On average, sell-side analysts expect that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

Carpenter Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Tuesday, August 26th were given a $0.20 dividend. The ex-dividend date was Tuesday, August 26th. This represents a $0.80 annualized dividend and a dividend yield of 0.3%. Carpenter Technology's payout ratio is 10.78%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on CRS shares. BTIG Research reissued a "buy" rating on shares of Carpenter Technology in a research note on Monday, August 4th. JPMorgan Chase & Co. increased their price target on Carpenter Technology from $245.00 to $305.00 and gave the company an "overweight" rating in a research note on Tuesday, June 17th. Cowen reissued a "buy" rating on shares of Carpenter Technology in a research note on Thursday, June 12th. Finally, Benchmark increased their price target on Carpenter Technology from $250.00 to $300.00 and gave the company a "buy" rating in a research note on Monday, June 9th. Four research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $278.33.

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.