Carpenter Technology Co. (NYSE:CRS) Shares Bought by GAMMA Investing LLC

GAMMA Investing LLC boosted its stake in shares of Carpenter Technology Co. (NYSE:CRS) by 19,404.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 479,221 shares of the basic materials company’s stock after buying an additional 476,764 shares during the quarter. GAMMA Investing LLC owned 0.96% of Carpenter Technology worth $86,825,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CRS. Barclays PLC grew its position in Carpenter Technology by 471.1% during the third quarter. Barclays PLC now owns 101,745 shares of the basic materials company’s stock worth $16,236,000 after buying an additional 83,930 shares during the period. Fifth Third Bancorp lifted its holdings in shares of Carpenter Technology by 23.5% in the fourth quarter. Fifth Third Bancorp now owns 573 shares of the basic materials company’s stock valued at $97,000 after purchasing an additional 109 shares in the last quarter. KBC Group NV lifted its holdings in shares of Carpenter Technology by 39.8% in the fourth quarter. KBC Group NV now owns 1,894 shares of the basic materials company’s stock valued at $321,000 after purchasing an additional 539 shares in the last quarter. Pacer Advisors Inc. purchased a new stake in shares of Carpenter Technology in the fourth quarter valued at about $1,233,000. Finally, Robeco Institutional Asset Management B.V. purchased a new stake in shares of Carpenter Technology in the fourth quarter valued at about $243,000. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Carpenter Technology Stock Performance

Shares of CRS opened at $234.98 on Monday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.92 and a current ratio of 3.80. The company has a market capitalization of $11.70 billion, a price-to-earnings ratio of 44.34, a PEG ratio of 0.93 and a beta of 1.33. The company’s 50 day simple moving average is $197.57 and its 200 day simple moving average is $191.99. Carpenter Technology Co. has a 1 year low of $95.17 and a 1 year high of $238.94.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.74 by $0.14. The business had revenue of $727.00 million for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.19 earnings per share. On average, sell-side analysts predict 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. Shareholders of record on Tuesday, April 22nd will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.34%. The ex-dividend date is Tuesday, April 22nd. Carpenter Technology’s dividend payout ratio is currently 11.33%.

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

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Northcoast Research raised shares of Carpenter Technology from a “sell” rating to a “neutral” rating in a report on Wednesday, April 9th. JPMorgan Chase & Co. upped their price objective on shares of Carpenter Technology from $240.00 to $245.00 and gave the company an “overweight” rating in a research note on Monday, April 28th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $168.00.

Insiders Place Their Bets

In other Carpenter Technology news, Director I Martin Inglis sold 3,433 shares of the stock in a transaction that occurred on Tuesday, April 29th. The shares were sold at an average price of $197.66, for a total transaction of $678,566.78. Following the transaction, the director now owns 6,732 shares of the company’s stock, valued at $1,330,647.12. This trade represents a 33.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 2.90% of the stock is currently owned by insiders.

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.