Point72 Asia Singapore Pte. Ltd. Makes New $209,000 Investment in Carpenter Technology Co. (NYSE:CRS)

Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Carpenter Technology Co. (NYSE:CRS - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 1,234 shares of the basic materials company's stock, valued at approximately $209,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. FMR LLC boosted 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 purchasing an additional 979,313 shares during the last quarter. Invesco Ltd. grew its holdings in Carpenter Technology by 30.3% in the 4th quarter. Invesco Ltd. now owns 1,537,235 shares of the basic materials company's stock valued at $260,884,000 after buying an additional 357,417 shares during the period. Geode Capital Management LLC raised its stake in Carpenter Technology by 3.5% during the fourth quarter. Geode Capital Management LLC now owns 1,138,615 shares of the basic materials company's stock worth $193,279,000 after purchasing an additional 38,411 shares during the period. Third Point LLC boosted its holdings in shares of Carpenter Technology by 31.8% in the 4th quarter. Third Point LLC now owns 870,000 shares of the basic materials company's stock valued at $147,648,000 after purchasing an additional 210,000 shares during the last quarter. Finally, Northern Trust Corp grew its stake in shares of Carpenter Technology by 21.0% during the 4th quarter. Northern Trust Corp now owns 679,343 shares of the basic materials company's stock valued at $115,291,000 after buying an additional 117,759 shares during the period. 92.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Carpenter Technology Stock Down 0.4%

NYSE:CRS traded down $1.01 during mid-day trading on Thursday, hitting $229.29. The company had a trading volume of 172,099 shares, compared to its average volume of 757,425. The business has a fifty day simple moving average of $191.35 and a 200-day simple moving average of $188.80. The firm has a market capitalization of $11.41 billion, a price-to-earnings ratio of 43.27, a PEG ratio of 0.93 and a beta of 1.33. Carpenter Technology Co. has a 1 year low of $95.17 and a 1 year high of $236.59. The company has a current ratio of 3.80, a quick ratio of 1.92 and a debt-to-equity ratio of 0.40.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its earnings results on Thursday, April 24th. The basic materials company reported $1.88 EPS for the quarter, beating the consensus estimate of $1.74 by $0.14. The business 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% on a year-over-year basis. During the same period last year, the business posted $1.19 EPS. Equities analysts forecast that Carpenter Technology Co. will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Tuesday, April 22nd will be paid a $0.20 dividend. The ex-dividend date of this dividend is Tuesday, April 22nd. This represents a $0.80 annualized dividend and a dividend yield of 0.35%. Carpenter Technology's dividend payout ratio (DPR) is presently 11.33%.

Carpenter Technology declared that its Board of Directors has initiated 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 repurchase up to 4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's leadership believes its stock is undervalued.

Insider Activity at Carpenter Technology

In related news, Director I Martin Inglis sold 3,433 shares of the stock in a transaction dated Tuesday, April 29th. The stock was 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 of the company's stock, valued at approximately $1,330,647.12. This represents a 33.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 2.90% of the company's stock.

Carpenter Technology Company 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.