FORA Capital LLC Buys 315 Shares of Carpenter Technology Co. (NYSE:CRS)

FORA Capital LLC lifted its position in Carpenter Technology Co. (NYSE:CRS) by 10.9% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 3,215 shares of the basic materials company’s stock after purchasing an additional 315 shares during the period. FORA Capital LLC’s holdings in Carpenter Technology were worth $546,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Barclays PLC raised its stake in 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 in the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in Carpenter Technology during the 3rd quarter worth $80,000. Tlwm lifted its stake in Carpenter Technology by 4.7% in the fourth quarter. Tlwm now owns 9,987 shares of the basic materials company’s stock valued at $1,695,000 after buying an additional 445 shares during the period. Park Avenue Securities LLC acquired a new stake in shares of Carpenter Technology in the 4th quarter valued at approximately $419,000. Finally, Radnor Capital Management LLC acquired a new stake in Carpenter Technology in the fourth quarter worth $204,000. Institutional investors and hedge funds own 92.03% of the company’s stock.

Insider Activity

In related news, Director I Martin Inglis sold 3,433 shares of the stock in a transaction on Tuesday, April 29th. The stock was sold at an average price of $197.66, for a total value of $678,566.78. Following the sale, the director now owns 6,732 shares in the company, valued at approximately $1,330,647.12. This trade represents a 33.77 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 2.90% of the company’s stock.

Carpenter Technology Stock Up 1.6 %

Shares of NYSE:CRS opened at $212.49 on Friday. The company has a market capitalization of $10.58 billion, a price-to-earnings ratio of 40.09, a P/E/G ratio of 0.93 and a beta of 1.33. The business’s 50-day moving average is $183.98 and its 200-day moving average is $184.84. The company has a debt-to-equity ratio of 0.40, a current ratio of 3.80 and a quick ratio of 1.92. Carpenter Technology Co. has a 1 year low of $95.17 and a 1 year high of $215.96.

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

Carpenter Technology announced that its Board of Directors has initiated a share buyback plan on Thursday, April 24th that allows the company to buyback $400.00 million in shares. This buyback authorization allows the basic materials company to reacquire up to 4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Carpenter Technology Dividend Announcement

The business 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 is currently 11.33%.

Wall Street Analysts Forecast Growth

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

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.