Morse Asset Management Inc Raises Stock Position in Carpenter Technology Co. (NYSE:CRS)

Morse Asset Management Inc grew its stake in shares of Carpenter Technology Co. (NYSE:CRS) by 29.0% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 677 shares of the basic materials company’s stock after acquiring an additional 152 shares during the period. Morse Asset Management Inc’s holdings in Carpenter Technology were worth $115,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the company. Stratos Wealth Partners LTD. raised its position in Carpenter Technology by 2.7% during the 4th quarter. Stratos Wealth Partners LTD. now owns 2,415 shares of the basic materials company’s stock valued at $410,000 after purchasing an additional 63 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of Carpenter Technology by 11.9% in the 4th quarter. EverSource Wealth Advisors LLC now owns 669 shares of the basic materials company’s stock worth $114,000 after buying an additional 71 shares during the period. CIBC Asset Management Inc lifted its holdings in shares of Carpenter Technology by 5.4% in the 4th quarter. CIBC Asset Management Inc now owns 1,521 shares of the basic materials company’s stock worth $258,000 after buying an additional 78 shares during the period. EP Wealth Advisors LLC lifted its holdings in shares of Carpenter Technology by 4.6% in the 4th quarter. EP Wealth Advisors LLC now owns 2,168 shares of the basic materials company’s stock worth $368,000 after buying an additional 95 shares during the period. Finally, Fifth Third Bancorp lifted its holdings in shares of Carpenter Technology by 23.5% in the 4th quarter. Fifth Third Bancorp now owns 573 shares of the basic materials company’s stock worth $97,000 after buying an additional 109 shares during the period. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Carpenter Technology Trading Up 3.5%

CRS opened at $224.40 on Wednesday. The firm has a market cap of $11.17 billion, a price-to-earnings ratio of 42.34, a PEG ratio of 0.93 and a beta of 1.33. The company has a current ratio of 3.80, a quick ratio of 1.92 and a debt-to-equity ratio of 0.40. Carpenter Technology Co. has a 12 month low of $95.17 and a 12 month high of $225.42. The stock has a fifty day moving average price of $185.02 and a 200-day moving average price of $185.95.

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

Carpenter Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Tuesday, April 22nd will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.36%. The ex-dividend date of this dividend is Tuesday, April 22nd. Carpenter Technology’s dividend payout ratio is currently 11.33%.

Carpenter Technology announced that its board has authorized a stock buyback plan 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 reacquire up to 4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

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

Insider Activity at Carpenter Technology

In related news, Director I Martin Inglis sold 3,433 shares of the company’s stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $197.66, for a total transaction of $678,566.78. Following the transaction, the director now directly owns 6,732 shares of the company’s stock, valued at $1,330,647.12. This represents a 33.77% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 2.90% of the stock is currently owned by corporate insiders.

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.