47,076 Shares in Carpenter Technology Co. (NYSE:CRS) Purchased by Night Owl Capital Management LLC

Night Owl Capital Management LLC purchased a new stake in Carpenter Technology Co. (NYSE:CRS - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 47,076 shares of the basic materials company's stock, valued at approximately $7,989,000. Carpenter Technology comprises 1.0% of Night Owl Capital Management LLC's investment portfolio, making the stock its 22nd biggest holding. Night Owl Capital Management LLC owned about 0.09% of Carpenter Technology as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Pictet Asset Management Holding SA increased its stake in shares of Carpenter Technology by 14.6% during the 4th quarter. Pictet Asset Management Holding SA now owns 6,865 shares of the basic materials company's stock worth $1,165,000 after purchasing an additional 877 shares during the last quarter. Manuka Financial LLC acquired a new stake in shares of Carpenter Technology during the fourth quarter worth $368,000. Park Avenue Securities LLC acquired a new stake in Carpenter Technology in the fourth quarter worth $419,000. XML Financial LLC grew its holdings in shares of Carpenter Technology by 215.3% during the fourth quarter. XML Financial LLC now owns 9,460 shares of the basic materials company's stock valued at $1,605,000 after buying an additional 6,460 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new stake in Carpenter Technology in the 4th quarter worth about $18,731,000. Institutional investors own 92.03% of the company's stock.

Carpenter Technology Trading Up 0.7%

NYSE:CRS traded up $1.63 on Monday, reaching $233.51. The stock had a trading volume of 178,739 shares, compared to its average volume of 755,629. Carpenter Technology Co. has a 12-month low of $95.17 and a 12-month high of $234.52. The firm's fifty day moving average is $188.18 and its two-hundred day moving average is $187.63. 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 company has a market cap of $11.62 billion, a price-to-earnings ratio of 44.08, a P/E/G ratio of 0.93 and a beta of 1.33.

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

Carpenter Technology declared that its board has approved a share buyback program on Thursday, April 24th that authorizes the company to repurchase $400.00 million in outstanding shares. This repurchase authorization authorizes the basic materials company to purchase up to 4% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's board of directors believes its shares are undervalued.

Carpenter Technology Dividend Announcement

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

Insider Buying and Selling at Carpenter Technology

In related news, Director I Martin Inglis sold 3,433 shares of the company's stock in a transaction dated Tuesday, April 29th. The shares were sold at an average price of $197.66, for a total value of $678,566.78. Following the transaction, the director now owns 6,732 shares in the company, valued at approximately $1,330,647.12. This represents a 33.77% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.90% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on CRS. BTIG Research set a $230.00 target price on shares of Carpenter Technology in a report on Friday, January 31st. JPMorgan Chase & Co. lifted their target price on shares of Carpenter Technology from $240.00 to $245.00 and gave the stock an "overweight" rating in a report on Monday, April 28th. Finally, Northcoast Research upgraded shares of Carpenter Technology from a "sell" rating to a "neutral" rating in a research report on Wednesday, April 9th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $168.00.

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.