Carpenter Technology Co. (NYSE:CRS) Stock Position Raised by SurgoCap Partners LP

SurgoCap Partners LP boosted its stake in Carpenter Technology Co. (NYSE:CRS) by 117.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,442,069 shares of the basic materials company’s stock after purchasing an additional 779,357 shares during the quarter. Carpenter Technology comprises approximately 12.6% of SurgoCap Partners LP’s portfolio, making the stock its 3rd biggest holding. SurgoCap Partners LP owned approximately 2.89% of Carpenter Technology worth $244,734,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Ratan Capital Management LP raised its stake in Carpenter Technology by 19.2% in the fourth quarter. Ratan Capital Management LP now owns 106,919 shares of the basic materials company’s stock valued at $18,145,000 after purchasing an additional 17,226 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Carpenter Technology during the fourth quarter worth approximately $209,000. Point72 Asset Management L.P. purchased a new position in shares of Carpenter Technology during the fourth quarter worth approximately $11,973,000. Point72 Hong Kong Ltd purchased a new position in shares of Carpenter Technology during the fourth quarter worth approximately $187,000. Finally, ProShare Advisors LLC raised its stake in shares of Carpenter Technology by 57.7% during the fourth quarter. ProShare Advisors LLC now owns 15,736 shares of the basic materials company’s stock worth $2,671,000 after acquiring an additional 5,759 shares in the last quarter. 92.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Insider Activity at Carpenter Technology

In related news, Director I Martin Inglis sold 3,433 shares of Carpenter Technology stock in a transaction on Tuesday, April 29th. The shares were 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. The trade was a 33.77% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 2.90% of the stock is currently owned by company insiders.

Carpenter Technology Stock Up 0.8%

Shares of Carpenter Technology stock opened at $232.27 on Friday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.92 and a current ratio of 3.80. Carpenter Technology Co. has a 52-week low of $95.17 and a 52-week high of $234.52. The stock has a market capitalization of $11.56 billion, a price-to-earnings ratio of 43.82, a P/E/G ratio of 0.93 and a beta of 1.33. The company’s 50 day moving average price is $188.18 and its 200-day moving average price is $187.36.

Carpenter Technology (NYSE:CRS) last issued its earnings results on Thursday, April 24th. The basic materials company reported $1.88 earnings per share (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 firm had revenue of $727.00 million for the quarter, compared to analysts’ expectations of $729.67 million. During the same quarter last year, the business earned $1.19 earnings per share. The business’s revenue was up 6.1% on a year-over-year basis. Equities research analysts forecast that Carpenter Technology Co. will post 6.83 EPS for the current year.

Carpenter Technology Dividend Announcement

The business also recently declared 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 0.34%. The ex-dividend date is Tuesday, April 22nd. Carpenter Technology’s dividend payout ratio (DPR) is currently 11.33%.

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

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.