Alua Capital Management LP Makes New Investment in Carpenter Technology Co. (NYSE:CRS)

Alua Capital Management LP bought a new position in Carpenter Technology Co. (NYSE:CRS - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The fund bought 123,662 shares of the basic materials company's stock, valued at approximately $20,987,000. Carpenter Technology accounts for 1.3% of Alua Capital Management LP's investment portfolio, making the stock its 17th biggest position. Alua Capital Management LP owned about 0.25% of Carpenter Technology at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. FMR LLC increased its stake in Carpenter Technology by 28.3% in the fourth quarter. FMR LLC now owns 4,444,608 shares of the basic materials company's stock worth $754,295,000 after purchasing an additional 979,313 shares during the period. Invesco Ltd. increased its stake in Carpenter Technology by 30.3% in the 4th quarter. Invesco Ltd. now owns 1,537,235 shares of the basic materials company's stock worth $260,884,000 after buying an additional 357,417 shares during the period. Geode Capital Management LLC lifted its holdings in Carpenter Technology by 3.5% during the 4th quarter. Geode Capital Management LLC now owns 1,138,615 shares of the basic materials company's stock valued at $193,279,000 after buying an additional 38,411 shares in the last quarter. Third Point LLC boosted its position in Carpenter Technology by 31.8% in the 4th quarter. Third Point LLC now owns 870,000 shares of the basic materials company's stock valued at $147,648,000 after buying an additional 210,000 shares during the period. Finally, Northern Trust Corp increased its position in shares of Carpenter Technology by 21.0% during the fourth quarter. Northern Trust Corp now owns 679,343 shares of the basic materials company's stock worth $115,291,000 after acquiring an additional 117,759 shares during the period. Hedge funds and other institutional investors own 92.03% of the company's stock.

Carpenter Technology Stock Up 1.1 %

Carpenter Technology stock traded up $2.40 during midday trading on Thursday, reaching $211.47. The company's stock had a trading volume of 494,805 shares, compared to its average volume of 745,777. Carpenter Technology Co. has a 52-week low of $95.17 and a 52-week high of $215.53. The stock has a market capitalization of $10.53 billion, a P/E ratio of 39.90, a PEG ratio of 0.93 and a beta of 1.33. The company has a debt-to-equity ratio of 0.40, a current ratio of 3.80 and a quick ratio of 1.92. The stock's 50-day simple moving average is $183.74 and its 200-day simple moving average is $184.10.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its earnings results on Thursday, April 24th. The basic materials company reported $1.88 earnings per share for the quarter, topping the consensus estimate of $1.74 by $0.14. The company had revenue of $727.00 million for 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%. Carpenter Technology's revenue was up 6.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.19 EPS. On average, sell-side analysts expect that Carpenter Technology Co. will post 6.83 EPS for the current year.

Carpenter Technology declared that its Board of Directors has initiated a share buyback plan on Thursday, April 24th that authorizes the company to repurchase $400.00 million in shares. This repurchase authorization authorizes the basic materials company to purchase up to 4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's management believes its stock is undervalued.

Carpenter Technology Dividend Announcement

The company 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 $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.38%. The ex-dividend date of this dividend is Tuesday, April 22nd. Carpenter Technology's payout ratio is 11.33%.

Insider Buying and Selling

In other Carpenter Technology news, Director I Martin Inglis sold 3,433 shares of the stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $197.66, for a total transaction of $678,566.78. Following the sale, the director now directly owns 6,732 shares of the company's stock, valued at approximately $1,330,647.12. This trade represents a 33.77 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 2.90% of the company's stock.

Analysts Set New Price Targets

CRS has been the topic of several research analyst reports. JPMorgan Chase & Co. increased 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. BTIG Research set a $230.00 price objective on Carpenter Technology in a report on Friday, January 31st. Finally, Northcoast Research upgraded shares of Carpenter Technology from a "sell" rating to a "neutral" rating in a report on Wednesday, April 9th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, Carpenter Technology currently 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.