M&T Bank Corp Buys 287,747 Shares of Carpenter Technology Corporation $CRS

M&T Bank Corp lifted its stake in Carpenter Technology Corporation (NYSE:CRS) by 14,416.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 289,743 shares of the basic materials company’s stock after purchasing an additional 287,747 shares during the period. M&T Bank Corp owned about 0.58% of Carpenter Technology worth $91,223,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Geneos Wealth Management Inc. bought a new position in shares of Carpenter Technology in the second quarter worth about $28,000. Armstrong Advisory Group Inc. grew its holdings in shares of Carpenter Technology by 57.3% in the fourth quarter. Armstrong Advisory Group Inc. now owns 118 shares of the basic materials company’s stock worth $37,000 after purchasing an additional 43 shares during the last quarter. Spire Wealth Management grew its holdings in shares of Carpenter Technology by 164.7% in the fourth quarter. Spire Wealth Management now owns 135 shares of the basic materials company’s stock worth $42,000 after purchasing an additional 84 shares during the last quarter. Headlands Technologies LLC bought a new position in shares of Carpenter Technology in the second quarter worth about $43,000. Finally, Rakuten Securities Inc. bought a new position in shares of Carpenter Technology in the second quarter worth about $45,000. 92.03% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on CRS shares. Wall Street Zen upgraded shares of Carpenter Technology from a “hold” rating to a “buy” rating in a report on Saturday, January 31st. Weiss Ratings reiterated a “buy (b)” rating on shares of Carpenter Technology in a report on Tuesday, January 27th. BTIG Research increased their target price on shares of Carpenter Technology from $365.00 to $375.00 and gave the stock a “buy” rating in a report on Friday, January 30th. JPMorgan Chase & Co. increased their target price on shares of Carpenter Technology from $394.00 to $465.00 and gave the stock an “overweight” rating in a report on Monday. Finally, KeyCorp increased their target price on shares of Carpenter Technology from $380.00 to $453.00 and gave the stock an “overweight” rating in a report on Thursday, April 9th. Nine equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Carpenter Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $403.11.

Insider Activity

In other Carpenter Technology news, SVP James D. Dee sold 15,800 shares of the stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $391.78, for a total transaction of $6,190,124.00. Following the completion of the sale, the senior vice president directly owned 73,739 shares of the company’s stock, valued at approximately $28,889,465.42. This represents a 17.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Steven E. Karol sold 3,500 shares of the stock in a transaction dated Thursday, February 19th. The shares were sold at an average price of $381.12, for a total transaction of $1,333,920.00. Following the sale, the director directly owned 225,381 shares of the company’s stock, valued at approximately $85,897,206.72. The trade was a 1.53% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 22,300 shares of company stock valued at $8,664,044. Insiders own 2.90% of the company’s stock.

Carpenter Technology Stock Down 2.9%

Shares of Carpenter Technology stock opened at $439.03 on Wednesday. The company has a debt-to-equity ratio of 0.35, a current ratio of 4.25 and a quick ratio of 2.26. Carpenter Technology Corporation has a 1 year low of $168.63 and a 1 year high of $459.18. The firm’s 50-day moving average is $397.57 and its two-hundred day moving average is $343.22. The stock has a market cap of $21.87 billion, a price-to-earnings ratio of 50.99, a PEG ratio of 1.74 and a beta of 1.24.

Carpenter Technology (NYSE:CRS) last issued its earnings results on Thursday, January 29th. The basic materials company reported $2.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.20 by $0.13. The company had revenue of $728.00 million for the quarter, compared to analysts’ expectations of $733.76 million. Carpenter Technology had a net margin of 14.77% and a return on equity of 23.63%. The firm’s quarterly revenue was up 7.5% on a year-over-year basis. During the same period in the prior year, the business earned $1.66 EPS. As a group, research analysts expect that Carpenter Technology Corporation will post 10.3 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 4th. Shareholders of record on Tuesday, April 28th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend is Tuesday, April 28th. Carpenter Technology’s dividend payout ratio is presently 9.29%.

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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.