Carpenter Technology Co. (NYSE:CRS) Shares Purchased by Gotham Asset Management LLC

Gotham Asset Management LLC boosted its holdings in shares of Carpenter Technology Co. (NYSE:CRS) by 54.8% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 4,493 shares of the basic materials company’s stock after buying an additional 1,591 shares during the quarter. Gotham Asset Management LLC’s holdings in Carpenter Technology were worth $763,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Barclays PLC grew its stake in shares of Carpenter Technology by 471.1% during the third quarter. Barclays PLC now owns 101,745 shares of the basic materials company’s stock worth $16,236,000 after acquiring an additional 83,930 shares during the last quarter. Park Avenue Securities LLC purchased a new position in shares of Carpenter Technology in the 4th quarter valued at approximately $419,000. Burney Co. boosted its stake in Carpenter Technology by 6.2% in the 4th quarter. Burney Co. now owns 2,045 shares of the basic materials company’s stock worth $347,000 after purchasing an additional 120 shares in the last quarter. Ameritas Advisory Services LLC purchased a new stake in Carpenter Technology during the 4th quarter worth approximately $511,000. Finally, UMB Bank n.a. grew its position in Carpenter Technology by 169.0% during the 4th quarter. UMB Bank n.a. now owns 304 shares of the basic materials company’s stock worth $52,000 after purchasing an additional 191 shares during the last quarter. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Insider Buying and Selling

In other news, Director I Martin Inglis sold 3,433 shares of Carpenter Technology stock in a transaction that occurred on Tuesday, April 29th. The shares were sold at an average price of $197.66, for a total transaction of $678,566.78. Following the completion of the transaction, the director now directly owns 6,732 shares of the company’s stock, valued at $1,330,647.12. The trade was a 33.77% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.90% of the stock is owned by corporate insiders.

Carpenter Technology Stock Performance

Shares of NYSE CRS opened at $232.27 on Monday. The company has a 50 day simple moving average of $188.18 and a two-hundred day simple moving average of $187.63. The stock has a market cap of $11.56 billion, a price-to-earnings ratio of 43.82, a PEG ratio of 0.93 and a beta of 1.33. The company has a current ratio of 3.80, a quick ratio of 1.92 and a debt-to-equity ratio of 0.40. Carpenter Technology Co. has a 12 month low of $95.17 and a 12 month high of $234.52.

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

Carpenter Technology Dividend Announcement

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

Carpenter Technology declared that its board has authorized a share repurchase plan on Thursday, April 24th that permits the company to repurchase $400.00 million in shares. This repurchase authorization permits the basic materials company to buy up to 4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

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.