Corebridge Financial Inc. Raises Stock Position in Carpenter Technology Co. (NYSE:CRS)

Corebridge Financial Inc. lifted its position in Carpenter Technology Co. (NYSE:CRS - Free Report) by 190.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 79,717 shares of the basic materials company's stock after acquiring an additional 52,305 shares during the quarter. Corebridge Financial Inc. owned 0.16% of Carpenter Technology worth $13,529,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Kestra Investment Management LLC purchased a new position in shares of Carpenter Technology in the 4th quarter valued at $25,000. UMB Bank n.a. grew its stake in Carpenter Technology by 169.0% in the fourth quarter. UMB Bank n.a. now owns 304 shares of the basic materials company's stock valued at $52,000 after purchasing an additional 191 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new position in Carpenter Technology in the third quarter valued at about $80,000. Morse Asset Management Inc bought a new position in Carpenter Technology in the third quarter worth about $84,000. Finally, Fifth Third Bancorp grew its holdings in Carpenter Technology by 23.5% in the fourth quarter. Fifth Third Bancorp now owns 573 shares of the basic materials company's stock worth $97,000 after purchasing an additional 109 shares during the last quarter. 92.03% of the stock is currently owned by institutional investors.

Carpenter Technology Price Performance

CRS stock traded down $4.49 during mid-day trading on Friday, reaching $181.32. 464,566 shares of the company's stock were exchanged, compared to its average volume of 719,720. Carpenter Technology Co. has a 12-month low of $70.20 and a 12-month high of $213.66. The company has a market cap of $9.06 billion, a price-to-earnings ratio of 34.21, a price-to-earnings-growth ratio of 0.93 and a beta of 1.55. The company has a debt-to-equity ratio of 0.40, a current ratio of 3.80 and a quick ratio of 1.92. The stock's 50 day moving average is $194.01 and its 200 day moving average is $178.72.

Remove Ads

Carpenter Technology (NYSE:CRS - Get Free Report) last released its earnings results on Thursday, January 30th. The basic materials company reported $1.66 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.58 by $0.08. Carpenter Technology had a net margin of 9.34% and a return on equity of 19.88%. On average, research analysts expect that Carpenter Technology Co. will post 6.83 EPS for the current year.

Carpenter Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 28th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.44%. The ex-dividend date of this dividend was Tuesday, January 28th. Carpenter Technology's dividend payout ratio (DPR) is 15.09%.

Analyst Ratings Changes

CRS has been the subject of a number of recent analyst reports. BTIG Research set a $230.00 target price on shares of Carpenter Technology in a research note on Friday, January 31st. JPMorgan Chase & Co. raised their price objective on shares of Carpenter Technology from $235.00 to $240.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating and five have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $167.17.

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.