Susquehanna Fundamental Investments LLC Purchases New Position in Carpenter Technology Co. (NYSE:CRS)

Susquehanna Fundamental Investments LLC acquired a new position in shares of Carpenter Technology Co. (NYSE:CRS) during the 4th quarter, Holdings Channel reports. The fund acquired 84,146 shares of the basic materials company’s stock, valued at approximately $14,280,000.

A number of other institutional investors have also recently bought and sold shares of the company. FMR LLC raised its holdings in Carpenter Technology by 28.3% in 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 period. Norges Bank acquired a new stake in Carpenter Technology during the 4th quarter worth $100,505,000. Allspring Global Investments Holdings LLC lifted its holdings in Carpenter Technology by 428.4% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 592,034 shares of the basic materials company’s stock worth $103,714,000 after acquiring an additional 479,985 shares in the last quarter. Invesco Ltd. lifted its holdings in Carpenter Technology by 30.3% during the fourth quarter. Invesco Ltd. now owns 1,537,235 shares of the basic materials company’s stock worth $260,884,000 after acquiring an additional 357,417 shares in the last quarter. Finally, Voya Investment Management LLC raised its position in shares of Carpenter Technology by 905.7% during the fourth quarter. Voya Investment Management LLC now owns 323,831 shares of the basic materials company’s stock worth $54,957,000 after purchasing an additional 291,631 shares during the period. Institutional investors and hedge funds own 92.03% of the company’s stock.

Wall Street Analysts Forecast Growth

CRS has been the subject of several research analyst reports. Northcoast Research upgraded Carpenter Technology from a “sell” rating to a “neutral” rating in a research report on Wednesday, April 9th. BTIG Research set a $230.00 price objective on shares of Carpenter Technology in a research report on Friday, January 31st. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Carpenter Technology from $235.00 to $240.00 and gave the company an “overweight” rating in a research report on Wednesday, February 19th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $167.17.

Carpenter Technology Trading Down 0.4 %

NYSE:CRS opened at $198.70 on Friday. 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 Co. has a twelve month low of $82.46 and a twelve month high of $213.66. The company has a market cap of $9.92 billion, a P/E ratio of 37.49, a price-to-earnings-growth ratio of 0.93 and a beta of 1.28. The business has a 50 day moving average price of $183.39 and a two-hundred day moving average price of $181.77.

Carpenter Technology (NYSE:CRS) 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. 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 during the quarter, compared to the consensus estimate of $729.67 million. As a group, analysts expect that Carpenter Technology Co. will post 6.83 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Tuesday, April 22nd will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.40%. The ex-dividend date is Tuesday, April 22nd. Carpenter Technology’s dividend payout ratio is currently 15.09%.

Carpenter Technology declared that its board has authorized a share buyback plan on Thursday, April 24th that authorizes the company to repurchase $400.00 million in shares. This repurchase authorization authorizes the basic materials company to purchase up to 4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

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.