Swiss National Bank Lowers Stake in Carpenter Technology Corporation $CRS

Swiss National Bank trimmed its position in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 1.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 91,800 shares of the basic materials company's stock after selling 1,600 shares during the quarter. Swiss National Bank owned about 0.18% of Carpenter Technology worth $16,632,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. IMA Advisory Services Inc. acquired a new position in Carpenter Technology in the 1st quarter valued at about $36,000. Bessemer Group Inc. boosted its holdings in Carpenter Technology by 50.3% in the 1st quarter. Bessemer Group Inc. now owns 230 shares of the basic materials company's stock valued at $42,000 after purchasing an additional 77 shares during the last quarter. Ameriflex Group Inc. acquired a new position in shares of Carpenter Technology in the 4th quarter worth approximately $44,000. Strategic Investment Solutions Inc. IL acquired a new position in shares of Carpenter Technology in the 1st quarter worth approximately $49,000. Finally, Versant Capital Management Inc lifted its holdings in shares of Carpenter Technology by 27.3% in the 1st quarter. Versant Capital Management Inc now owns 359 shares of the basic materials company's stock worth $65,000 after acquiring an additional 77 shares during the last quarter. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Carpenter Technology Stock Up 1.1%

Carpenter Technology stock traded up $2.58 during mid-day trading on Monday, reaching $245.74. 189,312 shares of the company's stock were exchanged, compared to its average volume of 913,980. The company has a market cap of $12.25 billion, a P/E ratio of 33.12, a P/E/G ratio of 1.12 and a beta of 1.44. Carpenter Technology Corporation has a twelve month low of $129.57 and a twelve month 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. The company has a fifty day moving average of $265.06 and a 200-day moving average of $221.32.

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

Carpenter Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Tuesday, August 26th will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend is Tuesday, August 26th. Carpenter Technology's dividend payout ratio (DPR) is 10.78%.

Carpenter Technology declared that its board has approved a share buyback plan on Thursday, April 24th that authorizes the company to repurchase $400.00 million in outstanding shares. This repurchase authorization authorizes the basic materials company to purchase up to 4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board of directors believes its stock is undervalued.

Analysts Set New Price Targets

CRS has been the topic of several recent analyst reports. Benchmark upped their price objective on shares of Carpenter Technology from $250.00 to $300.00 and gave the stock a "buy" rating in a report on Monday, June 9th. BTIG Research restated a "buy" rating on shares of Carpenter Technology in a report on Monday, August 4th. Cowen restated a "buy" rating on shares of Carpenter Technology in a report on Thursday, June 12th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Carpenter Technology from $245.00 to $305.00 and gave the stock an "overweight" rating in a report on Tuesday, June 17th. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $278.33.

Insider Activity at Carpenter Technology

In related news, Director Anastasios John Hart sold 1,000 shares of the stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $243.72, for a total value of $243,720.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.90% of the stock is owned by company insiders.

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.