Susquehanna Fundamental Investments LLC Acquires New Stake in Carpenter Technology Co. (NYSE:CRS)

Susquehanna Fundamental Investments LLC purchased a new position in Carpenter Technology Co. (NYSE:CRS - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 84,146 shares of the basic materials company's stock, valued at approximately $14,280,000. Susquehanna Fundamental Investments LLC owned approximately 0.17% of Carpenter Technology as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently added to or reduced their stakes in the company. Kestra Investment Management LLC bought a new stake in Carpenter Technology during the 4th quarter valued at $25,000. CIBC Private Wealth Group LLC increased its position in shares of 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 acquiring an additional 127 shares in the last quarter. UMB Bank n.a. raised its holdings in shares of Carpenter Technology by 169.0% in 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 bought a new position in Carpenter Technology in the 3rd quarter valued at about $80,000. Finally, Morse Asset Management Inc acquired a new position in Carpenter Technology during the 3rd quarter valued at about $84,000. Institutional investors and hedge funds own 92.03% of the company's stock.

Wall Street Analyst Weigh In

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

Insider Activity at Carpenter Technology

In other news, Director I Martin Inglis sold 3,433 shares of Carpenter Technology stock in a transaction 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 completion of the transaction, the director now directly owns 6,732 shares in the company, valued at approximately $1,330,647.12. The trade was a 33.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.90% of the stock is currently owned by company insiders.

Carpenter Technology Stock Performance

Shares of Carpenter Technology stock traded up $11.35 during trading hours on Friday, hitting $213.68. 681,773 shares of the company's stock traded hands, compared to its average volume of 749,096. The company has a fifty day simple moving average of $183.00 and a 200-day simple moving average of $182.67. 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 stock has a market capitalization of $10.67 billion, a price-to-earnings ratio of 40.38, a PEG ratio of 0.93 and a beta of 1.28. Carpenter Technology Co. has a 12-month low of $95.17 and a 12-month high of $215.14.

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 for the quarter, beating analysts' consensus estimates of $1.74 by $0.14. The firm had revenue of $727.00 million for the quarter, compared to analysts' expectations of $729.67 million. Carpenter Technology had a net margin of 9.34% and a return on equity of 19.88%. The company's quarterly revenue was up 6.1% on a year-over-year basis. During the same period in the previous year, the company earned $1.19 earnings per share. Equities research analysts anticipate that Carpenter Technology Co. will post 6.83 EPS for the current fiscal 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 issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 0.37%. The ex-dividend date of this dividend is Tuesday, April 22nd. Carpenter Technology's dividend payout ratio (DPR) is currently 11.33%.

Carpenter Technology announced that its Board of Directors has initiated a share 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 purchase up to 4% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's management believes its stock is undervalued.

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.