Norges Bank Purchases New Position in Carpenter Technology Corporation $CRS

Key Points

• Norges Bank opened a new position in Carpenter Technology during the fourth quarter, buying 620,168 shares worth about $195.3 million and ending with a 1.25% stake.
• Carpenter Technology reported better-than-expected earnings of $2.77 per share, though revenue of $655.6 million came in below analyst estimates. Quarterly revenue still rose 11.6% year over year.
• The stock has been strong recently, with shares opening at $486.86 and trading near its 52-week high of $495.58. Analysts remain mostly positive, with nine Buy ratings and an average price target of $441.

Norges Bank purchased a new stake in Carpenter Technology Corporation (NYSE:CRS - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The firm purchased 620,168 shares of the basic materials company's stock, valued at approximately $195,254,000. Norges Bank owned 1.25% of Carpenter Technology at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Geneos Wealth Management Inc. bought a new stake in Carpenter Technology during the 2nd quarter worth approximately $28,000. Armstrong Advisory Group Inc. increased its stake in Carpenter Technology by 57.3% during the 4th quarter. Armstrong Advisory Group Inc. now owns 118 shares of the basic materials company's stock worth $37,000 after purchasing an additional 43 shares in the last quarter. Spire Wealth Management increased its stake in Carpenter Technology by 164.7% during the 4th quarter. Spire Wealth Management now owns 135 shares of the basic materials company's stock worth $42,000 after purchasing an additional 84 shares in the last quarter. Headlands Technologies LLC bought a new stake in Carpenter Technology during the 2nd quarter worth approximately $43,000. Finally, Rakuten Securities Inc. bought a new stake in Carpenter Technology during the 2nd quarter worth approximately $45,000. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Carpenter Technology

In related news, Director Anastasios John Hart sold 750 shares of the firm's stock in a transaction on Monday, May 4th. The shares were sold at an average price of $423.86, for a total value of $317,895.00. Following the completion of the transaction, the director directly owned 750 shares of the company's stock, valued at approximately $317,895. This trade represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Marshall D. Akins sold 11,815 shares of the firm's stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $441.36, for a total transaction of $5,214,668.40. Following the completion of the transaction, the vice president directly owned 18,344 shares of the company's stock, valued at $8,096,307.84. This represents a 39.18% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 2.90% of the stock is owned by company insiders.

Carpenter Technology Price Performance

Shares of CRS opened at $486.86 on Thursday. The stock has a market capitalization of $24.19 billion, a P/E ratio of 51.25, a P/E/G ratio of 1.80 and a beta of 1.25. Carpenter Technology Corporation has a twelve month low of $228.00 and a twelve month high of $495.58. The company has a 50 day moving average of $428.11 and a 200-day moving average of $374.48. 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 quarterly earnings results on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share for the quarter, topping the consensus estimate of $2.59 by $0.18. The company had revenue of $655.60 million during 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 business's quarterly revenue was up 11.6% on a year-over-year basis. During the same period last year, the business earned $1.88 EPS. As a group, equities research analysts forecast that Carpenter Technology Corporation will post 10.54 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 4th. Stockholders of record on Tuesday, April 28th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend is Tuesday, April 28th. Carpenter Technology's dividend payout ratio (DPR) is currently 8.42%.

Analysts Set New Price Targets

CRS has been the subject of a number of research reports. Wells Fargo & Company increased their target price on Carpenter Technology from $400.00 to $425.00 and gave the stock an "equal weight" rating in a research note on Monday, May 4th. Weiss Ratings raised Carpenter Technology from a "buy (b)" rating to a "buy (b+)" rating in a research note on Friday, May 8th. JPMorgan Chase & Co. increased their target price on Carpenter Technology from $465.00 to $470.00 and gave the stock an "overweight" rating in a research note on Thursday, April 30th. BTIG Research raised their price target on shares of Carpenter Technology from $375.00 to $450.00 and gave the stock a "buy" rating in a research note on Thursday, April 30th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $500.00 price target on shares of Carpenter Technology in a research note on Thursday, April 30th. Nine analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $441.00.

Carpenter Technology Company 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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.

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