KBC Group NV Has $380,000 Stake in Carpenter Technology Corporation (NYSE:CRS)

KBC Group NV boosted its holdings in Carpenter Technology Corporation (NYSE:CRS) by 10.7% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,096 shares of the basic materials company’s stock after purchasing an additional 202 shares during the quarter. KBC Group NV’s holdings in Carpenter Technology were worth $380,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Pictet Asset Management Holding SA raised its stake in Carpenter Technology by 14.6% in the 4th 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 in the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in Carpenter Technology by 27.8% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 15,953 shares of the basic materials company’s stock worth $2,890,000 after purchasing an additional 3,467 shares in the last quarter. Fifth Third Bancorp raised its stake in Carpenter Technology by 13.6% in the 1st quarter. Fifth Third Bancorp now owns 651 shares of the basic materials company’s stock worth $118,000 after purchasing an additional 78 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Carpenter Technology in the 4th quarter valued at approximately $18,731,000. Finally, Commonwealth Equity Services LLC raised its position in shares of Carpenter Technology by 1.5% in the 4th quarter. Commonwealth Equity Services LLC now owns 10,880 shares of the basic materials company’s stock valued at $1,846,000 after buying an additional 160 shares in the last quarter. Institutional investors and hedge funds own 92.03% of the company’s stock.

Carpenter Technology Price Performance

CRS stock opened at $279.88 on Friday. The company has a 50 day simple moving average of $239.41 and a 200 day simple moving average of $204.29. The stock has a market cap of $13.93 billion, a price-to-earnings ratio of 39.64, a P/E/G ratio of 0.94 and a beta of 1.39. Carpenter Technology Corporation has a 1 year low of $104.02 and a 1 year high of $282.99. The company has a debt-to-equity ratio of 0.39, a current ratio of 3.75 and a quick ratio of 1.89.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings data 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. The business had revenue of $727.00 million during the quarter, compared to analysts’ expectations of $729.67 million. Carpenter Technology had a net margin of 12.26% and a return on equity of 21.16%. The firm’s quarterly revenue was up 6.1% compared to the same quarter last year. During the same period in the prior year, the company earned $1.19 EPS. Research analysts anticipate that Carpenter Technology Corporation will post 6.83 EPS for the current fiscal year.

Carpenter Technology announced that its board has authorized a share buyback program on Thursday, April 24th that allows the company to buyback $400.00 million in outstanding shares. This buyback authorization allows the basic materials company to purchase up to 4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Carpenter Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Tuesday, April 22nd were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.29%. The ex-dividend date of this dividend was Tuesday, April 22nd. Carpenter Technology’s dividend payout ratio is 11.33%.

Insider Buying and Selling

In related news, Director Anastasios John Hart sold 1,000 shares of the company’s stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $243.72, for a total transaction of $243,720.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director I Martin Inglis sold 3,433 shares of the company’s stock in a transaction that occurred on 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 owned 6,732 shares of the company’s stock, valued at approximately $1,330,647.12. This represents a 33.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.90% of the stock is owned by corporate insiders.

Analyst Ratings Changes

CRS has been the subject of several analyst reports. JPMorgan Chase & Co. boosted their target price on shares of Carpenter Technology from $245.00 to $305.00 and gave the company an “overweight” rating in a research report on Tuesday, June 17th. Cowen restated a “buy” rating on shares of Carpenter Technology in a research report on Thursday, June 12th. Northcoast Research upgraded shares of Carpenter Technology from a “sell” rating to a “neutral” rating in a research report on Wednesday, April 9th. Finally, Benchmark boosted their target price on shares of Carpenter Technology from $250.00 to $300.00 and gave the company a “buy” rating in a research report on Monday, June 9th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $278.33.

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.