Third Point LLC Acquires 210,000 Shares of Carpenter Technology Co. (NYSE:CRS)

Third Point LLC grew its position in Carpenter Technology Co. (NYSE:CRS - Free Report) by 31.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 870,000 shares of the basic materials company's stock after acquiring an additional 210,000 shares during the quarter. Carpenter Technology accounts for about 2.0% of Third Point LLC's holdings, making the stock its 20th largest position. Third Point LLC owned 1.74% of Carpenter Technology worth $147,648,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Kestra Investment Management LLC acquired a new stake 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% in the fourth quarter. CIBC Private Wealth Group LLC now owns 243 shares of the basic materials company's stock valued at $45,000 after acquiring an additional 127 shares during the period. UMB Bank n.a. raised its stake 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 worth $52,000 after acquiring an additional 191 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new position in shares of Carpenter Technology during the third quarter valued at $80,000. Finally, Morse Asset Management Inc acquired a new stake in shares of Carpenter Technology in the 3rd quarter valued at $84,000. Institutional investors and hedge funds own 92.03% of the company's stock.

Insider Buying and Selling

In other Carpenter Technology 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 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 transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.90% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

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

Carpenter Technology Price Performance

Shares of CRS traded up $11.01 during mid-day trading on Friday, hitting $213.34. 1,221,493 shares of the company traded hands, compared to its average volume of 747,754. The company has a current ratio of 3.80, a quick ratio of 1.92 and a debt-to-equity ratio of 0.40. The business has a 50-day moving average of $183.27 and a 200 day moving average of $183.23. Carpenter Technology Co. has a one year low of $95.17 and a one year high of $215.25. The stock has a market capitalization of $10.62 billion, a price-to-earnings ratio of 40.25, a PEG ratio of 0.93 and a beta of 1.33.

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, topping analysts' consensus estimates of $1.74 by $0.14. The company had revenue of $727.00 million during 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 firm's quarterly revenue was up 6.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.19 earnings per share. As a group, equities analysts expect that Carpenter Technology Co. will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology announced that its Board of Directors has authorized a share repurchase plan 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 stock through open market purchases. Stock repurchase plans are generally a sign that the company's board of directors believes its stock is undervalued.

Carpenter Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Tuesday, April 22nd will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.37%. The ex-dividend date is Tuesday, April 22nd. Carpenter Technology's dividend payout ratio is 11.33%.

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.