Karp Capital Management Corp purchased a new stake in Carpenter Technology Corporation (NYSE:CRS) during the first quarter, Holdings Channel reports. The institutional investor purchased 20,437 shares of the basic materials company’s stock, valued at approximately $762,000.
Other institutional investors have also modified their holdings of the company. Norges Bank acquired a new position in shares of Carpenter Technology Corporation during the fourth quarter valued at $34,577,000. Comerica Bank increased its position in shares of Carpenter Technology Corporation by 179.6% in the fourth quarter. Comerica Bank now owns 98,501 shares of the basic materials company’s stock valued at $3,787,000 after buying an additional 63,276 shares during the period. Russell Investments Group Ltd. acquired a new position in shares of Carpenter Technology Corporation during the fourth quarter valued at $14,679,000. Augustine Asset Management Inc. acquired a new position in shares of Carpenter Technology Corporation during the first quarter valued at $246,000. Finally, Thrivent Financial for Lutherans increased its position in shares of Carpenter Technology Corporation by 1.2% in the fourth quarter. Thrivent Financial for Lutherans now owns 62,870 shares of the basic materials company’s stock valued at $2,274,000 after buying an additional 750 shares during the period. Institutional investors own 94.96% of the company’s stock.
Shares of Carpenter Technology Corporation (CRS) opened at 36.00 on Friday. Carpenter Technology Corporation has a 52 week low of $29.92 and a 52 week high of $45.33. The stock’s 50 day moving average is $37.26 and its 200-day moving average is $38.01. The firm has a market cap of $1.68 billion, a PE ratio of 46.94 and a beta of 2.08.
Carpenter Technology Corporation (NYSE:CRS) last released its earnings results on Thursday, April 27th. The basic materials company reported $0.44 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.32 by $0.12. The business had revenue of $473.60 million for the quarter, compared to analyst estimates of $478.80 million. Carpenter Technology Corporation had a return on equity of 3.57% and a net margin of 2.08%. The company’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.30 earnings per share. On average, equities analysts predict that Carpenter Technology Corporation will post $0.99 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, June 1st. Stockholders of record on Tuesday, May 2nd were issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.00%. The ex-dividend date was Friday, April 28th. Carpenter Technology Corporation’s payout ratio is currently 92.31%.
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CRS has been the topic of several research reports. Longbow Research initiated coverage on shares of Carpenter Technology Corporation in a report on Tuesday, March 21st. They issued a “buy” rating and a $48.00 price target on the stock. Seaport Global Securities upgraded shares of Carpenter Technology Corporation from a “neutral” rating to a “buy” rating and set a $45.00 price target on the stock in a report on Thursday, March 16th. Zacks Investment Research upgraded shares of Carpenter Technology Corporation from a “hold” rating to a “buy” rating and set a $42.00 price target on the stock in a report on Wednesday, April 5th. Finally, Cowen and Company reiterated a “hold” rating and issued a $37.00 price target on shares of Carpenter Technology Corporation in a report on Thursday, April 27th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $42.83.
About Carpenter Technology Corporation
Carpenter Technology Corporation is engaged in the manufacturing, fabrication and distribution of specialty metals. The Company’s segments include Specialty Alloys Operations (SAO) and Performance Engineered Products (PEP). Its SAO segment consists of alloy and stainless steel manufacturing operations.
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