Nomura Holdings Inc. Invests $1.12 Million in Carpenter Technology Co. (NYSE:CRS)

Nomura Holdings Inc. bought a new stake in Carpenter Technology Co. (NYSE:CRS) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 6,602 shares of the basic materials company’s stock, valued at approximately $1,120,000.

Several other hedge funds have also bought and sold shares of the company. FMR LLC raised its stake in Carpenter Technology by 28.3% in the fourth quarter. FMR LLC now owns 4,444,608 shares of the basic materials company’s stock valued at $754,295,000 after buying an additional 979,313 shares during the period. Norges Bank acquired a new position in shares of Carpenter Technology during the 4th quarter worth approximately $100,505,000. Allspring Global Investments Holdings LLC raised its stake in Carpenter Technology by 428.4% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 592,034 shares of the basic materials company’s stock valued at $103,714,000 after acquiring an additional 479,985 shares during the period. Freestone Grove Partners LP bought a new stake in Carpenter Technology in the 4th quarter valued at $69,285,000. Finally, Invesco Ltd. lifted its holdings in Carpenter Technology by 30.3% during the 4th quarter. Invesco Ltd. now owns 1,537,235 shares of the basic materials company’s stock valued at $260,884,000 after purchasing an additional 357,417 shares during the last quarter. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Carpenter Technology Stock Up 0.8%

CRS opened at $232.27 on Monday. The stock has a fifty day moving average of $188.18 and a 200-day moving average of $187.63. The company has a market capitalization of $11.56 billion, a P/E ratio of 43.82, a P/E/G ratio of 0.93 and a beta of 1.33. Carpenter Technology Co. has a fifty-two week low of $95.17 and a fifty-two week high of $234.52. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.92 and a current ratio of 3.80.

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, topping the consensus estimate of $1.74 by $0.14. Carpenter Technology had a net margin of 9.34% and a return on equity of 19.88%. The business had revenue of $727.00 million during the quarter, compared to analysts’ expectations of $729.67 million. During the same quarter in the previous year, the company earned $1.19 EPS. The business’s revenue was up 6.1% on a year-over-year basis. On average, equities analysts expect that Carpenter Technology Co. will post 6.83 EPS for the current year.

Carpenter Technology announced that its Board of Directors has initiated a share repurchase program on Thursday, April 24th that permits the company to buyback $400.00 million in outstanding shares. This buyback authorization permits the basic materials company to purchase up to 4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its stock is undervalued.

Carpenter Technology Announces Dividend

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

Insider Buying and Selling at Carpenter Technology

In related news, Director I Martin Inglis sold 3,433 shares of the firm’s stock in a transaction 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 transaction, the director now owns 6,732 shares in the company, valued at approximately $1,330,647.12. This trade represents a 33.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.90% of the company’s stock.

Analyst Ratings Changes

Several research firms have commented on CRS. Northcoast Research upgraded shares of Carpenter Technology from a “sell” rating to a “neutral” rating in a report on Wednesday, April 9th. BTIG Research set a $230.00 target price on shares of Carpenter Technology in a report on Friday, January 31st. Finally, JPMorgan Chase & Co. increased their price target on shares of Carpenter Technology from $240.00 to $245.00 and gave the company an “overweight” rating in a report on Monday, April 28th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $168.00.

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.