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

Corebridge Financial Inc. increased its stake in shares of Carpenter Technology Co. (NYSE:CRS) by 190.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 79,717 shares of the basic materials company’s stock after buying an additional 52,305 shares during the quarter. Corebridge Financial Inc. owned about 0.16% of Carpenter Technology worth $13,529,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. LPL Financial LLC grew its stake in shares of Carpenter Technology by 21.6% in the 4th quarter. LPL Financial LLC now owns 40,669 shares of the basic materials company’s stock valued at $6,902,000 after purchasing an additional 7,219 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new stake in shares of Carpenter Technology during the fourth quarter worth $1,612,000. Sei Investments Co. grew its position in Carpenter Technology by 147.1% in the 4th quarter. Sei Investments Co. now owns 103,219 shares of the basic materials company’s stock valued at $17,517,000 after buying an additional 61,449 shares during the last quarter. American Century Companies Inc. raised its position in Carpenter Technology by 7.6% during the 4th quarter. American Century Companies Inc. now owns 517,142 shares of the basic materials company’s stock worth $87,765,000 after buying an additional 36,606 shares during the last quarter. Finally, Summit Global Investments acquired a new stake in shares of Carpenter Technology in the 4th quarter worth $516,000. Institutional investors and hedge funds own 92.03% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on CRS shares. BTIG Research set a $230.00 price target on shares of Carpenter Technology in a research note on Friday, January 31st. JPMorgan Chase & Co. boosted their target price on Carpenter Technology from $235.00 to $240.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $167.17.

Carpenter Technology Stock Up 0.2 %

Shares of NYSE CRS opened at $195.61 on Wednesday. The company has a quick ratio of 1.92, a current ratio of 3.80 and a debt-to-equity ratio of 0.40. The firm has a 50-day moving average price of $195.00 and a 200 day moving average price of $178.28. Carpenter Technology Co. has a 52 week low of $67.52 and a 52 week high of $213.66. The stock has a market capitalization of $9.77 billion, a price-to-earnings ratio of 36.91, a price-to-earnings-growth ratio of 0.93 and a beta of 1.55.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings results on Thursday, January 30th. The basic materials company reported $1.66 earnings per share (EPS) for the quarter, beating 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%. Equities research analysts anticipate that Carpenter Technology Co. will post 6.83 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 28th were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 0.41%. The ex-dividend date of this dividend was Tuesday, January 28th. Carpenter Technology’s dividend payout ratio (DPR) is 15.09%.

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.