State of Alaska Department of Revenue Boosts Holdings in Carpenter Technology Corporation (NYSE:CRS)

State of Alaska Department of Revenue boosted its position in shares of Carpenter Technology Corporation (NYSE:CRS) by 2.9% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,850 shares of the basic materials company’s stock after buying an additional 165 shares during the quarter. State of Alaska Department of Revenue’s holdings in Carpenter Technology were worth $1,059,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in CRS. FMR LLC boosted its position in Carpenter Technology by 28.3% in the 4th quarter. FMR LLC now owns 4,444,608 shares of the basic materials company’s stock worth $754,295,000 after purchasing an additional 979,313 shares in the last quarter. SurgoCap Partners LP raised its stake in shares of Carpenter Technology by 117.6% during the 4th quarter. SurgoCap Partners LP now owns 1,442,069 shares of the basic materials company’s stock worth $244,734,000 after buying an additional 779,357 shares during the period. Norges Bank acquired a new position in Carpenter Technology in the 4th quarter valued at $100,505,000. GAMMA Investing LLC raised its stake in Carpenter Technology by 19,404.3% in the 1st quarter. GAMMA Investing LLC now owns 479,221 shares of the basic materials company’s stock valued at $86,825,000 after purchasing an additional 476,764 shares during the last quarter. Finally, Freestone Grove Partners LP acquired a new position in shares of Carpenter Technology during the 4th quarter valued at about $69,285,000. 92.03% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on CRS. Benchmark raised their price objective on Carpenter Technology from $250.00 to $300.00 and gave the stock a “buy” rating in a research report on Monday, June 9th. JPMorgan Chase & Co. lifted their price target on Carpenter Technology from $245.00 to $305.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 17th. Northcoast Research raised Carpenter Technology from a “sell” rating to a “neutral” rating in a report on Wednesday, April 9th. Finally, Cowen reissued a “buy” rating on shares of Carpenter Technology in a report on Thursday, June 12th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, Carpenter Technology currently has a consensus rating of “Moderate Buy” and an average target price of $278.33.

Insider Activity at Carpenter Technology

In related news, Director Anastasios John Hart sold 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $243.72, for a total value of $243,720.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director I Martin Inglis sold 3,433 shares of the firm’s stock in a transaction that occurred on Tuesday, April 29th. The stock was sold at an average price of $197.66, for a total value of $678,566.78. Following the completion of the sale, the director now directly owns 6,732 shares in the company, valued at approximately $1,330,647.12. This trade represents a 33.77% decrease in their position. The disclosure for this sale can be found here. 2.90% of the stock is currently owned by company insiders.

Carpenter Technology Stock Performance

Shares of NYSE:CRS opened at $273.17 on Friday. The company has a debt-to-equity ratio of 0.39, a current ratio of 3.75 and a quick ratio of 1.89. Carpenter Technology Corporation has a 12 month low of $103.37 and a 12 month high of $273.49. The firm has a market capitalization of $13.60 billion, a PE ratio of 38.69, a P/E/G ratio of 1.11 and a beta of 1.37. The business has a 50-day moving average of $228.30 and a two-hundred day moving average of $200.17.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.88 EPS for the quarter, beating analysts’ consensus estimates of $1.74 by $0.14. The firm had revenue of $727.00 million during the quarter, compared to the consensus estimate of $729.67 million. Carpenter Technology had a return on equity of 21.16% and a net margin of 12.26%. Carpenter Technology’s revenue for the quarter was up 6.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.19 earnings per share. As a group, research analysts forecast that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

Carpenter Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Tuesday, April 22nd were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.29%. The ex-dividend date was Tuesday, April 22nd. Carpenter Technology’s dividend payout ratio is currently 11.33%.

Carpenter Technology announced that its Board of Directors has initiated a stock repurchase program 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 programs are generally an indication that the company’s management believes its stock is undervalued.

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.