Aquatic Capital Management LLC Makes New $1.19 Million Investment in Carpenter Technology Co. (NYSE:CRS)

Aquatic Capital Management LLC bought a new position in shares of Carpenter Technology Co. (NYSE:CRS - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 7,005 shares of the basic materials company's stock, valued at approximately $1,189,000.

Other hedge funds have also added to or reduced their stakes in the company. Kestra Investment Management LLC acquired a new stake in shares of Carpenter Technology during the 4th quarter worth approximately $25,000. CIBC Private Wealth Group LLC grew its holdings in Carpenter Technology by 109.5% in 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. grew its holdings 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 purchasing an additional 191 shares during the period. Wilmington Savings Fund Society FSB bought a new stake in Carpenter Technology in the third quarter valued at $80,000. Finally, Morse Asset Management Inc acquired a new position in shares of Carpenter Technology during the third quarter valued at about $84,000. 92.03% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, Director I Martin Inglis sold 3,433 shares of the stock in a transaction that occurred on Tuesday, April 29th. The stock was sold at an average price of $197.66, for a total transaction of $678,566.78. Following the completion of 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 2.90% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently commented on CRS shares. JPMorgan Chase & Co. boosted 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. Northcoast Research upgraded 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 Carpenter Technology in a report on Friday, January 31st. One analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $168.00.

Carpenter Technology Stock Down 0.0 %

Shares of NYSE:CRS traded down $0.09 during mid-day trading on Monday, hitting $212.92. 155,772 shares of the company traded hands, compared to its average volume of 867,447. The stock has a 50-day moving average price of $183.27 and a two-hundred day moving average price of $183.39. Carpenter Technology Co. has a 12-month low of $95.17 and a 12-month high of $215.25. The stock has a market cap of $10.60 billion, a P/E ratio of 40.19, a P/E/G 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 (NYSE:CRS - Get Free Report) last posted its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.88 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.74 by $0.14. The firm 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%. The business's revenue for the quarter was up 6.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.19 EPS. On average, equities research analysts forecast that Carpenter Technology Co. will post 6.83 earnings per share for the current year.

Carpenter Technology declared that its Board of Directors has initiated a share repurchase plan on Thursday, April 24th that allows the company to repurchase $400.00 million in shares. This repurchase authorization allows the basic materials company to buy up to 4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board of directors believes its shares are undervalued.

Carpenter Technology Dividend Announcement

The company also recently disclosed 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 of this dividend 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%.

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.