Invesco Ltd. Acquires 570,441 Shares of Carpenter Technology Corporation (NYSE:CRS)

Key Points

• Invesco Ltd. has increased its stake in Carpenter Technology Corporation by 37.1%, now owning approximately 4.23% of the company, valued at $381.87 million.
• Several institutional investors are becoming increasingly involved, with hedge funds owning a total of 92.03% of Carpenter Technology's shares.
• Carpenter Technology recently announced a $400 million stock buyback plan as part of its efforts to enhance shareholder value.

Invesco Ltd. grew its stake in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 37.1% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,107,676 shares of the basic materials company's stock after purchasing an additional 570,441 shares during the quarter. Invesco Ltd. owned approximately 4.23% of Carpenter Technology worth $381,869,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Wells Fargo & Company MN lifted its holdings in Carpenter Technology by 37.4% during the fourth quarter. Wells Fargo & Company MN now owns 46,454 shares of the basic materials company's stock worth $7,884,000 after acquiring an additional 12,643 shares during the period. Federated Hermes Inc. bought a new stake in Carpenter Technology during the fourth quarter worth $796,000. Raymond James Financial Inc. bought a new stake in Carpenter Technology during the fourth quarter worth $18,731,000. Summit Investment Advisors Inc. lifted its holdings in Carpenter Technology by 215.1% during the fourth quarter. Summit Investment Advisors Inc. now owns 14,914 shares of the basic materials company's stock worth $2,531,000 after acquiring an additional 10,181 shares during the period. Finally, Barclays PLC lifted its holdings in Carpenter Technology by 15.9% during the fourth quarter. Barclays PLC now owns 117,877 shares of the basic materials company's stock worth $20,004,000 after acquiring an additional 16,132 shares during the period. Institutional investors own 92.03% of the company's stock.

Carpenter Technology Price Performance

NYSE:CRS traded down $3.76 during trading hours on Thursday, hitting $246.42. 514,875 shares of the company's stock traded hands, compared to its average volume of 919,309. The firm has a market cap of $12.27 billion, a P/E ratio of 33.21, a P/E/G ratio of 1.19 and a beta of 1.44. Carpenter Technology Corporation has a 52 week low of $129.57 and a 52 week high of $290.84. The business's fifty day simple moving average is $265.19 and its two-hundred day simple moving average is $220.47. The company has a quick ratio of 2.01, a current ratio of 3.65 and a debt-to-equity ratio of 0.37.

Carpenter Technology (NYSE:CRS - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The basic materials company reported $2.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.03 by $0.18. The company had revenue of $755.60 million during the quarter, compared to analyst estimates of $790.73 million. Carpenter Technology had a return on equity of 21.50% and a net margin of 13.07%. The firm's quarterly revenue was down 5.4% on a year-over-year basis. During the same quarter last year, the company earned $1.82 earnings per share. On average, research analysts anticipate that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Tuesday, August 26th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.3%. Carpenter Technology's dividend payout ratio (DPR) is currently 10.78%.

Carpenter Technology declared that its board has initiated a share repurchase 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 reacquire up to 4% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's management believes its shares are undervalued.

Analysts Set New Price Targets

A number of analysts have issued reports on CRS shares. BTIG Research reissued a "buy" rating on shares of Carpenter Technology in a research report on Monday, August 4th. JPMorgan Chase & Co. raised their target price on Carpenter Technology from $245.00 to $305.00 and gave the stock an "overweight" rating in a research report on Tuesday, June 17th. Benchmark raised their target price on Carpenter Technology from $250.00 to $300.00 and gave the stock a "buy" rating in a research report on Monday, June 9th. Finally, Cowen reiterated a "buy" rating on shares of Carpenter Technology in a research report on Thursday, June 12th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $278.33.

Insider Transactions at Carpenter Technology

In other Carpenter Technology news, Director Anastasios John Hart sold 1,000 shares of Carpenter Technology stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $243.72, for a total transaction of $243,720.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 2.90% of the stock is currently owned by company insiders.

Carpenter Technology Company 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.