MetLife Investment Management LLC Has $9.49 Million Stock Position in Carpenter Technology Co. (NYSE:CRS)

MetLife Investment Management LLC lifted its stake in Carpenter Technology Co. (NYSE:CRS - Free Report) by 107.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 55,888 shares of the basic materials company's stock after buying an additional 28,889 shares during the period. MetLife Investment Management LLC owned about 0.11% of Carpenter Technology worth $9,485,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of CRS. FMR LLC grew its position in Carpenter Technology by 28.3% during the 4th quarter. FMR LLC now owns 4,444,608 shares of the basic materials company's stock worth $754,295,000 after acquiring an additional 979,313 shares during the last quarter. Invesco Ltd. grew its position in Carpenter Technology by 30.3% during the 4th quarter. Invesco Ltd. now owns 1,537,235 shares of the basic materials company's stock worth $260,884,000 after acquiring an additional 357,417 shares during the last quarter. Geode Capital Management LLC grew its position in Carpenter Technology by 3.5% during the 4th quarter. Geode Capital Management LLC now owns 1,138,615 shares of the basic materials company's stock worth $193,279,000 after acquiring an additional 38,411 shares during the last quarter. Norges Bank bought a new stake in Carpenter Technology during the 4th quarter worth approximately $100,505,000. Finally, Allspring Global Investments Holdings LLC boosted its position in Carpenter Technology by 428.4% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 592,034 shares of the basic materials company's stock valued at $103,714,000 after buying an additional 479,985 shares during the last quarter. 92.03% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have commented on the company. JPMorgan Chase & Co. increased their price objective on Carpenter Technology from $235.00 to $240.00 and gave the company an "overweight" rating in a research report on Wednesday, February 19th. BTIG Research set a $230.00 price objective on Carpenter Technology in a research report on Friday, January 31st. Finally, Northcoast Research upgraded 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 stock. According to MarketBeat.com, Carpenter Technology currently has an average rating of "Moderate Buy" and an average target price of $167.17.

Carpenter Technology Stock Performance

CRS stock traded down $0.70 during trading hours on Friday, hitting $198.70. 1,034,295 shares of the stock were exchanged, compared to its average volume of 753,418. The firm has a market capitalization of $9.92 billion, a P/E ratio of 37.49, a P/E/G ratio of 0.93 and a beta of 1.28. Carpenter Technology Co. has a 12 month low of $82.46 and a 12 month high of $213.66. The company has a current ratio of 3.80, a quick ratio of 1.92 and a debt-to-equity ratio of 0.40. The company has a 50-day simple moving average of $183.39 and a two-hundred day simple moving average of $181.90.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its earnings results on Thursday, April 24th. The basic materials company reported $1.88 earnings per share (EPS) for the quarter, topping the consensus estimate 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%. On average, analysts forecast that Carpenter Technology Co. will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Tuesday, April 22nd will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 0.40%. The ex-dividend date is Tuesday, April 22nd. Carpenter Technology's payout ratio is 15.09%.

Carpenter Technology declared that its Board of Directors has approved a stock buyback plan on Thursday, April 24th that authorizes the company to repurchase $400.00 million in shares. This repurchase authorization authorizes the basic materials company to buy up to 4% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's board of directors believes its shares are undervalued.

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.