Gotham Asset Management LLC Grows Stock Position in Carpenter Technology Co. (NYSE:CRS)

Gotham Asset Management LLC boosted its holdings in shares of Carpenter Technology Co. (NYSE:CRS - Free Report) by 54.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,493 shares of the basic materials company's stock after buying an additional 1,591 shares during the period. Gotham Asset Management LLC's holdings in Carpenter Technology were worth $763,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Stratos Wealth Partners LTD. increased its holdings in shares of Carpenter Technology by 2.7% in the fourth quarter. Stratos Wealth Partners LTD. now owns 2,415 shares of the basic materials company's stock valued at $410,000 after purchasing an additional 63 shares during the period. EverSource Wealth Advisors LLC increased its holdings in shares of Carpenter Technology by 11.9% in the fourth quarter. EverSource Wealth Advisors LLC now owns 669 shares of the basic materials company's stock valued at $114,000 after purchasing an additional 71 shares during the period. CIBC Asset Management Inc increased its holdings in shares of Carpenter Technology by 5.4% in the fourth quarter. CIBC Asset Management Inc now owns 1,521 shares of the basic materials company's stock valued at $258,000 after purchasing an additional 78 shares during the period. EP Wealth Advisors LLC increased its holdings in shares of Carpenter Technology by 4.6% in the fourth quarter. EP Wealth Advisors LLC now owns 2,168 shares of the basic materials company's stock valued at $368,000 after purchasing an additional 95 shares during the period. Finally, Fifth Third Bancorp increased its holdings in shares of Carpenter Technology by 23.5% in the fourth quarter. Fifth Third Bancorp now owns 573 shares of the basic materials company's stock valued at $97,000 after purchasing an additional 109 shares during the period. 92.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. JPMorgan Chase & Co. increased their price objective on Carpenter Technology from $240.00 to $245.00 and gave the company an "overweight" rating in a 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 raised Carpenter Technology from a "sell" rating to a "neutral" rating in a 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 company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $168.00.

Carpenter Technology Stock Performance

Carpenter Technology stock traded up $4.23 during midday trading on Friday, hitting $230.23. 886,496 shares of the company were exchanged, compared to its average volume of 763,109. The firm has a market capitalization of $11.46 billion, a PE ratio of 43.44, a price-to-earnings-growth ratio of 0.93 and a beta of 1.33. Carpenter Technology Co. has a fifty-two week low of $95.17 and a fifty-two week high of $236.59. The business has a fifty day simple moving average of $193.16 and a two-hundred day simple moving average of $189.85. 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 posted its earnings results on Thursday, April 24th. The basic materials company reported $1.88 EPS for the quarter, topping the consensus estimate of $1.74 by $0.14. The firm had revenue of $727.00 million for the quarter, compared to analyst estimates of $729.67 million. Carpenter Technology had a return on equity of 19.88% and a net margin of 9.34%. Carpenter Technology's revenue for the quarter was up 6.1% compared to the same quarter last year. During the same period last year, the company earned $1.19 earnings per share. On average, sell-side analysts forecast that Carpenter Technology Co. will post 6.83 earnings per share for the current year.

Carpenter Technology Announces Dividend

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

Carpenter Technology declared that its Board of Directors has initiated a share repurchase 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 typically a sign that the company's management believes its stock is undervalued.

Insider Buying and Selling

In other Carpenter Technology news, Director I Martin Inglis sold 3,433 shares of the stock in a transaction that occurred 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 now owns 6,732 shares in the company, valued at approximately $1,330,647.12. This represents a 33.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.90% of the stock is owned by corporate insiders.

About Carpenter Technology

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.