Carpenter Technology Co. (NYSE:CRS) Shares Acquired by New Century Financial Group LLC

New Century Financial Group LLC raised its stake in shares of Carpenter Technology Co. (NYSE:CRS) by 30.3% during the 1st quarter, Holdings Channel reports. The institutional investor owned 16,737 shares of the basic materials company’s stock after buying an additional 3,895 shares during the period. Carpenter Technology comprises approximately 0.8% of New Century Financial Group LLC’s holdings, making the stock its 26th largest position. New Century Financial Group LLC’s holdings in Carpenter Technology were worth $1,195,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. raised its position in Carpenter Technology by 0.9% in the third quarter. Vanguard Group Inc. now owns 5,855,711 shares of the basic materials company’s stock worth $393,562,000 after acquiring an additional 53,994 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Carpenter Technology by 1.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,616,808 shares of the basic materials company’s stock worth $256,072,000 after purchasing an additional 43,589 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in Carpenter Technology by 82.3% during the fourth quarter. Goldman Sachs Group Inc. now owns 972,222 shares of the basic materials company’s stock valued at $68,833,000 after purchasing an additional 438,781 shares during the last quarter. Hawk Ridge Capital Management LP boosted its holdings in Carpenter Technology by 199.1% during the fourth quarter. Hawk Ridge Capital Management LP now owns 688,427 shares of the basic materials company’s stock worth $48,741,000 after buying an additional 458,227 shares in the last quarter. Finally, Hennessy Advisors Inc. boosted its holdings in Carpenter Technology by 19.2% during the first quarter. Hennessy Advisors Inc. now owns 461,500 shares of the basic materials company’s stock worth $32,960,000 after buying an additional 74,400 shares in the last quarter. 92.03% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, VP Elizabeth A. Socci sold 802 shares of Carpenter Technology stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $102.11, for a total transaction of $81,892.22. Following the completion of the transaction, the vice president now directly owns 11,509 shares of the company’s stock, valued at approximately $1,175,183.99. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Steven E. Karol sold 31,000 shares of Carpenter Technology stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $100.57, for a total transaction of $3,117,670.00. Following the completion of the sale, the director now directly owns 244,126 shares of the company’s stock, valued at $24,551,751.82. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Elizabeth A. Socci sold 802 shares of the firm’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $102.11, for a total value of $81,892.22. Following the transaction, the vice president now owns 11,509 shares in the company, valued at approximately $1,175,183.99. The disclosure for this sale can be found here. Insiders sold 59,678 shares of company stock worth $6,261,693 over the last three months. 3.40% of the stock is currently owned by corporate insiders.

Carpenter Technology Stock Performance

Shares of CRS traded up $1.31 on Thursday, reaching $106.54. 278,186 shares of the stock traded hands, compared to its average volume of 793,559. The stock’s 50-day moving average price is $103.74 and its 200-day moving average price is $80.81. The company has a debt-to-equity ratio of 0.46, a current ratio of 3.20 and a quick ratio of 1.45. The firm has a market cap of $5.29 billion, a price-to-earnings ratio of 40.51 and a beta of 1.44. Carpenter Technology Co. has a 12 month low of $51.94 and a 12 month high of $112.75.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings data on Wednesday, May 1st. The basic materials company reported $1.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.94 by $0.25. Carpenter Technology had a return on equity of 12.75% and a net margin of 4.83%. The company had revenue of $684.90 million for the quarter, compared to the consensus estimate of $707.73 million. During the same period in the previous year, the business earned $0.38 earnings per share. The company’s quarterly revenue was down .8% on a year-over-year basis. Equities analysts forecast that Carpenter Technology Co. will post 4.35 EPS for the current fiscal year.

Carpenter Technology Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 6th. Shareholders of record on Tuesday, April 23rd were given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.75%. This is a boost from Carpenter Technology’s previous quarterly dividend of $0.18. The ex-dividend date was Monday, April 22nd. Carpenter Technology’s dividend payout ratio is 30.42%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on CRS. TD Cowen increased their price objective on Carpenter Technology from $116.00 to $125.00 and gave the company a “buy” rating in a research report on Monday, June 10th. Northcoast Research reaffirmed a “sell” rating and set a $89.00 target price on shares of Carpenter Technology in a report on Friday, June 14th. BTIG Research began coverage on Carpenter Technology in a research note on Wednesday, June 26th. They issued a “buy” rating and a $120.00 price target on the stock. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Carpenter Technology in a report on Tuesday, June 25th. They issued a “buy” rating and a $144.00 target price for the company. Finally, Benchmark reiterated a “buy” rating and set a $140.00 price target on shares of Carpenter Technology in a report on Tuesday, May 28th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $123.60.

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.