Price T Rowe Associates Inc. MD Has $35.55 Million Holdings in Carpenter Technology Co. (NYSE:CRS)

Price T Rowe Associates Inc. MD raised its holdings in Carpenter Technology Co. (NYSE:CRS - Free Report) by 509.2% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 209,486 shares of the basic materials company's stock after purchasing an additional 175,101 shares during the quarter. Price T Rowe Associates Inc. MD owned approximately 0.42% of Carpenter Technology worth $35,553,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Kestra Investment Management LLC bought a new position in shares of Carpenter Technology in the fourth quarter worth about $25,000. CIBC Private Wealth Group LLC lifted its holdings in Carpenter Technology by 109.5% in the fourth quarter. CIBC Private Wealth Group LLC now owns 243 shares of the basic materials company's stock valued at $45,000 after buying an additional 127 shares during the period. UMB Bank n.a. grew its holdings in Carpenter Technology by 169.0% during the 4th quarter. UMB Bank n.a. now owns 304 shares of the basic materials company's stock worth $52,000 after acquiring an additional 191 shares during the period. Wilmington Savings Fund Society FSB bought a new stake in shares of Carpenter Technology in the 3rd quarter valued at about $80,000. Finally, Morse Asset Management Inc bought a new position in Carpenter Technology during the 3rd quarter worth approximately $84,000. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Carpenter Technology

In related news, Director I Martin Inglis sold 3,433 shares of Carpenter Technology stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $197.66, for a total transaction of $678,566.78. Following the completion of the transaction, the director now owns 6,732 shares in the company, valued at approximately $1,330,647.12. This trade represents a 33.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.90% of the company's stock.

Wall Street Analysts Forecast Growth

CRS has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. lifted their price target on shares of Carpenter Technology from $240.00 to $245.00 and gave the stock an "overweight" rating in a research report on Monday, April 28th. Northcoast Research upgraded Carpenter Technology from a "sell" rating to a "neutral" rating in a report on Wednesday, April 9th. Finally, BTIG Research set a $230.00 price target on Carpenter Technology in a report on Friday, January 31st. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $168.00.

Carpenter Technology Stock Down 1.0 %

CRS stock traded down $2.17 during trading hours on Tuesday, reaching $209.75. 111,635 shares of the stock were exchanged, compared to its average volume of 744,815. The company has a market cap of $10.44 billion, a price-to-earnings ratio of 39.62, a PEG ratio of 0.93 and a beta of 1.33. The firm's 50-day moving average is $183.52 and its 200-day moving average is $183.76. Carpenter Technology Co. has a 12 month low of $95.17 and a 12 month high of $215.25. The company has a debt-to-equity ratio of 0.40, a current ratio of 3.80 and a quick ratio of 1.92.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its earnings results on Thursday, April 24th. The basic materials company reported $1.88 EPS for the quarter, beating the consensus estimate of $1.74 by $0.14. Carpenter Technology had a return on equity of 19.88% and a net margin of 9.34%. The firm had revenue of $727.00 million for the quarter, compared to analysts' expectations of $729.67 million. During the same quarter in the previous year, the business posted $1.19 EPS. The business's quarterly revenue was up 6.1% compared to the same quarter last year. On average, equities research analysts expect that Carpenter Technology Co. will post 6.83 earnings per share for the current year.

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

Carpenter Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Shareholders of record on Tuesday, April 22nd will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.38%. The ex-dividend date of this dividend is Tuesday, April 22nd. Carpenter Technology's dividend payout ratio (DPR) is currently 11.33%.

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.