Mezzasalma Advisors LLC Takes $1.86 Million Position in Carpenter Technology Corporation (NYSE:CRS)

Mezzasalma Advisors LLC acquired a new stake in Carpenter Technology Corporation (NYSE:CRS - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 10,282 shares of the basic materials company's stock, valued at approximately $1,863,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in CRS. EverSource Wealth Advisors LLC grew its position in Carpenter Technology by 11.9% during the fourth quarter. EverSource Wealth Advisors LLC now owns 669 shares of the basic materials company's stock valued at $114,000 after acquiring an additional 71 shares during the period. Versant Capital Management Inc grew its position in Carpenter Technology by 27.3% during the first quarter. Versant Capital Management Inc now owns 359 shares of the basic materials company's stock valued at $65,000 after acquiring an additional 77 shares during the period. CIBC Asset Management Inc grew its position in Carpenter Technology by 5.4% during the fourth quarter. CIBC Asset Management Inc now owns 1,521 shares of the basic materials company's stock valued at $258,000 after acquiring an additional 78 shares during the period. Mission Wealth Management LP grew its position in Carpenter Technology by 4.0% during the first quarter. Mission Wealth Management LP now owns 2,008 shares of the basic materials company's stock valued at $364,000 after acquiring an additional 78 shares during the period. Finally, Fifth Third Bancorp grew its position in Carpenter Technology by 13.6% during the first quarter. Fifth Third Bancorp now owns 651 shares of the basic materials company's stock valued at $118,000 after acquiring an additional 78 shares during the period. Hedge funds and other institutional investors own 92.03% of the company's stock.

Carpenter Technology Stock Up 0.9%

Shares of CRS traded up $2.22 during midday trading on Friday, reaching $253.19. 1,147,959 shares of the company were exchanged, compared to its average volume of 777,695. The stock has a 50-day moving average price of $220.82 and a 200-day moving average price of $198.15. The company has a market cap of $12.60 billion, a price-to-earnings ratio of 35.86, a P/E/G ratio of 1.06 and a beta of 1.37. Carpenter Technology Corporation has a 1-year low of $97.84 and a 1-year high of $256.52. The company has a current ratio of 3.75, a quick ratio of 1.89 and a debt-to-equity ratio of 0.39.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its quarterly 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. 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 for the quarter, compared to analysts' expectations of $729.67 million. During the same quarter in the previous year, the firm posted $1.19 earnings per share. The company's revenue was up 6.1% compared to the same quarter last year. Research analysts expect that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

Carpenter Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Tuesday, April 22nd were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.32%. The ex-dividend date was 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 plan on Thursday, April 24th that permits the company to buyback $400.00 million in shares. This buyback authorization permits the basic materials company to purchase up to 4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's board believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. JPMorgan Chase & Co. boosted 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. Cowen restated a "buy" rating on shares of Carpenter Technology in a research note on Thursday, June 12th. Benchmark boosted their price objective on Carpenter Technology from $250.00 to $300.00 and gave the stock a "buy" rating in a research note on Monday, June 9th. Finally, Northcoast Research upgraded Carpenter Technology from a "sell" rating to a "neutral" rating in a research note on Wednesday, April 9th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $244.75.

Insider Buying and Selling

In other news, Director I Martin Inglis sold 3,433 shares of the company's 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 completion of the transaction, the director now directly owns 6,732 shares of the company's stock, valued at approximately $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 can be accessed through the SEC website. Also, Director Anastasios John Hart sold 1,000 shares of the stock in a transaction that occurred on Thursday, June 12th. The stock was 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. Insiders own 2.90% of the company's stock.

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.