Gallo Partners LP Invests $1.88 Million in Carpenter Technology Co. (NYSE:CRS)

Gallo Partners LP bought a new stake in shares of Carpenter Technology Co. (NYSE:CRS) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 11,051 shares of the basic materials company’s stock, valued at approximately $1,875,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of CRS. Kapitalo Investimentos Ltda bought a new position in Carpenter Technology during the fourth quarter valued at approximately $173,000. Schonfeld Strategic Advisors LLC raised its holdings in shares of Carpenter Technology by 395.3% during the 4th quarter. Schonfeld Strategic Advisors LLC now owns 33,389 shares of the basic materials company’s stock worth $5,666,000 after acquiring an additional 26,648 shares in the last quarter. AQR Capital Management LLC boosted its position in shares of Carpenter Technology by 9.9% during the 4th quarter. AQR Capital Management LLC now owns 62,256 shares of the basic materials company’s stock valued at $10,565,000 after acquiring an additional 5,613 shares during the last quarter. Lido Advisors LLC purchased a new position in shares of Carpenter Technology in the fourth quarter valued at $478,000. Finally, Northern Trust Corp increased its position in Carpenter Technology by 21.0% in the fourth quarter. Northern Trust Corp now owns 679,343 shares of the basic materials company’s stock worth $115,291,000 after purchasing an additional 117,759 shares during the last quarter. 92.03% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Northcoast Research upgraded shares of 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 target on Carpenter Technology in a research report on Friday, January 31st. Finally, JPMorgan Chase & Co. upped their price objective on Carpenter Technology from $240.00 to $245.00 and gave the company an “overweight” rating in a research report on Monday. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, Carpenter Technology currently has an average rating of “Moderate Buy” and an average target price of $168.00.

Carpenter Technology Price Performance

CRS stock opened at $197.23 on Wednesday. The stock has a market cap of $9.85 billion, a PE ratio of 37.21, a P/E/G ratio of 0.93 and a beta of 1.28. Carpenter Technology Co. has a 12 month low of $82.46 and a 12 month high of $213.66. The company has a 50-day moving average price of $182.95 and a 200 day moving average price of $182.27. 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 announced its earnings results 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. Carpenter Technology had a return on equity of 19.88% and a net margin of 9.34%. The business had revenue of $727.00 million during the quarter, compared to analyst estimates of $729.67 million. During the same quarter in the previous year, the business earned $1.19 earnings per share. The company’s revenue for the quarter was up 6.1% compared to the same quarter last year. Equities research analysts anticipate that Carpenter Technology Co. will post 6.83 earnings per share for the current year.

Carpenter Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 5th. Shareholders of record on Tuesday, April 22nd will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 0.41%. The ex-dividend date is Tuesday, April 22nd. Carpenter Technology’s dividend payout ratio (DPR) is presently 11.33%.

Carpenter Technology declared that its board has approved a share buyback program 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 purchase up to 4% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is 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.