Cetera Investment Advisers Acquires 1,423 Shares of Carpenter Technology Co. (NYSE:CRS)

Cetera Investment Advisers lifted its holdings in Carpenter Technology Co. (NYSE:CRS) by 13.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,048 shares of the basic materials company’s stock after purchasing an additional 1,423 shares during the quarter. Cetera Investment Advisers’ holdings in Carpenter Technology were worth $2,045,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. Stratos Wealth Partners LTD. lifted its position in shares of Carpenter Technology by 2.7% in the fourth quarter. Stratos Wealth Partners LTD. now owns 2,415 shares of the basic materials company’s stock worth $410,000 after purchasing an additional 63 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in Carpenter Technology by 11.9% during the fourth quarter. EverSource Wealth Advisors LLC now owns 669 shares of the basic materials company’s stock worth $114,000 after acquiring an additional 71 shares in the last quarter. CIBC Asset Management Inc raised its position in Carpenter Technology by 5.4% during the fourth quarter. CIBC Asset Management Inc now owns 1,521 shares of the basic materials company’s stock worth $258,000 after acquiring an additional 78 shares in the last quarter. Fifth Third Bancorp raised its position in Carpenter Technology by 23.5% during the fourth quarter. Fifth Third Bancorp now owns 573 shares of the basic materials company’s stock worth $97,000 after acquiring an additional 109 shares in the last quarter. Finally, Wesbanco Bank Inc. raised its position in Carpenter Technology by 1.2% during the fourth quarter. Wesbanco Bank Inc. now owns 9,797 shares of the basic materials company’s stock worth $1,663,000 after acquiring an additional 115 shares in the last quarter. Institutional investors own 92.03% of the company’s stock.

Carpenter Technology Price Performance

Shares of CRS opened at $235.84 on Tuesday. The firm has a market capitalization of $11.74 billion, a PE ratio of 44.50, a PEG ratio of 0.93 and a beta of 1.33. The company’s 50-day moving average is $189.26 and its 200-day moving average is $188.19. Carpenter Technology Co. has a fifty-two week low of $95.17 and a fifty-two week high of $236.59. 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) last issued its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.88 earnings per share for the quarter, beating the consensus estimate of $1.74 by $0.14. The company had revenue of $727.00 million for the quarter, compared to analyst estimates of $729.67 million. Carpenter Technology had a net margin of 9.34% and a return on equity of 19.88%. The company’s revenue was up 6.1% on a year-over-year basis. During the same period in the prior year, the firm earned $1.19 earnings per share. Equities analysts forecast that Carpenter Technology Co. will post 6.83 EPS for the current year.

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

Carpenter Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Tuesday, April 22nd will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.34%. The ex-dividend date is Tuesday, April 22nd. Carpenter Technology’s payout ratio is presently 11.33%.

Insider Activity

In related news, Director I Martin Inglis sold 3,433 shares of the company’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 directly owns 6,732 shares in the company, valued at approximately $1,330,647.12. This represents a 33.77% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 2.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CRS. Northcoast Research raised shares of Carpenter Technology from a “sell” rating to a “neutral” rating in a research report on Wednesday, April 9th. JPMorgan Chase & Co. upped 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. Finally, BTIG Research set a $230.00 price target on shares of Carpenter Technology in a research report on Friday, January 31st. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Carpenter Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $168.00.

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.