Squarepoint Ops LLC Purchases Shares of 118,444 Carpenter Technology Co. (NYSE:CRS)

Squarepoint Ops LLC purchased a new position in shares of Carpenter Technology Co. (NYSE:CRS - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 118,444 shares of the basic materials company's stock, valued at approximately $20,101,000. Squarepoint Ops LLC owned about 0.24% of Carpenter Technology at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of CRS. Kestra Investment Management LLC bought a new stake in shares of Carpenter Technology during the fourth quarter worth approximately $25,000. CIBC Private Wealth Group LLC raised its stake in shares of Carpenter Technology by 109.5% during the fourth quarter. CIBC Private Wealth Group LLC now owns 243 shares of the basic materials company's stock worth $45,000 after buying an additional 127 shares during the last quarter. UMB Bank n.a. increased its stake in 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 purchasing an additional 191 shares in the last quarter. Fifth Third Bancorp increased its stake in 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 purchasing an additional 109 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its stake in 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 purchasing an additional 71 shares in the last quarter. 92.03% of the stock is owned by institutional investors.

Insider Activity

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 shares were sold at an average price of $197.66, for a total value of $678,566.78. Following the completion of the transaction, the director now owns 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 filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 2.90% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on CRS. BTIG Research set a $230.00 target price on shares of Carpenter Technology in a research note on Friday, January 31st. JPMorgan Chase & Co. upped their target price on shares of Carpenter Technology from $240.00 to $245.00 and gave the company an "overweight" rating in a research note on Monday, April 28th. Finally, Northcoast Research raised shares of 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 given a buy rating to the company. Based on data from MarketBeat.com, Carpenter Technology presently has an average rating of "Moderate Buy" and an average target price of $168.00.

Carpenter Technology Stock Up 1.9%

Shares of Carpenter Technology stock traded up $4.23 on Friday, hitting $230.23. The company had a trading volume of 886,496 shares, compared to its average volume of 763,109. The firm has a market capitalization of $11.46 billion, a P/E ratio of 43.44, a P/E/G ratio of 0.93 and a beta of 1.33. Carpenter Technology Co. has a twelve month low of $95.17 and a twelve month high of $236.59. The company has a debt-to-equity ratio of 0.40, a current ratio of 3.80 and a quick ratio of 1.92. The stock has a 50-day moving average of $193.16 and a 200-day moving average of $189.85.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its quarterly earnings results 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. The company had revenue of $727.00 million during the quarter, compared to analysts' expectations of $729.67 million. Carpenter Technology had a net margin of 9.34% and a return on equity of 19.88%. The business's quarterly revenue was up 6.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.19 earnings per share. Research analysts predict that Carpenter Technology Co. will post 6.83 earnings per share for the current year.

Carpenter Technology declared that its Board of Directors has approved a stock buyback program on Thursday, April 24th that allows the company to buyback $400.00 million in shares. This buyback authorization allows the basic materials company to reacquire up to 4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's management believes its stock is undervalued.

Carpenter Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders 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 0.35%. The ex-dividend date of this dividend is Tuesday, April 22nd. Carpenter Technology's dividend payout ratio (DPR) is presently 11.33%.

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.