Point72 Hong Kong Ltd Buys Shares of 1,103 Carpenter Technology Co. (NYSE:CRS)

Point72 Hong Kong Ltd purchased a new stake in shares of Carpenter Technology Co. (NYSE:CRS - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 1,103 shares of the basic materials company's stock, valued at approximately $187,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Kestra Investment Management LLC bought a new position in Carpenter Technology during the fourth quarter valued at approximately $25,000. CIBC Private Wealth Group LLC raised its position in Carpenter Technology by 109.5% during the fourth quarter. CIBC Private Wealth Group LLC now owns 243 shares of the basic materials company's stock valued at $45,000 after purchasing an additional 127 shares during the period. UMB Bank n.a. raised its position in Carpenter Technology by 169.0% during the fourth quarter. UMB Bank n.a. now owns 304 shares of the basic materials company's stock valued at $52,000 after purchasing an additional 191 shares during the period. Fifth Third Bancorp raised its position in Carpenter Technology by 23.5% during the fourth quarter. Fifth Third Bancorp now owns 573 shares of the basic materials company's stock valued at $97,000 after purchasing an additional 109 shares during the period. Finally, EverSource Wealth Advisors LLC raised its position in Carpenter Technology by 11.9% during the fourth quarter. EverSource Wealth Advisors LLC now owns 669 shares of the basic materials company's stock valued at $114,000 after purchasing an additional 71 shares during the period. 92.03% of the stock is owned by institutional investors.

Carpenter Technology Trading Down 0.3%

Shares of NYSE CRS traded down $0.72 during midday trading on Thursday, hitting $229.57. The company's stock had a trading volume of 163,417 shares, compared to its average volume of 757,377. Carpenter Technology Co. has a 12-month low of $95.17 and a 12-month high of $236.59. The firm has a market cap of $11.43 billion, a P/E ratio of 43.35, a price-to-earnings-growth ratio of 0.93 and a beta of 1.33. The business's 50 day moving average is $191.35 and its two-hundred day moving average is $188.80. 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 quarterly earnings data 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. Carpenter Technology had a return on equity of 19.88% and a net margin of 9.34%. The company had revenue of $727.00 million for the quarter, compared to analysts' expectations of $729.67 million. During the same quarter in the prior year, the firm earned $1.19 earnings per share. Carpenter Technology's revenue was up 6.1% compared to the same quarter last year. As a group, equities research analysts expect that Carpenter Technology Co. will post 6.83 EPS for the current year.

Carpenter Technology Dividend Announcement

The company 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. The ex-dividend date is Tuesday, April 22nd. This represents a $0.80 annualized dividend and a yield of 0.35%. Carpenter Technology's dividend payout ratio (DPR) is currently 11.33%.

Carpenter Technology declared that its Board of Directors has initiated a stock repurchase program on Thursday, April 24th that permits the company to repurchase $400.00 million in outstanding shares. This repurchase authorization permits the basic materials company to buy up to 4% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

CRS has been the topic of several recent analyst reports. BTIG Research set a $230.00 price target on Carpenter Technology in a report on Friday, January 31st. JPMorgan Chase & Co. increased their price target on 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 Carpenter Technology from a "sell" rating to a "neutral" rating in a report on Wednesday, April 9th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Carpenter Technology has an average rating of "Moderate Buy" and a consensus price target of $168.00.

Insider Buying and Selling

In related news, Director I Martin Inglis sold 3,433 shares of the stock in a transaction that occurred on Tuesday, April 29th. The stock was 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 of the company's stock, valued at $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 Securities & Exchange Commission, which is available through the SEC website. 2.90% of the stock is owned by insiders.

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.