NBC Securities Inc. Reduces Stock Position in Carpenter Technology Co. (NYSE:CRS)

NBC Securities Inc. lowered its stake in Carpenter Technology Co. (NYSE:CRS) by 29.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 844 shares of the basic materials company’s stock after selling 356 shares during the quarter. NBC Securities Inc.’s holdings in Carpenter Technology were worth $134,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in CRS. American International Group Inc. increased its position in Carpenter Technology by 0.7% during the fourth quarter. American International Group Inc. now owns 26,653 shares of the basic materials company’s stock valued at $1,887,000 after acquiring an additional 188 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its position in shares of Carpenter Technology by 1.9% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 11,557 shares of the basic materials company’s stock valued at $825,000 after purchasing an additional 215 shares during the last quarter. Hennessy Advisors Inc. lifted its stake in shares of Carpenter Technology by 19.2% in the 1st quarter. Hennessy Advisors Inc. now owns 461,500 shares of the basic materials company’s stock worth $32,960,000 after purchasing an additional 74,400 shares during the period. Wealthstar Advisors LLC boosted its holdings in shares of Carpenter Technology by 22.3% in the first quarter. Wealthstar Advisors LLC now owns 5,231 shares of the basic materials company’s stock worth $374,000 after buying an additional 954 shares during the last quarter. Finally, New Century Financial Group LLC grew its position in Carpenter Technology by 30.3% during the first quarter. New Century Financial Group LLC now owns 16,737 shares of the basic materials company’s stock valued at $1,195,000 after buying an additional 3,895 shares during the period. Institutional investors own 92.03% of the company’s stock.

Wall Street Analyst Weigh In

CRS has been the topic of several analyst reports. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Carpenter Technology in a research note on Tuesday, June 25th. They set a “buy” rating and a $144.00 price target on the stock. BTIG Research boosted their price target on Carpenter Technology from $120.00 to $165.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. Finally, Benchmark raised their price objective on Carpenter Technology from $140.00 to $175.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. One analyst has rated the stock with a sell rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $139.60.

Carpenter Technology Price Performance

NYSE:CRS opened at $158.52 on Friday. The stock has a market cap of $7.86 billion, a PE ratio of 60.27, a P/E/G ratio of 0.83 and a beta of 1.45. The company has a quick ratio of 1.84, a current ratio of 3.41 and a debt-to-equity ratio of 0.43. The business’s 50-day simple moving average is $148.92 and its two-hundred day simple moving average is $120.76. Carpenter Technology Co. has a 52 week low of $58.87 and a 52 week high of $166.51.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings results on Thursday, July 25th. The basic materials company reported $1.82 earnings per share for the quarter, topping the consensus estimate of $1.51 by $0.31. Carpenter Technology had a return on equity of 15.81% and a net margin of 6.76%. The business had revenue of $798.70 million during the quarter, compared to the consensus estimate of $763.76 million. During the same period in the prior year, the company posted $0.78 EPS. The firm’s revenue for the quarter was up 5.4% compared to the same quarter last year. As a group, analysts forecast that Carpenter Technology Co. will post 6.63 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Tuesday, October 22nd will be issued a $0.20 dividend. The ex-dividend date of this dividend is Tuesday, October 22nd. This represents a $0.80 dividend on an annualized basis and a yield of 0.50%. Carpenter Technology’s dividend payout ratio is currently 30.42%.

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.