Norges Bank Buys New Position in Carpenter Technology Co. (NYSE:CRS)

Norges Bank purchased a new stake in Carpenter Technology Co. (NYSE:CRS) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 592,216 shares of the basic materials company’s stock, valued at approximately $100,505,000. Norges Bank owned about 1.19% of Carpenter Technology at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in CRS. Geode Capital Management LLC lifted its stake in shares of Carpenter Technology by 1.6% in the 3rd quarter. Geode Capital Management LLC now owns 1,100,204 shares of the basic materials company’s stock worth $175,607,000 after acquiring an additional 17,497 shares during the period. Allspring Global Investments Holdings LLC lifted 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 buying an additional 479,985 shares in the last quarter. American Century Companies Inc. lifted its position in shares of Carpenter Technology by 7.6% in the fourth quarter. American Century Companies Inc. now owns 517,142 shares of the basic materials company’s stock valued at $87,765,000 after acquiring an additional 36,606 shares in the last quarter. Fisher Asset Management LLC lifted its holdings in Carpenter Technology by 7.1% in the 4th quarter. Fisher Asset Management LLC now owns 390,229 shares of the basic materials company’s stock valued at $66,226,000 after purchasing an additional 25,917 shares in the last quarter. Finally, Franklin Resources Inc. boosted its position in Carpenter Technology by 9.7% during the third quarter. Franklin Resources Inc. now owns 368,077 shares of the basic materials company’s stock worth $57,891,000 after acquiring an additional 32,442 shares during the last quarter. Institutional investors and hedge funds own 92.03% of the company’s stock.

Carpenter Technology Stock Up 0.8 %

Shares of Carpenter Technology stock opened at $182.58 on Wednesday. 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 Co. has a 1-year low of $70.20 and a 1-year high of $213.66. The business has a 50-day moving average of $192.92 and a 200-day moving average of $179.91. The company has a market capitalization of $9.12 billion, a PE ratio of 34.45, a P/E/G ratio of 0.93 and a beta of 1.55.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings data on Thursday, January 30th. The basic materials company reported $1.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.08. Carpenter Technology had a return on equity of 19.88% and a net margin of 9.34%. As a group, equities analysts forecast that Carpenter Technology Co. will post 6.83 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 28th were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.44%. The ex-dividend date of this dividend was Tuesday, January 28th. Carpenter Technology’s dividend payout ratio is currently 15.09%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on CRS shares. BTIG Research set a $230.00 target price on shares of Carpenter Technology in a research report on Friday, January 31st. JPMorgan Chase & Co. upped their target price on Carpenter Technology from $235.00 to $240.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating and five have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $167.17.

Carpenter Technology Company 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.