New Century Financial Group LLC Has $1.20 Million Stake in Carpenter Technology Co. (NYSE:CRS)

New Century Financial Group LLC boosted its holdings in Carpenter Technology Co. (NYSE:CRS) by 30.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,737 shares of the basic materials company’s stock after purchasing an additional 3,895 shares during the period. Carpenter Technology comprises about 0.8% of New Century Financial Group LLC’s portfolio, making the stock its 26th largest holding. New Century Financial Group LLC’s holdings in Carpenter Technology were worth $1,195,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Cape Investment Advisory Inc. bought a new position in shares of Carpenter Technology during the fourth quarter worth approximately $29,000. Johnson Financial Group Inc. bought a new position in Carpenter Technology in the fourth quarter valued at approximately $31,000. Westend Capital Management LLC acquired a new position in shares of Carpenter Technology during the 1st quarter worth $36,000. Fifth Third Bancorp increased its position in Carpenter Technology by 322.5% during the 4th quarter. Fifth Third Bancorp now owns 1,162 shares of the basic materials company’s stock worth $82,000 after purchasing an additional 887 shares in the last quarter. Finally, GAMMA Investing LLC bought a new stake in shares of Carpenter Technology during the fourth quarter worth $100,000. Institutional investors own 92.03% of the company’s stock.

Insider Buying and Selling at Carpenter Technology

In other Carpenter Technology news, Director Steven E. Karol sold 31,000 shares of the firm’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $100.57, for a total value of $3,117,670.00. Following the transaction, the director now directly owns 244,126 shares of the company’s stock, valued at $24,551,751.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Steven E. Karol sold 31,000 shares of the stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $100.57, for a total value of $3,117,670.00. Following the completion of the sale, the director now directly owns 244,126 shares of the company’s stock, valued at approximately $24,551,751.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Elizabeth A. Socci sold 802 shares of the firm’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $102.11, for a total value of $81,892.22. Following the transaction, the vice president now owns 11,509 shares in the company, valued at $1,175,183.99. The disclosure for this sale can be found here. Over the last three months, insiders have sold 59,678 shares of company stock valued at $6,261,693. 3.40% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. BTIG Research initiated coverage on Carpenter Technology in a report on Wednesday, June 26th. They set a “buy” rating and a $120.00 price objective on the stock. TD Cowen upped their price objective on Carpenter Technology from $116.00 to $125.00 and gave the company a “buy” rating in a research note on Monday, June 10th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Carpenter Technology in a research report on Tuesday, June 25th. They set a “buy” rating and a $144.00 target price on the stock. Benchmark reissued a “buy” rating and set a $140.00 target price on shares of Carpenter Technology in a report on Tuesday, May 28th. Finally, Northcoast Research reiterated a “sell” rating and set a $89.00 price target on shares of Carpenter Technology in a report on Friday, June 14th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Carpenter Technology presently has an average rating of “Moderate Buy” and an average target price of $123.60.

Carpenter Technology Trading Up 1.2 %

Shares of NYSE CRS traded up $1.31 during midday trading on Thursday, reaching $106.54. The stock had a trading volume of 278,186 shares, compared to its average volume of 793,559. Carpenter Technology Co. has a twelve month low of $51.94 and a twelve month high of $112.75. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.45 and a current ratio of 3.20. The company’s 50 day moving average price is $103.74 and its 200 day moving average price is $80.81. The firm has a market cap of $5.29 billion, a price-to-earnings ratio of 40.51 and a beta of 1.44.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings results on Wednesday, May 1st. The basic materials company reported $1.19 EPS for the quarter, beating analysts’ consensus estimates of $0.94 by $0.25. The business had revenue of $684.90 million for the quarter, compared to analysts’ expectations of $707.73 million. Carpenter Technology had a net margin of 4.83% and a return on equity of 12.75%. The business’s quarterly revenue was down .8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.38 earnings per share. As a group, sell-side analysts expect that Carpenter Technology Co. will post 4.35 EPS for the current year.

Carpenter Technology Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 6th. Shareholders of record on Tuesday, April 23rd were issued a $0.20 dividend. This is an increase from Carpenter Technology’s previous quarterly dividend of $0.18. This represents a $0.80 dividend on an annualized basis and a yield of 0.75%. The ex-dividend date was Monday, April 22nd. Carpenter Technology’s payout ratio is presently 30.42%.

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.