Rockefeller Capital Management L.P. Has $1.36 Million Position in Carpenter Technology Corporation $CRS

Key Points

• Rockefeller Capital Management increased its Carpenter Technology stake by 325.1% in the fourth quarter, ending with 4,332 shares valued at about $1.36 million.
• Wall Street remains broadly positive on CRS, with 8 Buy ratings and 2 Hold ratings; the average analyst price target is $481.75, even after some targets were raised as high as $500.
• Carpenter Technology reported better-than-expected EPS of $2.77 for the quarter, while revenue grew 11.6% year over year; the stock also recently paid a quarterly dividend of $0.20 per share.

Rockefeller Capital Management L.P. raised its stake in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 325.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 4,332 shares of the basic materials company's stock after buying an additional 3,313 shares during the period. Rockefeller Capital Management L.P.'s holdings in Carpenter Technology were worth $1,364,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Meeder Advisory Services Inc. boosted its stake in shares of Carpenter Technology by 3.7% in the 4th quarter. Meeder Advisory Services Inc. now owns 889 shares of the basic materials company's stock valued at $280,000 after purchasing an additional 32 shares during the last quarter. Abel Hall LLC raised its position in shares of Carpenter Technology by 3.2% in the 4th quarter. Abel Hall LLC now owns 1,019 shares of the basic materials company's stock worth $321,000 after acquiring an additional 32 shares in the last quarter. Brown Miller Wealth Management LLC raised its position in shares of Carpenter Technology by 2.4% in the 4th quarter. Brown Miller Wealth Management LLC now owns 1,411 shares of the basic materials company's stock worth $444,000 after acquiring an additional 33 shares in the last quarter. Northwestern Mutual Investment Management Company LLC lifted its stake in shares of Carpenter Technology by 0.3% in the 4th quarter. Northwestern Mutual Investment Management Company LLC now owns 11,146 shares of the basic materials company's stock valued at $3,509,000 after purchasing an additional 34 shares during the period. Finally, Armstrong Advisory Group Inc. lifted its stake in shares of Carpenter Technology by 57.3% in the 4th quarter. Armstrong Advisory Group Inc. now owns 118 shares of the basic materials company's stock valued at $37,000 after purchasing an additional 43 shares during the period. Institutional investors and hedge funds own 92.03% of the company's stock.

Analysts Set New Price Targets

Several research firms recently commented on CRS. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $500.00 target price on shares of Carpenter Technology in a research note on Thursday, April 30th. TD Cowen boosted their price target on Carpenter Technology from $450.00 to $470.00 and gave the company a "buy" rating in a research note on Friday, May 22nd. Susquehanna increased their price target on Carpenter Technology from $470.00 to $495.00 and gave the stock a "positive" rating in a report on Thursday, April 30th. JPMorgan Chase & Co. raised their price objective on shares of Carpenter Technology from $465.00 to $470.00 and gave the stock an "overweight" rating in a research report on Thursday, April 30th. Finally, Weiss Ratings lowered shares of Carpenter Technology from a "buy (b+)" rating to a "buy (b)" rating in a research note on Wednesday, June 3rd. Eight investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, Carpenter Technology has an average rating of "Moderate Buy" and an average price target of $481.75.

Insider Buying and Selling at Carpenter Technology

In related news, VP Marshall D. Akins sold 11,815 shares of the company's stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $441.36, for a total value of $5,214,668.40. Following the sale, the vice president owned 18,344 shares in the company, valued at $8,096,307.84. This represents a 39.18% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Anastasios John Hart sold 750 shares of the firm'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 directly owned 750 shares in the company, valued at approximately $317,895. The trade was a 50.00% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 2.90% of the company's stock.

Carpenter Technology Price Performance

CRS stock opened at $610.03 on Thursday. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.73 and a quick ratio of 2.08. The company's 50-day moving average is $488.92 and its 200-day moving average is $409.55. The stock has a market capitalization of $30.31 billion, a PE ratio of 64.21, a price-to-earnings-growth ratio of 2.12 and a beta of 1.21. Carpenter Technology Corporation has a 1 year low of $228.00 and a 1 year high of $624.50.

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, beating analysts' consensus estimates of $2.59 by $0.18. The business had revenue of $655.60 million during the quarter, compared to analyst estimates of $797.00 million. Carpenter Technology had a return on equity of 25.02% and a net margin of 15.82%.The firm's revenue was up 11.6% compared to the same quarter last year. During the same period in the previous year, the company posted $1.88 EPS. Equities research analysts expect that Carpenter Technology Corporation will post 10.56 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Tuesday, April 28th were issued a dividend of $0.20 per share. The ex-dividend date was Tuesday, April 28th. This represents a $0.80 annualized dividend and a yield of 0.1%. Carpenter Technology's dividend 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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