The Manufacturers Life Insurance Company Purchases 27,952 Shares of Carpenter Technology Co. (NYSE:CRS)

The Manufacturers Life Insurance Company lifted its holdings in Carpenter Technology Co. (NYSE:CRS - Free Report) by 100.4% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 55,790 shares of the basic materials company's stock after purchasing an additional 27,952 shares during the period. The Manufacturers Life Insurance Company owned 0.11% of Carpenter Technology worth $9,468,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Kestra Investment Management LLC bought a new position in shares of Carpenter Technology during the 4th quarter worth about $25,000. CIBC Private Wealth Group LLC increased its stake in Carpenter Technology by 109.5% during the fourth quarter. CIBC Private Wealth Group LLC now owns 243 shares of the basic materials company's stock valued at $45,000 after acquiring an additional 127 shares during the period. UMB Bank n.a. increased its stake in Carpenter Technology by 169.0% during the fourth quarter. UMB Bank n.a. now owns 304 shares of the basic materials company's stock valued at $52,000 after acquiring an additional 191 shares during the period. Wilmington Savings Fund Society FSB acquired a new position in Carpenter Technology in the 3rd quarter valued at approximately $80,000. Finally, Fifth Third Bancorp lifted its position in shares of Carpenter Technology by 23.5% in the 4th quarter. Fifth Third Bancorp now owns 573 shares of the basic materials company's stock worth $97,000 after acquiring an additional 109 shares during the period. Institutional investors and hedge funds own 92.03% of the company's stock.

Carpenter Technology Price Performance

Carpenter Technology stock traded up $3.31 during mid-day trading on Friday, hitting $212.49. 727,023 shares of the company were exchanged, compared to its average volume of 748,175. Carpenter Technology Co. has a 1-year low of $95.17 and a 1-year high of $215.96. The company has a quick ratio of 1.92, a current ratio of 3.80 and a debt-to-equity ratio of 0.40. The business has a fifty day moving average of $183.98 and a 200 day moving average of $184.84. The company has a market capitalization of $10.58 billion, a PE ratio of 40.09, a price-to-earnings-growth ratio of 0.93 and a beta of 1.33.

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

Carpenter Technology Announces Dividend

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

Carpenter Technology declared that its board has authorized 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 reacquire up to 4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

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

Insider Activity

In other news, Director I Martin Inglis sold 3,433 shares of the firm's stock in a transaction dated Tuesday, April 29th. The shares were sold at an average price of $197.66, for a total value of $678,566.78. Following the transaction, the director now owns 6,732 shares of the company's stock, valued at approximately $1,330,647.12. This trade represents a 33.77 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 2.90% of the stock is owned by 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.