Driehaus Capital Management LLC Buys 83,307 Shares of Carpenter Technology Co. (NYSE:CRS)

Driehaus Capital Management LLC boosted its stake in Carpenter Technology Co. (NYSE:CRS) by 35.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 319,783 shares of the basic materials company’s stock after buying an additional 83,307 shares during the period. Driehaus Capital Management LLC owned 0.64% of Carpenter Technology worth $54,270,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. Kestra Investment Management LLC bought a new position in Carpenter Technology during the 4th quarter valued at approximately $25,000. CIBC Private Wealth Group LLC increased its stake in shares of Carpenter Technology by 109.5% in the 4th quarter. CIBC Private Wealth Group LLC now owns 243 shares of the basic materials company’s stock worth $45,000 after purchasing an additional 127 shares in the last quarter. UMB Bank n.a. increased its position in Carpenter Technology by 169.0% in the fourth quarter. UMB Bank n.a. now owns 304 shares of the basic materials company’s stock worth $52,000 after buying an additional 191 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new position in shares of Carpenter Technology in the third quarter worth about $80,000. Finally, Fifth Third Bancorp lifted its position in shares of Carpenter Technology by 23.5% during the 4th quarter. Fifth Third Bancorp now owns 573 shares of the basic materials company’s stock valued at $97,000 after buying an additional 109 shares in the last quarter. 92.03% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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

Carpenter Technology Price Performance

Shares of CRS stock opened at $209.22 on Thursday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.92 and a current ratio of 3.80. The stock has a 50 day moving average price of $183.74 and a 200 day moving average price of $184.10. Carpenter Technology Co. has a 52-week low of $95.17 and a 52-week high of $215.25. The firm has a market capitalization of $10.41 billion, a P/E ratio of 39.48, a P/E/G ratio of 0.93 and a beta of 1.33.

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

Carpenter Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Shareholders 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 annualized dividend and a yield of 0.38%. Carpenter Technology’s dividend payout ratio (DPR) is 11.33%.

Carpenter Technology declared that its board has authorized a share repurchase program on Thursday, April 24th that allows the company to buyback $400.00 million in outstanding shares. This buyback authorization allows the basic materials company to repurchase up to 4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In related news, Director I Martin Inglis sold 3,433 shares of the business’s stock in a transaction 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 transaction, the director now directly owns 6,732 shares in the company, 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 SEC, which is available at the SEC website. Corporate insiders own 2.90% of the company’s stock.

Carpenter Technology Company Profile

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.