SurgoCap Partners LP Boosts Position in Carpenter Technology Co. (NYSE:CRS)

SurgoCap Partners LP boosted its position in Carpenter Technology Co. (NYSE:CRS - Free Report) by 117.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,442,069 shares of the basic materials company's stock after purchasing an additional 779,357 shares during the quarter. Carpenter Technology makes up 12.6% of SurgoCap Partners LP's portfolio, making the stock its 3rd biggest position. SurgoCap Partners LP owned approximately 2.89% of Carpenter Technology worth $244,734,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Pictet Asset Management Holding SA grew its stake in shares of Carpenter Technology by 14.6% in the 4th quarter. Pictet Asset Management Holding SA now owns 6,865 shares of the basic materials company's stock worth $1,165,000 after buying an additional 877 shares during the last quarter. Manuka Financial LLC purchased a new stake in shares of Carpenter Technology in the fourth quarter worth $368,000. Park Avenue Securities LLC purchased a new stake in shares of Carpenter Technology in the fourth quarter worth $419,000. XML Financial LLC increased its holdings in shares of Carpenter Technology by 215.3% during the fourth quarter. XML Financial LLC now owns 9,460 shares of the basic materials company's stock valued at $1,605,000 after acquiring an additional 6,460 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new position in shares of Carpenter Technology in the 4th quarter worth about $18,731,000. Hedge funds and other institutional investors own 92.03% of the company's stock.

Insider Buying and Selling at Carpenter Technology

In related news, Director I Martin Inglis sold 3,433 shares of the firm's stock in a transaction that occurred 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 transaction, the director now 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 transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 2.90% of the company's stock.

Carpenter Technology Stock Performance

Shares of CRS traded up $4.40 during mid-day trading on Friday, hitting $230.40. 237,511 shares of the company traded hands, compared to its average volume of 861,880. The stock has a market cap of $11.47 billion, a price-to-earnings ratio of 43.47, a P/E/G ratio of 0.93 and a beta of 1.33. The stock has a 50-day moving average price of $192.18 and a two-hundred day moving average price of $189.29. Carpenter Technology Co. has a 1 year low of $95.17 and a 1 year high of $236.59. 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 (NYSE:CRS - Get Free Report) last announced 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. The business had revenue of $727.00 million during the quarter, compared to analyst estimates of $729.67 million. Carpenter Technology had a net margin of 9.34% and a return on equity of 19.88%. The company's quarterly revenue was up 6.1% compared to the same quarter last year. During the same period in the previous year, the business earned $1.19 EPS. Equities analysts anticipate that Carpenter Technology Co. will post 6.83 earnings per share for the current year.

Carpenter Technology declared that its Board of Directors has authorized a stock buyback program on Thursday, April 24th that allows the company to buyback $400.00 million in outstanding shares. This buyback authorization allows the basic materials company to reacquire up to 4% of its stock through open market purchases. Stock buyback programs are often a sign that the company's board of directors believes its stock is undervalued.

Carpenter Technology Dividend Announcement

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

Wall Street Analysts Forecast Growth

CRS has been the subject of a number of analyst reports. Northcoast Research upgraded shares of Carpenter Technology from a "sell" rating to a "neutral" rating in a research note on Wednesday, April 9th. BTIG Research set a $230.00 price objective on shares of Carpenter Technology in a report on Friday, January 31st. Finally, JPMorgan Chase & Co. increased their target price on Carpenter Technology from $240.00 to $245.00 and gave the company an "overweight" rating in a research note on Monday, April 28th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price 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.