Morse Asset Management Inc Boosts Stock Position in Carpenter Technology Co. (NYSE:CRS)

Morse Asset Management Inc lifted its stake in Carpenter Technology Co. (NYSE:CRS) by 29.0% during the fourth quarter, Holdings Channel reports. The institutional investor owned 677 shares of the basic materials company’s stock after acquiring an additional 152 shares during the quarter. Morse Asset Management Inc’s holdings in Carpenter Technology were worth $115,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of CRS. FMR LLC boosted its stake in shares of Carpenter Technology by 28.3% in the fourth quarter. FMR LLC now owns 4,444,608 shares of the basic materials company’s stock worth $754,295,000 after buying an additional 979,313 shares during the last quarter. Norges Bank purchased a new stake in shares of Carpenter Technology in the fourth quarter worth about $100,505,000. Allspring Global Investments Holdings LLC boosted its position in Carpenter Technology by 428.4% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 592,034 shares of the basic materials company’s stock worth $103,714,000 after purchasing an additional 479,985 shares in the last quarter. Freestone Grove Partners LP purchased a new position in Carpenter Technology during the fourth quarter worth approximately $69,285,000. Finally, Invesco Ltd. boosted its position in Carpenter Technology by 30.3% during the fourth quarter. Invesco Ltd. now owns 1,537,235 shares of the basic materials company’s stock worth $260,884,000 after purchasing an additional 357,417 shares in the last quarter. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Northcoast Research upgraded Carpenter Technology from a “sell” rating to a “neutral” rating in a research report on Wednesday, April 9th. JPMorgan Chase & Co. increased their price target on 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 target price on Carpenter Technology in a report on Friday, January 31st. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $168.00.

Insider Activity at Carpenter Technology

In other Carpenter Technology news, Director I Martin Inglis sold 3,433 shares of the business’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 $1,330,647.12. The trade was a 33.77% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 2.90% of the stock is currently owned by insiders.

Carpenter Technology Stock Up 3.5%

CRS stock opened at $224.40 on Wednesday. The company has a current ratio of 3.80, a quick ratio of 1.92 and a debt-to-equity ratio of 0.40. The firm has a 50-day moving average of $185.02 and a two-hundred day moving average of $185.95. The company has a market cap of $11.17 billion, a price-to-earnings ratio of 42.34, a PEG ratio of 0.93 and a beta of 1.33. Carpenter Technology Co. has a 12 month low of $95.17 and a 12 month high of $225.42.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.88 earnings per share for the quarter, topping analysts’ consensus estimates 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 return on equity of 19.88% and a net margin of 9.34%. The firm’s revenue for the quarter 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, analysts forecast that Carpenter Technology Co. will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Tuesday, April 22nd will be given a dividend of $0.20 per share. The ex-dividend date is Tuesday, April 22nd. This represents a $0.80 annualized dividend and a dividend yield of 0.36%. Carpenter Technology’s payout ratio is 11.33%.

Carpenter Technology declared that its Board of Directors has authorized a stock repurchase program on Thursday, April 24th that allows the company to repurchase $400.00 million in shares. This repurchase authorization allows the basic materials company to repurchase up to 4% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board 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.