Point72 Asset Management L.P. Acquires New Position in Carpenter Technology Co. (NYSE:CRS)

Point72 Asset Management L.P. bought a new position in shares of Carpenter Technology Co. (NYSE:CRS) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 70,548 shares of the basic materials company’s stock, valued at approximately $11,973,000.

A number of other hedge funds also recently added to or reduced their stakes in CRS. Kestra Investment Management LLC purchased a new stake in shares of Carpenter Technology in the 4th quarter worth about $25,000. CIBC Private Wealth Group LLC raised its position in Carpenter Technology by 109.5% during the fourth quarter. CIBC Private Wealth Group LLC now owns 243 shares of the basic materials company’s stock worth $45,000 after acquiring an additional 127 shares during the last quarter. UMB Bank n.a. lifted its holdings in shares of Carpenter Technology by 169.0% in the fourth quarter. UMB Bank n.a. now owns 304 shares of the basic materials company’s stock valued at $52,000 after purchasing an additional 191 shares in the last quarter. Fifth Third Bancorp grew its position in shares of Carpenter Technology by 23.5% in the fourth quarter. Fifth Third Bancorp now owns 573 shares of the basic materials company’s stock valued at $97,000 after purchasing an additional 109 shares during the last quarter. Finally, EverSource Wealth Advisors LLC increased its stake in shares of Carpenter Technology by 11.9% during the 4th quarter. EverSource Wealth Advisors LLC now owns 669 shares of the basic materials company’s stock worth $114,000 after purchasing an additional 71 shares in the last quarter. 92.03% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Carpenter Technology

In related news, Director I Martin Inglis sold 3,433 shares of the business’s stock in a transaction that occurred on Tuesday, April 29th. The shares were sold at an average price of $197.66, for a total value of $678,566.78. Following the completion of the sale, the director now directly owns 6,732 shares in the company, valued at approximately $1,330,647.12. The trade was a 33.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on CRS shares. BTIG Research set a $230.00 target price on Carpenter Technology in a research note on Friday, January 31st. Northcoast Research upgraded Carpenter Technology from a “sell” rating to a “neutral” rating in a research report on Wednesday, April 9th. Finally, JPMorgan Chase & Co. increased their price objective on Carpenter Technology from $240.00 to $245.00 and gave the company an “overweight” rating in a research note on Monday, April 28th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, Carpenter Technology has an average rating of “Moderate Buy” and an average target price of $168.00.

Carpenter Technology Trading Up 0.8%

Shares of CRS opened at $232.27 on Monday. Carpenter Technology Co. has a fifty-two week low of $95.17 and a fifty-two week high of $234.52. The company has a market capitalization of $11.56 billion, a PE ratio of 43.82, a price-to-earnings-growth ratio of 0.93 and a beta of 1.33. The stock has a fifty day moving average of $188.18 and a two-hundred day moving average of $187.63. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.92 and a current ratio of 3.80.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.88 EPS for the quarter, beating analysts’ consensus estimates of $1.74 by $0.14. Carpenter Technology had a return on equity of 19.88% and a net margin of 9.34%. The business had revenue of $727.00 million during the quarter, compared to the consensus estimate of $729.67 million. During the same quarter in the previous year, the business earned $1.19 earnings per share. The business’s revenue for the quarter was up 6.1% on a year-over-year basis. As a group, analysts forecast that Carpenter Technology Co. will post 6.83 EPS for the current year.

Carpenter Technology declared that its Board of Directors has authorized a share buyback plan on Thursday, April 24th that authorizes the company to repurchase $400.00 million in outstanding shares. This repurchase authorization authorizes the basic materials company to buy up to 4% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Carpenter Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Tuesday, April 22nd will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.34%. The ex-dividend date is Tuesday, April 22nd. Carpenter Technology’s dividend payout ratio is currently 11.33%.

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.