Oppenheimer & Co. Inc. Invests $678,000 in Carpenter Technology Corporation (NYSE:CRS)

Oppenheimer & Co. Inc. bought a new position in Carpenter Technology Corporation (NYSE:CRS - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 3,740 shares of the basic materials company's stock, valued at approximately $678,000.

Several other hedge funds and other institutional investors have also modified their holdings of the business. FMR LLC raised its holdings in Carpenter Technology by 28.3% during the fourth quarter. FMR LLC now owns 4,444,608 shares of the basic materials company's stock valued at $754,295,000 after buying an additional 979,313 shares in the last quarter. Invesco Ltd. raised its holdings 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 valued at $260,884,000 after acquiring an additional 357,417 shares in the last quarter. SurgoCap Partners LP raised its holdings in Carpenter Technology by 117.6% in the 4th quarter. SurgoCap Partners LP now owns 1,442,069 shares of the basic materials company's stock valued at $244,734,000 after acquiring an additional 779,357 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Carpenter Technology by 3.5% in the 4th quarter. Geode Capital Management LLC now owns 1,138,615 shares of the basic materials company's stock worth $193,279,000 after buying an additional 38,411 shares in the last quarter. Finally, Third Point LLC raised its holdings in shares of 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 buying an additional 210,000 shares in the last quarter. Institutional investors and hedge funds own 92.03% of the company's stock.

Analysts Set New Price Targets

CRS has been the subject of a number of recent research reports. JPMorgan Chase & Co. increased their target price on Carpenter Technology from $245.00 to $305.00 and gave the stock an "overweight" rating in a report on Tuesday, June 17th. Benchmark raised their price target on Carpenter Technology from $250.00 to $300.00 and gave the company a "buy" rating in a report on Monday, June 9th. Cowen reaffirmed a "buy" rating on shares of Carpenter Technology in a report on Thursday, June 12th. Finally, Northcoast Research raised 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 four have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $278.33.

Carpenter Technology Price Performance

CRS stock traded up $4.83 during midday trading on Friday, reaching $279.88. 626,250 shares of the company's stock traded hands, compared to its average volume of 804,777. The company has a 50-day simple moving average of $239.41 and a two-hundred day simple moving average of $204.29. Carpenter Technology Corporation has a 1-year low of $104.02 and a 1-year high of $282.99. The company has a market cap of $13.93 billion, a price-to-earnings ratio of 39.64, a PEG ratio of 0.94 and a beta of 1.39. The company has a quick ratio of 1.89, a current ratio of 3.75 and a debt-to-equity ratio of 0.39.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.88 earnings per share for the quarter, beating analysts' consensus estimates of $1.74 by $0.14. The firm had revenue of $727.00 million during the quarter, compared to analysts' expectations of $729.67 million. Carpenter Technology had a return on equity of 21.16% and a net margin of 12.26%. The business's revenue was up 6.1% on a year-over-year basis. During the same period last year, the firm posted $1.19 EPS. On average, analysts anticipate that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

Carpenter Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Tuesday, April 22nd were given a $0.20 dividend. The ex-dividend date was Tuesday, April 22nd. This represents a $0.80 dividend on an annualized basis and a yield of 0.29%. Carpenter Technology's payout ratio is 11.33%.

Carpenter Technology declared that its Board of Directors 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 purchase up to 4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board believes its shares are undervalued.

Insiders Place Their Bets

In other Carpenter Technology news, Director Anastasios John Hart sold 1,000 shares of the stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $243.72, for a total value of $243,720.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director I Martin Inglis sold 3,433 shares of the stock in a transaction on Tuesday, April 29th. The shares were sold at an average price of $197.66, for a total value of $678,566.78. Following the completion of the transaction, the director owned 6,732 shares in the company, valued at $1,330,647.12. The trade was a 33.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.90% of the stock is currently owned by company insiders.

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.