Retirement Systems of Alabama Boosts Stake in Carpenter Technology Corporation $CRS

Retirement Systems of Alabama increased its holdings in shares of Carpenter Technology Corporation (NYSE:CRS) by 26.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 75,972 shares of the basic materials company’s stock after acquiring an additional 15,700 shares during the period. Retirement Systems of Alabama owned approximately 0.15% of Carpenter Technology worth $23,919,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of CRS. Geneos Wealth Management Inc. purchased a new stake in shares of Carpenter Technology during the 2nd quarter worth $28,000. Armstrong Advisory Group Inc. increased its holdings 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 in the last quarter. Root Financial Partners LLC purchased a new position in shares of Carpenter Technology in the 3rd quarter valued at about $41,000. MassMutual Private Wealth & Trust FSB lifted its stake in shares of Carpenter Technology by 54.1% in the third quarter. MassMutual Private Wealth & Trust FSB now owns 171 shares of the basic materials company’s stock valued at $42,000 after purchasing an additional 60 shares during the period. Finally, Spire Wealth Management lifted its stake in shares of Carpenter Technology by 164.7% in the fourth quarter. Spire Wealth Management now owns 135 shares of the basic materials company’s stock valued at $42,000 after purchasing an additional 84 shares during the period. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Carpenter Technology Price Performance

Shares of NYSE CRS opened at $404.16 on Thursday. The stock has a market cap of $20.13 billion, a price-to-earnings ratio of 46.94, a PEG ratio of 1.55 and a beta of 1.24. Carpenter Technology Corporation has a 52 week low of $138.61 and a 52 week high of $421.12. The company’s 50-day moving average price is $373.64 and its 200 day moving average price is $324.73. The company has a current ratio of 4.25, a quick ratio of 2.26 and a debt-to-equity ratio of 0.35.

Carpenter Technology (NYSE:CRS) last announced its earnings results on Thursday, January 29th. The basic materials company reported $2.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.20 by $0.13. Carpenter Technology had a net margin of 14.77% and a return on equity of 23.63%. The company had revenue of $728.00 million during the quarter, compared to analysts’ expectations of $733.76 million. During the same quarter in the previous year, the business posted $1.66 earnings per share. The firm’s quarterly revenue was up 7.5% compared to the same quarter last year. As a group, research analysts forecast that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Tuesday, January 27th were given 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 was Tuesday, January 27th. Carpenter Technology’s payout ratio is currently 9.29%.

Insider Activity at Carpenter Technology

In related news, Director Steven E. Karol sold 3,500 shares of the company’s stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $381.12, for a total value of $1,333,920.00. Following the sale, the director owned 225,381 shares of the company’s stock, valued at approximately $85,897,206.72. This represents a 1.53% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP James D. Dee sold 15,800 shares of the company’s stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $391.78, for a total value of $6,190,124.00. Following the completion of the sale, the senior vice president directly owned 73,739 shares in the company, valued at approximately $28,889,465.42. The trade was a 17.65% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 22,300 shares of company stock valued at $8,664,044 over the last 90 days. Insiders own 2.90% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on CRS. Weiss Ratings restated a “buy (b)” rating on shares of Carpenter Technology in a research report on Tuesday, January 27th. KeyCorp assumed coverage on shares of Carpenter Technology in a research report on Wednesday, March 25th. They set an “overweight” rating and a $380.00 price target for the company. Susquehanna assumed coverage on Carpenter Technology in a research note on Tuesday, March 3rd. They set a “positive” rating and a $470.00 price target on the stock. JPMorgan Chase & Co. upped their price target on Carpenter Technology from $388.00 to $394.00 and gave the stock an “overweight” rating in a report on Friday, January 30th. Finally, Wall Street Zen raised Carpenter Technology from a “hold” rating to a “buy” rating in a research note on Saturday, January 31st. Nine equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $387.11.

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