Schonfeld Strategic Advisors LLC Increases Stake in Carpenter Technology Co. (NYSE:CRS)

Schonfeld Strategic Advisors LLC lifted its holdings in Carpenter Technology Co. (NYSE:CRS - Free Report) by 395.3% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 33,389 shares of the basic materials company's stock after buying an additional 26,648 shares during the period. Schonfeld Strategic Advisors LLC owned approximately 0.07% of Carpenter Technology worth $5,666,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Kestra Investment Management LLC purchased a new position in Carpenter Technology during the fourth quarter valued at approximately $25,000. CIBC Private Wealth Group LLC grew 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 worth $45,000 after buying an additional 127 shares in the last quarter. UMB Bank n.a. lifted its holdings in shares of Carpenter Technology by 169.0% during the 4th quarter. UMB Bank n.a. now owns 304 shares of the basic materials company's stock worth $52,000 after acquiring an additional 191 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new position in Carpenter Technology in the third quarter worth $80,000. Finally, Fifth Third Bancorp boosted its holdings in shares of Carpenter Technology by 23.5% in the 4th quarter. Fifth Third Bancorp now owns 573 shares of the basic materials company's stock worth $97,000 after purchasing an additional 109 shares in the last quarter. 92.03% of the stock is owned by institutional investors.

Analyst Ratings Changes

CRS has been the topic of a number of recent research reports. Northcoast Research raised Carpenter Technology from a "sell" rating to a "neutral" rating in a research note on Wednesday, April 9th. BTIG Research set a $230.00 price objective on shares of Carpenter Technology in a research note on Friday, January 31st. Finally, JPMorgan Chase & Co. boosted their price target on Carpenter Technology from $240.00 to $245.00 and gave the stock an "overweight" rating in a research report on Monday, April 28th. 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.com, the company currently has an average rating of "Moderate Buy" and an average price target of $168.00.

Carpenter Technology Stock Performance

CRS traded down $1.40 during midday trading on Monday, hitting $211.61. 627,253 shares of the company traded hands, compared to its average volume of 747,273. The company's 50-day moving average is $183.52 and its 200 day moving average is $183.76. The firm has a market capitalization of $10.53 billion, a PE ratio of 39.93, a price-to-earnings-growth ratio of 0.93 and a beta of 1.33. Carpenter Technology Co. has a 52 week low of $95.17 and a 52 week high of $216.00. The company has a quick ratio of 1.92, a current ratio of 3.80 and a debt-to-equity ratio of 0.40.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.88 EPS for the quarter, topping 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 business had revenue of $727.00 million for the quarter, compared to analysts' expectations of $729.67 million. The business's quarterly revenue was up 6.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.19 EPS. On average, research analysts expect that Carpenter Technology Co. will post 6.83 EPS for the current year.

Carpenter Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 5th. Shareholders of record on Tuesday, April 22nd will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 0.38%. The ex-dividend date of this dividend is Tuesday, April 22nd. Carpenter Technology's dividend payout ratio (DPR) is presently 11.33%.

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

Insiders Place Their Bets

In related news, Director I Martin Inglis sold 3,433 shares of the company's 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 sale, the director now owns 6,732 shares in the company, valued at $1,330,647.12. This represents a 33.77 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 2.90% of the company's stock.

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.