Calamos Advisors LLC increased its position in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 63.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,192 shares of the basic materials company's stock after buying an additional 3,553 shares during the period. Calamos Advisors LLC's holdings in Carpenter Technology were worth $1,665,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. FMR LLC boosted its stake in Carpenter Technology by 28.3% during the 4th quarter. FMR LLC now owns 4,444,608 shares of the basic materials company's stock valued at $754,295,000 after purchasing an additional 979,313 shares during the last quarter. Invesco Ltd. boosted its position in shares of Carpenter Technology by 30.3% during the fourth quarter. Invesco Ltd. now owns 1,537,235 shares of the basic materials company's stock valued at $260,884,000 after buying an additional 357,417 shares during the last quarter. SurgoCap Partners LP boosted its position in shares of Carpenter Technology by 117.6% during the fourth quarter. SurgoCap Partners LP now owns 1,442,069 shares of the basic materials company's stock valued at $244,734,000 after buying an additional 779,357 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Carpenter Technology by 3.5% during the fourth 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 during the last quarter. Finally, Third Point LLC boosted its holdings in Carpenter Technology by 31.8% during the 4th quarter. Third Point LLC now owns 870,000 shares of the basic materials company's stock worth $147,648,000 after acquiring an additional 210,000 shares during the last quarter. Institutional investors and hedge funds own 92.03% of the company's stock.
Wall Street Analyst Weigh In
Several research firms recently weighed in on CRS. Northcoast Research upgraded shares of Carpenter Technology from a "sell" rating to a "neutral" rating in a report on Wednesday, April 9th. JPMorgan Chase & Co. boosted their target price on Carpenter Technology from $245.00 to $305.00 and gave the stock an "overweight" rating in a research note on Tuesday, June 17th. Cowen restated a "buy" rating on shares of Carpenter Technology in a research note on Thursday, June 12th. Finally, Benchmark boosted their price objective on Carpenter Technology from $250.00 to $300.00 and gave the stock a "buy" rating in a research report on Monday, June 9th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, Carpenter Technology currently has a consensus rating of "Moderate Buy" and an average price target of $278.33.
Check Out Our Latest Research Report on CRS
Insiders Place Their Bets
In other news, Director I Martin Inglis sold 3,433 shares of the company's stock in a transaction 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 transaction, the director owned 6,732 shares of the company's stock, valued at $1,330,647.12. This represents a 33.77% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Anastasios John Hart sold 1,000 shares of the company's stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $243.72, for a total transaction of $243,720.00. The disclosure for this sale can be found here. 2.90% of the stock is owned by corporate insiders.
Carpenter Technology Stock Performance
Shares of NYSE:CRS traded down $10.81 during midday trading on Tuesday, reaching $269.92. The company had a trading volume of 192,233 shares, compared to its average volume of 919,476. The company has a current ratio of 3.75, a quick ratio of 1.89 and a debt-to-equity ratio of 0.39. The stock has a market cap of $13.44 billion, a P/E ratio of 38.23, a P/E/G ratio of 0.94 and a beta of 1.39. Carpenter Technology Corporation has a 52-week low of $106.03 and a 52-week high of $282.99. The company's 50 day moving average price is $241.04 and its 200 day moving average price is $205.58.
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, beating analysts' consensus estimates of $1.74 by $0.14. Carpenter Technology had a net margin of 12.26% and a return on equity of 21.16%. The firm had revenue of $727.00 million for 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 quarterly revenue was up 6.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Carpenter Technology Corporation will post 6.83 EPS for the current fiscal year.
Carpenter Technology Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Tuesday, April 22nd were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, April 22nd. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.30%. Carpenter Technology's dividend payout ratio is presently 11.33%.
Carpenter Technology announced that its board has initiated a stock repurchase program on Thursday, April 24th that authorizes the company to buyback $400.00 million in outstanding shares. This buyback authorization authorizes the basic materials company to reacquire up to 4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's board of directors believes its stock is undervalued.
About Carpenter Technology
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Free Report)
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.
Further Reading
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