XTX Topco Ltd Acquires New Stake in Carpenter Technology Corporation (NYSE:CRS)

Key Points

• XTX Topco Ltd has acquired a new stake in Carpenter Technology Corporation, purchasing 6,701 shares valued at approximately $1,214,000 in the first quarter of this year.
• Carpenter Technology reported quarterly earnings of $2.21 per share, surpassing analysts' estimates of $2.03, although its revenue of $755.60 million was below expectations.
• The company's Board of Directors has authorized a $400 million stock repurchase plan, signaling confidence in its stock's value.

XTX Topco Ltd purchased a new stake in Carpenter Technology Corporation (NYSE:CRS - Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 6,701 shares of the basic materials company's stock, valued at approximately $1,214,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CRS. M&T Bank Corp grew its holdings in Carpenter Technology by 3.9% during the first quarter. M&T Bank Corp now owns 1,541 shares of the basic materials company's stock worth $279,000 after acquiring an additional 58 shares during the period. Versant Capital Management Inc grew its holdings in Carpenter Technology by 27.3% in the first quarter. Versant Capital Management Inc now owns 359 shares of the basic materials company's stock valued at $65,000 after purchasing an additional 77 shares during the period. Bessemer Group Inc. grew its holdings in Carpenter Technology by 50.3% in the first quarter. Bessemer Group Inc. now owns 230 shares of the basic materials company's stock valued at $42,000 after purchasing an additional 77 shares during the period. Fifth Third Bancorp grew its holdings in Carpenter Technology by 13.6% in the first quarter. Fifth Third Bancorp now owns 651 shares of the basic materials company's stock valued at $118,000 after purchasing an additional 78 shares during the period. Finally, Mission Wealth Management LP grew its holdings in Carpenter Technology by 4.0% in the first quarter. Mission Wealth Management LP now owns 2,008 shares of the basic materials company's stock valued at $364,000 after purchasing an additional 78 shares during the period. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Carpenter Technology news, Director Anastasios John Hart sold 1,000 shares of the business's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $243.72, for a total transaction of $243,720.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 2.90% of the company's stock.

Carpenter Technology Price Performance

Shares of NYSE:CRS traded up $8.48 during trading on Friday, reaching $257.87. The stock had a trading volume of 1,944,894 shares, compared to its average volume of 851,062. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.89 and a current ratio of 3.65. The business has a fifty day moving average price of $262.86 and a 200-day moving average price of $218.06. The stock has a market cap of $12.84 billion, a PE ratio of 34.75, a PEG ratio of 0.85 and a beta of 1.44. Carpenter Technology Corporation has a 1-year low of $119.69 and a 1-year high of $290.84.

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

Carpenter Technology announced that its board has approved a share buyback plan on Thursday, April 24th that allows the company to repurchase $400.00 million in outstanding shares. This repurchase authorization allows the basic materials company to buy up to 4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's leadership believes its shares are undervalued.

Analysts Set New Price Targets

Several analysts have commented on the company. Cowen reissued a "buy" rating on shares of Carpenter Technology in a report on Thursday, June 12th. Northcoast Research raised Carpenter Technology from a "sell" rating to a "neutral" rating in a research note on Wednesday, April 9th. JPMorgan Chase & Co. lifted their price target on Carpenter Technology from $245.00 to $305.00 and gave the stock an "overweight" rating in a research note on Tuesday, June 17th. Finally, Benchmark lifted their price target on Carpenter Technology from $250.00 to $300.00 and gave the stock a "buy" rating in a research note on Monday, June 9th.

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.