Gen Wealth Partners Inc Purchases New Stake in Carpenter Technology Co. (NYSE:CRS)

Gen Wealth Partners Inc purchased a new stake in shares of Carpenter Technology Co. (NYSE:CRS) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 864 shares of the basic materials company’s stock, valued at approximately $147,000.

Other large investors have also added to or reduced their stakes in the company. Pictet Asset Management Holding SA boosted its holdings in shares of Carpenter Technology by 14.6% during the fourth quarter. Pictet Asset Management Holding SA now owns 6,865 shares of the basic materials company’s stock worth $1,165,000 after purchasing an additional 877 shares during the period. Manuka Financial LLC purchased a new stake in shares of Carpenter Technology in the 4th quarter worth about $368,000. Park Avenue Securities LLC purchased a new stake in Carpenter Technology in the fourth quarter worth about $419,000. XML Financial LLC grew its stake in shares of Carpenter Technology by 215.3% in the fourth quarter. XML Financial LLC now owns 9,460 shares of the basic materials company’s stock worth $1,605,000 after acquiring an additional 6,460 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new position in Carpenter Technology in the fourth quarter worth about $18,731,000. Institutional investors own 92.03% of the company’s stock.

Carpenter Technology Price Performance

NYSE CRS opened at $212.49 on Friday. The business’s fifty day moving average is $183.98 and its 200 day moving average is $185.04. 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 Co. has a fifty-two week low of $95.17 and a fifty-two week high of $215.96. The company has a market capitalization of $10.58 billion, a PE ratio of 40.09, a price-to-earnings-growth ratio of 0.93 and a beta of 1.33.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.74 by $0.14. Carpenter Technology had a return on equity of 19.88% and a net margin of 9.34%. The business had revenue of $727.00 million during the quarter, compared to analyst estimates of $729.67 million. During the same quarter in the prior year, the business posted $1.19 EPS. Carpenter Technology’s revenue for the quarter was up 6.1% compared to the same quarter last year. Sell-side analysts predict that Carpenter Technology Co. will post 6.83 earnings per share for the current year.

Carpenter Technology declared that its board has approved a share repurchase program on Thursday, April 24th that permits the company to buyback $400.00 million in shares. This buyback authorization permits the basic materials company to purchase up to 4% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

Carpenter Technology Dividend Announcement

The company also recently disclosed 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 dividend on an annualized basis and a dividend yield of 0.38%. Carpenter Technology’s payout ratio is 11.33%.

Insiders Place Their Bets

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

Analyst Ratings Changes

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

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.