New York State Teachers Retirement System grew its holdings in shares of Carpenter Technology Co. (NYSE:CRS) by 5.1% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 85,893 shares of the basic materials company’s stock after purchasing an additional 4,200 shares during the period. New York State Teachers Retirement System owned approximately 0.18% of Carpenter Technology worth $3,790,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also modified their holdings of the company. Wells Fargo & Company MN increased its holdings in shares of Carpenter Technology by 14.3% during the first quarter. Wells Fargo & Company MN now owns 201,076 shares of the basic materials company’s stock valued at $8,872,000 after purchasing an additional 25,145 shares during the period. Financial Engines Advisors L.L.C. increased its holdings in shares of Carpenter Technology by 20.4% during the first quarter. Financial Engines Advisors L.L.C. now owns 14,011 shares of the basic materials company’s stock valued at $618,000 after purchasing an additional 2,377 shares during the period. Xact Kapitalforvaltning AB acquired a new position in shares of Carpenter Technology during the fourth quarter valued at $246,000. MetLife Investment Advisors LLC acquired a new position in shares of Carpenter Technology during the fourth quarter valued at $2,573,000. Finally, MainStreet Investment Advisors LLC acquired a new position in shares of Carpenter Technology during the fourth quarter valued at $300,000. 97.68% of the stock is currently owned by institutional investors.
Shares of Carpenter Technology opened at $56.64 on Tuesday, MarketBeat.com reports. Carpenter Technology Co. has a fifty-two week low of $56.58 and a fifty-two week high of $57.39. The stock has a market cap of $2.68 billion, a P/E ratio of 25.70 and a beta of 2.01. The company has a quick ratio of 1.14, a current ratio of 2.97 and a debt-to-equity ratio of 0.40.
The company also recently announced a quarterly dividend, which will be paid on Thursday, June 7th. Investors of record on Tuesday, May 1st will be paid a dividend of $0.18 per share. The ex-dividend date is Monday, April 30th. This represents a $0.72 annualized dividend and a yield of 1.27%. Carpenter Technology’s dividend payout ratio is currently 66.67%.
In related news, Director I Martin Inglis sold 2,358 shares of the firm’s stock in a transaction dated Wednesday, May 2nd. The stock was sold at an average price of $53.36, for a total transaction of $125,822.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Steven E. Karol sold 10,000 shares of the firm’s stock in a transaction dated Friday, May 4th. The shares were sold at an average price of $55.50, for a total value of $555,000.00. Following the transaction, the director now directly owns 230,543 shares of the company’s stock, valued at approximately $12,795,136.50. The disclosure for this sale can be found here. Insiders have sold 15,723 shares of company stock valued at $869,859 in the last ninety days. Company insiders own 4.51% of the company’s stock.
A number of research analysts have recently commented on CRS shares. Cowen reissued a “hold” rating and set a $53.00 price target on shares of Carpenter Technology in a report on Thursday, April 26th. Zacks Investment Research lowered Carpenter Technology from a “buy” rating to a “hold” rating in a report on Tuesday, February 6th. Deutsche Bank raised their price target on Carpenter Technology from $47.00 to $49.00 and gave the company a “hold” rating in a report on Wednesday, April 11th. Finally, ValuEngine raised Carpenter Technology from a “hold” rating to a “buy” rating in a report on Friday, May 4th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Carpenter Technology has a consensus rating of “Buy” and a consensus target price of $53.25.
Carpenter Technology Company Profile
Carpenter Technology Corporation manufactures, fabricates, and distributes specialty metals worldwide. It operates through 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.
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