Carpenter Technology Corporation $CRS Shares Acquired by Retirement Systems of Alabama

Retirement Systems of Alabama increased its stake in shares of Carpenter Technology Corporation (NYSE:CRS) by 26.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 75,972 shares of the basic materials company’s stock after purchasing an additional 15,700 shares during the quarter. Retirement Systems of Alabama’s holdings in Carpenter Technology were worth $23,919,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the company. State Street Corp lifted its holdings in Carpenter Technology by 10.1% in the 3rd quarter. State Street Corp now owns 2,096,145 shares of the basic materials company’s stock valued at $514,687,000 after purchasing an additional 192,533 shares in the last quarter. SurgoCap Partners LP grew its holdings in shares of Carpenter Technology by 29.5% during the third quarter. SurgoCap Partners LP now owns 1,198,895 shares of the basic materials company’s stock worth $294,377,000 after buying an additional 272,896 shares in the last quarter. Ameriprise Financial Inc. raised its position in shares of Carpenter Technology by 20.5% in the third quarter. Ameriprise Financial Inc. now owns 631,088 shares of the basic materials company’s stock valued at $154,840,000 after buying an additional 107,552 shares during the last quarter. Qube Research & Technologies Ltd raised its position in shares of Carpenter Technology by 111.6% in the third quarter. Qube Research & Technologies Ltd now owns 617,948 shares of the basic materials company’s stock valued at $151,731,000 after buying an additional 325,919 shares during the last quarter. Finally, Barclays PLC lifted its stake in shares of Carpenter Technology by 5.8% during the third quarter. Barclays PLC now owns 591,981 shares of the basic materials company’s stock valued at $145,355,000 after buying an additional 32,645 shares during the period. Institutional investors and hedge funds own 92.03% of the company’s stock.

Wall Street Analysts Forecast Growth

CRS has been the subject of several recent analyst reports. Wall Street Zen raised shares of Carpenter Technology from a “hold” rating to a “buy” rating in a research note on Saturday, January 31st. Wells Fargo & Company started coverage on Carpenter Technology in a research note on Wednesday. They set an “equal weight” rating and a $400.00 price target on the stock. BTIG Research raised their price objective on Carpenter Technology from $365.00 to $375.00 and gave the stock a “buy” rating in a report on Friday, January 30th. KeyCorp assumed coverage on Carpenter Technology in a research report on Wednesday, March 25th. They issued an “overweight” rating and a $380.00 price objective for the company. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Carpenter Technology in a research note on Tuesday, January 27th. Nine analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $387.11.

Insider Buying and Selling at Carpenter Technology

In other Carpenter Technology news, SVP James D. Dee sold 15,800 shares of the business’s stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $391.78, for a total transaction of $6,190,124.00. Following the completion of the sale, the senior vice president owned 73,739 shares of the company’s stock, valued at approximately $28,889,465.42. The trade was a 17.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Steven E. Karol sold 3,500 shares of the company’s stock in a transaction dated 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 $85,897,206.72. This represents a 1.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 22,300 shares of company stock worth $8,664,044 over the last ninety days. Corporate insiders own 2.90% of the company’s stock.

Carpenter Technology Price Performance

CRS opened at $404.16 on Thursday. Carpenter Technology Corporation has a 1 year low of $138.61 and a 1 year high of $421.12. The company’s 50 day simple moving average is $373.64 and its 200 day simple moving average is $324.73. The stock has a market capitalization of $20.13 billion, a PE ratio of 46.94, a P/E/G ratio of 1.55 and a beta of 1.24. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.26 and a current ratio of 4.25.

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

Carpenter Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 5th. Stockholders of record on Tuesday, January 27th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date was Tuesday, January 27th. Carpenter Technology’s dividend payout ratio is presently 9.29%.

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.