Carpenter Technology Co. (NYSE:CRS) is SurgoCap Partners LP's 3rd Largest Position

SurgoCap Partners LP raised its position in Carpenter Technology Co. (NYSE:CRS - Free Report) by 117.6% during the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 1,442,069 shares of the basic materials company's stock after acquiring an additional 779,357 shares during the period. Carpenter Technology comprises 12.6% of SurgoCap Partners LP's portfolio, making the stock its 3rd biggest position. SurgoCap Partners LP owned about 2.89% of Carpenter Technology worth $244,734,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the company. Kestra Investment Management LLC acquired a new position in shares of Carpenter Technology during the 4th quarter worth approximately $25,000. CIBC Private Wealth Group LLC lifted its position in shares of Carpenter Technology by 109.5% during the 4th quarter. CIBC Private Wealth Group LLC now owns 243 shares of the basic materials company's stock valued at $45,000 after acquiring an additional 127 shares during the period. UMB Bank n.a. lifted its position in shares of Carpenter Technology by 169.0% during the 4th quarter. UMB Bank n.a. now owns 304 shares of the basic materials company's stock valued at $52,000 after acquiring an additional 191 shares during the period. Fifth Third Bancorp lifted its position in shares of Carpenter Technology by 23.5% during the 4th quarter. Fifth Third Bancorp now owns 573 shares of the basic materials company's stock valued at $97,000 after acquiring an additional 109 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its position in shares of Carpenter Technology by 11.9% during the 4th quarter. EverSource Wealth Advisors LLC now owns 669 shares of the basic materials company's stock worth $114,000 after buying an additional 71 shares during the last quarter. Institutional investors own 92.03% of the company's stock.

Carpenter Technology Stock Down 2.0%

Carpenter Technology stock traded down $4.79 during mid-day trading on Wednesday, reaching $230.36. The stock had a trading volume of 673,480 shares, compared to its average volume of 759,725. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.92 and a current ratio of 3.80. Carpenter Technology Co. has a fifty-two week low of $95.17 and a fifty-two week high of $236.59. The stock's 50-day simple moving average is $190.42 and its 200-day simple moving average is $188.51. The firm has a market capitalization of $11.47 billion, a PE ratio of 43.46, a price-to-earnings-growth ratio of 0.93 and a beta of 1.33.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.88 EPS for the quarter, beating analysts' consensus estimates of $1.74 by $0.14. Carpenter Technology had a return on equity of 19.88% and a net margin of 9.34%. The firm had revenue of $727.00 million during the quarter, compared to analysts' expectations of $729.67 million. During the same quarter last year, the firm posted $1.19 earnings per share. The company's revenue for the quarter was up 6.1% compared to the same quarter last year. On average, sell-side analysts forecast that Carpenter Technology Co. will post 6.83 EPS for the current fiscal year.

Carpenter Technology announced that its board has initiated a share buyback program on Thursday, April 24th that permits the company to repurchase $400.00 million in shares. This repurchase authorization permits the basic materials company to purchase up to 4% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's board of directors believes its stock is undervalued.

Carpenter Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Tuesday, April 22nd will be issued a $0.20 dividend. The ex-dividend date of this dividend is Tuesday, April 22nd. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.35%. Carpenter Technology's dividend payout ratio is presently 11.33%.

Insider Buying and Selling

In related news, Director I Martin Inglis sold 3,433 shares of Carpenter Technology 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 sale, the director now directly owns 6,732 shares in the company, 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. 2.90% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several analysts recently weighed in on CRS shares. JPMorgan Chase & Co. upped their price objective on Carpenter Technology from $240.00 to $245.00 and gave the stock 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 research report on Wednesday, April 9th. Finally, BTIG Research set a $230.00 target price on Carpenter Technology in a research note on Friday, January 31st. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat, Carpenter Technology currently has an average rating of "Moderate Buy" and an average price target of $168.00.

Carpenter Technology 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.