BW Gestao de Investimentos Ltda. Takes $2.38 Million Position in Carpenter Technology Co. (NYSE:CRS)

BW Gestao de Investimentos Ltda. acquired a new position in Carpenter Technology Co. (NYSE:CRS - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 14,000 shares of the basic materials company's stock, valued at approximately $2,376,000.

Several other institutional investors have also recently made changes to their positions in CRS. BNP Paribas Financial Markets boosted its stake in Carpenter Technology by 65.5% in the 4th quarter. BNP Paribas Financial Markets now owns 56,154 shares of the basic materials company's stock worth $9,530,000 after purchasing an additional 22,230 shares during the period. Alua Capital Management LP bought a new position in shares of Carpenter Technology during the fourth quarter worth $20,987,000. Aristeia Capital L.L.C. purchased a new position in Carpenter Technology during the fourth quarter valued at $602,000. Mercer Global Advisors Inc. ADV bought a new stake in Carpenter Technology in the 4th quarter valued at $212,000. Finally, Third Point LLC lifted its stake 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 worth $147,648,000 after purchasing an additional 210,000 shares in the last quarter. Hedge funds and other institutional investors own 92.03% of the company's stock.

Insider Activity at Carpenter Technology

In related news, Director I Martin Inglis sold 3,433 shares of Carpenter Technology stock in a transaction dated Tuesday, April 29th. The shares were 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 owns 6,732 shares in the company, valued at $1,330,647.12. This trade represents a 33.77 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 2.90% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

CRS has been the subject of a number of research analyst reports. JPMorgan Chase & Co. raised their price objective on Carpenter Technology from $240.00 to $245.00 and gave the company 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 shares of 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 stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $168.00.

Carpenter Technology Trading Up 1.0 %

CRS traded up $2.14 during trading on Friday, reaching $211.32. The company had a trading volume of 453,811 shares, compared to its average volume of 746,400. The company has a quick ratio of 1.92, a current ratio of 3.80 and a debt-to-equity ratio of 0.40. Carpenter Technology Co. has a 52 week low of $95.17 and a 52 week high of $215.96. The stock has a market cap of $10.52 billion, a P/E ratio of 39.87, a PEG ratio of 0.93 and a beta of 1.33. The business has a 50 day simple moving average of $183.79 and a 200-day simple moving average of $184.45.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.88 EPS for the quarter, topping 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 EPS. The firm's revenue for the quarter was up 6.1% compared to the same quarter last year. On average, equities analysts anticipate that Carpenter Technology Co. will post 6.83 EPS for the current fiscal year.

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

Carpenter Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Tuesday, April 22nd will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.38%. The ex-dividend date of this dividend is Tuesday, April 22nd. Carpenter Technology's dividend payout ratio is currently 11.33%.

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.