Freestone Grove Partners LP acquired a new position in shares of Carpenter Technology Co. (NYSE:CRS - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 408,254 shares of the basic materials company's stock, valued at approximately $69,285,000. Carpenter Technology accounts for 0.8% of Freestone Grove Partners LP's portfolio, making the stock its 18th largest position. Freestone Grove Partners LP owned about 0.82% of Carpenter Technology as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in CRS. FMR LLC grew its holdings in shares of Carpenter Technology by 28.3% during the fourth quarter. FMR LLC now owns 4,444,608 shares of the basic materials company's stock worth $754,295,000 after buying an additional 979,313 shares in the last quarter. Norges Bank acquired a new position in Carpenter Technology during the 4th quarter worth approximately $100,505,000. Allspring Global Investments Holdings LLC grew its stake in shares of Carpenter Technology by 428.4% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 592,034 shares of the basic materials company's stock worth $103,714,000 after acquiring an additional 479,985 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Carpenter Technology by 30.3% in the fourth quarter. Invesco Ltd. now owns 1,537,235 shares of the basic materials company's stock valued at $260,884,000 after purchasing an additional 357,417 shares during the last quarter. Finally, Voya Investment Management LLC lifted its position in shares of Carpenter Technology by 905.7% in the fourth quarter. Voya Investment Management LLC now owns 323,831 shares of the basic materials company's stock worth $54,957,000 after purchasing an additional 291,631 shares in the last quarter. 92.03% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
CRS has been the subject of a number of analyst reports. BTIG Research set a $230.00 target price on shares of Carpenter Technology in a research report on Friday, January 31st. JPMorgan Chase & Co. lifted their target price on Carpenter Technology from $240.00 to $245.00 and gave the company an "overweight" rating in a research report on Monday, April 28th. Finally, Northcoast Research upgraded Carpenter Technology from a "sell" rating to a "neutral" rating in a research note on Wednesday, April 9th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Carpenter Technology presently has an average rating of "Moderate Buy" and an average price target of $168.00.
Get Our Latest Research Report on Carpenter Technology
Insider Activity
In other Carpenter Technology news, Director I Martin Inglis sold 3,433 shares of Carpenter Technology stock in a transaction on Tuesday, April 29th. The shares were 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 of the company's stock, valued at $1,330,647.12. The trade was a 33.77 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.90% of the stock is currently owned by company insiders.
Carpenter Technology Price Performance
CRS stock traded up $11.01 during midday trading on Friday, reaching $213.34. The company had a trading volume of 1,221,493 shares, compared to its average volume of 747,754. The company has a debt-to-equity ratio of 0.40, a current ratio of 3.80 and a quick ratio of 1.92. Carpenter Technology Co. has a 1-year low of $95.17 and a 1-year high of $215.25. The company has a market capitalization of $10.62 billion, a price-to-earnings ratio of 40.25, a price-to-earnings-growth ratio of 0.93 and a beta of 1.33. The stock has a 50 day moving average price of $183.27 and a 200-day moving average price of $183.23.
Carpenter Technology (NYSE:CRS - Get Free Report) last issued its earnings results on Thursday, April 24th. The basic materials company reported $1.88 earnings per share for the quarter, beating analysts' consensus estimates of $1.74 by $0.14. The firm had revenue of $727.00 million for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter last year, the business posted $1.19 EPS. Equities research analysts expect that Carpenter Technology Co. will post 6.83 earnings per share for the current year.
Carpenter Technology Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Tuesday, April 22nd will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.37%. The ex-dividend date is Tuesday, April 22nd. Carpenter Technology's dividend payout ratio (DPR) is presently 11.33%.
Carpenter Technology announced that its Board of Directors has initiated a share buyback program 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 programs are typically a sign that the company's board believes its stock is undervalued.
About Carpenter Technology
(
Free Report)
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.
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