M&T Bank Corp Grows Stock Holdings in Carpenter Technology Corporation $CRS

M&T Bank Corp raised its position in shares of Carpenter Technology Corporation (NYSE:CRS) by 14,416.2% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 289,743 shares of the basic materials company’s stock after buying an additional 287,747 shares during the quarter. M&T Bank Corp’s holdings in Carpenter Technology were worth $91,223,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Geneos Wealth Management Inc. purchased a new position in shares of Carpenter Technology in the 2nd quarter valued at approximately $28,000. Armstrong Advisory Group Inc. raised its position in shares of Carpenter Technology by 57.3% in the 4th quarter. Armstrong Advisory Group Inc. now owns 118 shares of the basic materials company’s stock valued at $37,000 after purchasing an additional 43 shares during the last quarter. Root Financial Partners LLC purchased a new position in shares of Carpenter Technology in the 3rd quarter valued at approximately $41,000. MassMutual Private Wealth & Trust FSB raised its position in shares of Carpenter Technology by 54.1% in the 3rd quarter. MassMutual Private Wealth & Trust FSB now owns 171 shares of the basic materials company’s stock valued at $42,000 after purchasing an additional 60 shares during the last quarter. Finally, Spire Wealth Management raised its position in shares of Carpenter Technology by 164.7% in the 4th quarter. Spire Wealth Management now owns 135 shares of the basic materials company’s stock valued at $42,000 after purchasing an additional 84 shares during the last quarter. 92.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Carpenter Technology in a research report on Tuesday, January 27th. Wells Fargo & Company assumed coverage on shares of Carpenter Technology in a research report on Wednesday, April 1st. They issued an “equal weight” rating and a $400.00 price objective for the company. Susquehanna assumed coverage on shares of Carpenter Technology in a research report on Tuesday, March 3rd. They issued a “positive” rating and a $470.00 price objective for the company. BTIG Research increased their price objective on shares of Carpenter Technology from $365.00 to $375.00 and gave the company a “buy” rating in a research report on Friday, January 30th. Finally, KeyCorp increased their price objective on shares of Carpenter Technology from $380.00 to $453.00 and gave the company an “overweight” rating in a research report on Thursday, April 9th. Nine analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $403.11.

Insider Buying and Selling

In other news, SVP James D. Dee sold 15,800 shares of the firm’s stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $391.78, for a total transaction of $6,190,124.00. Following the sale, the senior vice president owned 73,739 shares of the company’s stock, valued at $28,889,465.42. This trade represents a 17.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Steven E. Karol sold 3,500 shares of the firm’s stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $381.12, for a total transaction of $1,333,920.00. Following the sale, the director directly owned 225,381 shares in the company, valued at $85,897,206.72. The trade was a 1.53% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 22,300 shares of company stock valued at $8,664,044 over the last three months. 2.90% of the stock is currently owned by insiders.

Carpenter Technology Stock Performance

CRS opened at $439.03 on Wednesday. Carpenter Technology Corporation has a 12-month low of $168.63 and a 12-month high of $459.18. The company has a current ratio of 4.25, a quick ratio of 2.26 and a debt-to-equity ratio of 0.35. The firm has a market capitalization of $21.87 billion, a PE ratio of 50.99, a P/E/G ratio of 1.74 and a beta of 1.24. The firm has a 50 day moving average of $397.57 and a two-hundred day moving average of $343.22.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings results on Thursday, January 29th. The basic materials company reported $2.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.20 by $0.13. Carpenter Technology had a net margin of 14.77% and a return on equity of 23.63%. The company had revenue of $728.00 million during the quarter, compared to analyst estimates of $733.76 million. During the same period last year, the firm posted $1.66 EPS. Carpenter Technology’s revenue for the quarter was up 7.5% compared to the same quarter last year. On average, analysts anticipate that Carpenter Technology Corporation will post 10.3 EPS for the current year.

Carpenter Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 4th. Shareholders of record on Tuesday, April 28th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, April 28th. This represents a $0.80 dividend on an annualized basis and a yield of 0.2%. Carpenter Technology’s dividend payout ratio (DPR) is currently 9.29%.

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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.