Highland Capital Management LLC Takes Position in Carpenter Technology Corporation (NYSE:CRS)

Highland Capital Management LLC bought a new stake in Carpenter Technology Corporation (NYSE:CRS - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 1,411 shares of the basic materials company's stock, valued at approximately $256,000.

Other institutional investors also recently made changes to their positions in the company. FMR LLC raised its holdings in Carpenter Technology by 28.3% in the fourth quarter. FMR LLC now owns 4,444,608 shares of the basic materials company's stock valued at $754,295,000 after acquiring an additional 979,313 shares in the last quarter. SurgoCap Partners LP raised its stake in shares of 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 purchasing an additional 779,357 shares in the last quarter. Norges Bank bought a new position in shares of Carpenter Technology during the fourth quarter worth about $100,505,000. GAMMA Investing LLC grew its stake in Carpenter Technology by 19,404.3% in the first quarter. GAMMA Investing LLC now owns 479,221 shares of the basic materials company's stock worth $86,825,000 after purchasing an additional 476,764 shares in the last quarter. Finally, Freestone Grove Partners LP bought a new stake in Carpenter Technology in the fourth quarter valued at about $69,285,000. 92.03% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have commented on CRS shares. Cowen reaffirmed a "buy" rating on shares of Carpenter Technology in a report on Thursday, June 12th. JPMorgan Chase & Co. upped their price target on Carpenter Technology from $245.00 to $305.00 and gave the company an "overweight" rating in a research report on Tuesday, June 17th. Northcoast Research upgraded Carpenter Technology from a "sell" rating to a "neutral" rating in a research note on Wednesday, April 9th. Finally, Benchmark boosted their target price on shares of Carpenter Technology from $250.00 to $300.00 and gave the company a "buy" rating in a research note on Monday, June 9th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $278.33.

Carpenter Technology Price Performance

CRS traded up $4.83 on Thursday, reaching $279.88. The company had a trading volume of 626,250 shares, compared to its average volume of 802,679. The company has a market capitalization of $13.93 billion, a P/E ratio of 39.64, a PEG ratio of 0.91 and a beta of 1.39. 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 company has a fifty day moving average of $236.16 and a 200-day moving average of $202.83. Carpenter Technology Corporation has a one year low of $104.02 and a one year high of $283.01.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.88 earnings per share for the quarter, beating the consensus estimate of $1.74 by $0.14. Carpenter Technology had a return on equity of 21.16% and a net margin of 12.26%. The business had revenue of $727.00 million during the quarter, compared to analyst estimates of $729.67 million. During the same quarter in the prior year, the firm posted $1.19 earnings per share. The company's revenue was up 6.1% on a year-over-year basis. As a group, equities research 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 paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.29%. The ex-dividend date was Tuesday, April 22nd. Carpenter Technology's dividend payout ratio is presently 11.33%.

Carpenter Technology declared that its Board of Directors has authorized a stock repurchase program 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 repurchase up to 4% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's board of directors believes its stock is undervalued.

Insider Activity

In other news, Director I Martin Inglis sold 3,433 shares of the stock in a transaction on Tuesday, April 29th. The stock was sold at an average price of $197.66, for a total value of $678,566.78. Following the completion of the sale, the director owned 6,732 shares in the company, valued at $1,330,647.12. This represents a 33.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Anastasios John Hart sold 1,000 shares of the company's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $243.72, for a total value of $243,720.00. The disclosure for this sale can be found here. Company insiders own 2.90% of the company's stock.

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.