RiverPark Advisors LLC Makes New $242,000 Investment in Carpenter Technology Co. (NYSE:CRS)

RiverPark Advisors LLC bought a new position in Carpenter Technology Co. (NYSE:CRS - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 1,427 shares of the basic materials company's stock, valued at approximately $242,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Kestra Investment Management LLC acquired a new position in shares of Carpenter Technology in the fourth quarter worth about $25,000. CIBC Private Wealth Group LLC boosted its holdings in shares of 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 purchasing an additional 127 shares during the period. UMB Bank n.a. boosted its holdings in shares of Carpenter Technology by 169.0% during the fourth 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 period. Wilmington Savings Fund Society FSB acquired a new stake in shares of Carpenter Technology during the third quarter worth approximately $80,000. Finally, Morse Asset Management Inc acquired a new stake in shares of Carpenter Technology during the third quarter worth approximately $84,000. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Carpenter Technology Stock Down 1.7 %

NYSE CRS traded down $3.37 during trading on Tuesday, reaching $195.63. The company's stock had a trading volume of 208,684 shares, compared to its average volume of 863,999. The company has a current ratio of 3.80, a quick ratio of 1.92 and a debt-to-equity ratio of 0.40. The stock has a market capitalization of $9.77 billion, a PE ratio of 36.89, a PEG ratio of 0.93 and a beta of 1.28. The business has a 50-day moving average price of $183.17 and a 200-day moving average price of $182.16. Carpenter Technology Co. has a 1-year low of $82.46 and a 1-year high of $213.66.

Carpenter Technology (NYSE:CRS - Get Free Report) 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. Carpenter Technology had a net margin of 9.34% and a return on equity of 19.88%. The firm had revenue of $727.00 million during the quarter, compared to analysts' expectations of $729.67 million. During the same period in the previous year, the company earned $1.19 earnings per share. The company's revenue was up 6.1% compared to the same quarter last year. On average, research analysts forecast that Carpenter Technology Co. will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology declared that its board has approved a share buyback plan on Thursday, April 24th that permits the company to repurchase $400.00 million in outstanding shares. This repurchase authorization permits the basic materials company to reacquire up to 4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's leadership believes its stock is undervalued.

Carpenter Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Tuesday, April 22nd will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.41%. The ex-dividend date is Tuesday, April 22nd. Carpenter Technology's dividend payout ratio is 11.33%.

Carpenter Technology 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.