Corton Capital Inc. Invests $213,000 in Carpenter Technology Co. (NYSE:CRS)

Corton Capital Inc. acquired a new position in Carpenter Technology Co. (NYSE:CRS) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 1,257 shares of the basic materials company’s stock, valued at approximately $213,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of CRS. Stratos Wealth Partners LTD. lifted its holdings in Carpenter Technology by 2.7% during the 4th quarter. Stratos Wealth Partners LTD. now owns 2,415 shares of the basic materials company’s stock valued at $410,000 after buying an additional 63 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings 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 worth $114,000 after buying an additional 71 shares during the period. CIBC Asset Management Inc boosted its position in Carpenter Technology by 5.4% during the fourth quarter. CIBC Asset Management Inc now owns 1,521 shares of the basic materials company’s stock valued at $258,000 after purchasing an additional 78 shares in the last quarter. 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 valued at $97,000 after buying an additional 109 shares in the last quarter. Finally, Wesbanco Bank Inc. boosted its stake in Carpenter Technology by 1.2% in the fourth quarter. Wesbanco Bank Inc. now owns 9,797 shares of the basic materials company’s stock valued at $1,663,000 after acquiring an additional 115 shares in the last quarter. 92.03% of the stock is owned by institutional investors.

Carpenter Technology Trading Up 0.8 %

Shares of Carpenter Technology stock opened at $209.22 on Thursday. Carpenter Technology Co. has a twelve month low of $95.17 and a twelve month high of $215.25. The firm has a market capitalization of $10.41 billion, a PE ratio of 39.48, a P/E/G ratio of 0.93 and a beta of 1.33. The firm’s 50-day moving average price is $183.74 and its 200 day moving average price is $184.10. 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) last released its quarterly earnings data 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. 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 analyst estimates of $729.67 million. During the same quarter in the previous year, the company posted $1.19 earnings per share. The firm’s revenue for the quarter was up 6.1% compared to the same quarter last year. On average, sell-side analysts predict that Carpenter Technology Co. will post 6.83 EPS for the current fiscal year.

Carpenter Technology declared that its Board of Directors has approved a share buyback program on Thursday, April 24th that authorizes the company to buyback $400.00 million in shares. This buyback authorization authorizes the basic materials company to purchase up to 4% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

Carpenter Technology Dividend Announcement

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

Insider Activity at Carpenter Technology

In other Carpenter Technology news, Director I Martin Inglis sold 3,433 shares of Carpenter Technology 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 completion of the transaction, the director now directly owns 6,732 shares of the company’s stock, valued at $1,330,647.12. The trade was a 33.77 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 2.90% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on CRS shares. Northcoast Research upgraded 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 target on Carpenter Technology in a research report on Friday, January 31st. Finally, JPMorgan Chase & Co. lifted their target price 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. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Carpenter Technology has a consensus rating of “Moderate Buy” and an average price target of $168.00.

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.