Point72 Asset Management L.P. Makes New Investment in Carpenter Technology Co. (NYSE:CRS)

Point72 Asset Management L.P. purchased a new stake in shares of Carpenter Technology Co. (NYSE:CRS - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 70,548 shares of the basic materials company's stock, valued at approximately $11,973,000. Point72 Asset Management L.P. owned about 0.14% of Carpenter Technology as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently bought and sold shares of CRS. Kestra Investment Management LLC acquired a new stake in shares of Carpenter Technology in the fourth quarter valued at approximately $25,000. CIBC Private Wealth Group LLC lifted its position in shares of Carpenter Technology by 109.5% in the fourth quarter. CIBC Private Wealth Group LLC now owns 243 shares of the basic materials company's stock valued at $45,000 after buying an additional 127 shares during the last quarter. UMB Bank n.a. lifted its position in shares of Carpenter Technology by 169.0% in the fourth quarter. UMB Bank n.a. now owns 304 shares of the basic materials company's stock valued at $52,000 after buying an additional 191 shares during the last quarter. Fifth Third Bancorp lifted its position 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 buying an additional 109 shares during the last quarter. Finally, EverSource Wealth Advisors LLC lifted its position 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 buying an additional 71 shares during the last quarter. 92.03% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Carpenter Technology news, Director I Martin Inglis sold 3,433 shares of the firm's stock in a transaction 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 $1,330,647.12. This trade represents a 33.77% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 2.90% of the company's stock.

Carpenter Technology Stock Performance

Shares of NYSE CRS traded up $4.23 during trading hours on Friday, reaching $230.23. 886,496 shares of the stock were exchanged, compared to its average volume of 763,109. The firm has a market capitalization of $11.46 billion, a price-to-earnings ratio of 43.44, a P/E/G ratio of 0.93 and a beta of 1.33. 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 Co. has a 52 week low of $95.17 and a 52 week high of $236.59. The stock's fifty day simple moving average is $193.16 and its 200 day simple moving average is $189.85.

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, topping analysts' consensus estimates of $1.74 by $0.14. The company 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%. The firm's quarterly revenue was up 6.1% compared to the same quarter last year. During the same quarter last year, the company earned $1.19 earnings per share. Sell-side analysts predict that Carpenter Technology Co. will post 6.83 EPS for the current year.

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

Carpenter Technology Announces Dividend

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

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on CRS shares. BTIG Research set a $230.00 price objective on Carpenter Technology in a research report on Friday, January 31st. Northcoast Research raised Carpenter Technology from a "sell" rating to a "neutral" rating in a research report on Wednesday, April 9th. Finally, JPMorgan Chase & Co. increased their target price on Carpenter Technology from $240.00 to $245.00 and gave the stock an "overweight" rating in a research note on Monday, April 28th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $168.00.

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.