Norges Bank Acquires New Holdings in Carpenter Technology Co. (NYSE:CRS)

Norges Bank purchased a new position in Carpenter Technology Co. (NYSE:CRS - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 592,216 shares of the basic materials company's stock, valued at approximately $100,505,000. Norges Bank owned about 1.19% of Carpenter Technology as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Cerity Partners LLC acquired a new stake in Carpenter Technology during the 3rd quarter worth $540,000. The Manufacturers Life Insurance Company grew its stake in shares of Carpenter Technology by 3.4% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 27,838 shares of the basic materials company's stock worth $4,442,000 after purchasing an additional 908 shares during the period. Arete Wealth Advisors LLC grew its position in Carpenter Technology by 7.5% during the third quarter. Arete Wealth Advisors LLC now owns 2,423 shares of the basic materials company's stock worth $384,000 after buying an additional 169 shares during the period. Cinctive Capital Management LP acquired a new position in Carpenter Technology during the third quarter worth $4,384,000. Finally, Centiva Capital LP raised its stake in shares of Carpenter Technology by 143.4% during the 3rd quarter. Centiva Capital LP now owns 8,584 shares of the basic materials company's stock worth $1,370,000 after buying an additional 5,057 shares during the last quarter. Institutional investors and hedge funds own 92.03% of the company's stock.

Carpenter Technology Price Performance

Carpenter Technology stock traded down $15.64 during trading hours on Friday, hitting $150.90. 1,563,935 shares of the company traded hands, compared to its average volume of 723,591. The firm's 50-day simple moving average is $190.40 and its two-hundred day simple moving average is $180.43. The firm has a market cap of $7.54 billion, a P/E ratio of 28.47, a P/E/G ratio of 0.93 and a beta of 1.28. Carpenter Technology Co. has a 1-year low of $74.21 and a 1-year high of $213.66. The company has a quick ratio of 1.92, a current ratio of 3.80 and a debt-to-equity ratio of 0.40.

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Carpenter Technology (NYSE:CRS - Get Free Report) last released its earnings results on Thursday, January 30th. The basic materials company reported $1.66 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%. As a group, analysts forecast that Carpenter Technology Co. will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 28th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.53%. The ex-dividend date was Tuesday, January 28th. Carpenter Technology's payout ratio is 15.09%.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. JPMorgan Chase & Co. raised their price target on Carpenter Technology from $235.00 to $240.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 19th. BTIG Research set a $230.00 price target on shares of Carpenter Technology in a research note on Friday, January 31st. One analyst has rated the stock with a sell rating and five have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock 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.