Squarepoint Ops LLC Takes Position in Carpenter Technology Co. (NYSE:CRS)

Squarepoint Ops LLC acquired a new position in Carpenter Technology Co. (NYSE:CRS - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 118,444 shares of the basic materials company's stock, valued at approximately $20,101,000. Squarepoint Ops LLC owned 0.24% of Carpenter Technology as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of CRS. Kestra Investment Management LLC purchased a new stake in Carpenter Technology in the 4th quarter worth approximately $25,000. CIBC Private Wealth Group LLC raised its position in shares of Carpenter Technology by 109.5% in the 4th quarter. CIBC Private Wealth Group LLC now owns 243 shares of the basic materials company's stock worth $45,000 after acquiring an additional 127 shares in the last quarter. UMB Bank n.a. raised its position in shares of Carpenter Technology by 169.0% in the 4th quarter. UMB Bank n.a. now owns 304 shares of the basic materials company's stock worth $52,000 after acquiring an additional 191 shares in the last quarter. Fifth Third Bancorp raised its position in shares of Carpenter Technology by 23.5% in the 4th quarter. Fifth Third Bancorp now owns 573 shares of the basic materials company's stock worth $97,000 after acquiring an additional 109 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its position in shares of Carpenter Technology by 11.9% in the 4th quarter. EverSource Wealth Advisors LLC now owns 669 shares of the basic materials company's stock worth $114,000 after acquiring an additional 71 shares in the last quarter. Hedge funds and other institutional investors own 92.03% of the company's stock.

Insider Buying and Selling

In related news, Director I Martin Inglis sold 3,433 shares of Carpenter Technology 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 directly owns 6,732 shares in the company, valued at approximately $1,330,647.12. The trade was 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 accessible through the SEC website. 2.90% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. 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 report on Monday, April 28th. BTIG Research set a $230.00 target price on Carpenter Technology in a research report on Friday, January 31st. Finally, Northcoast Research raised Carpenter Technology from a "sell" rating to a "neutral" rating in a research report on Wednesday, April 9th. One investment analyst has rated the stock with a hold rating and five 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 $168.00.

Carpenter Technology Stock Up 2.5%

NYSE:CRS traded up $5.87 during trading hours on Tuesday, reaching $236.03. 156,691 shares of the company traded hands, compared to its average volume of 861,231. The business's 50-day moving average price is $193.94 and its two-hundred day moving average price is $190.32. The stock has a market capitalization of $11.75 billion, a P/E ratio of 44.54, a P/E/G ratio of 0.93 and a beta of 1.33. Carpenter Technology Co. has a 1 year low of $95.17 and a 1 year high of $236.59. The company has a current ratio of 3.80, a quick ratio of 1.92 and a debt-to-equity ratio of 0.40.

Carpenter Technology (NYSE:CRS - Get Free Report) last posted its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.88 earnings per share for the quarter, topping the consensus estimate of $1.74 by $0.14. The firm had revenue of $727.00 million during the quarter, compared to analysts' expectations of $729.67 million. Carpenter Technology had a return on equity of 19.88% and a net margin of 9.34%. The company's revenue was up 6.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.19 earnings per share. Analysts predict that Carpenter Technology Co. will post 6.83 earnings per share for the current year.

Carpenter Technology announced that its board has approved a share 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 stock through open market purchases. Stock repurchase programs are usually a sign that the company's management believes its shares are undervalued.

Carpenter Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Tuesday, April 22nd will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.34%. The ex-dividend date is Tuesday, April 22nd. Carpenter Technology's payout ratio is currently 11.33%.

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.