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

Gallo Partners LP acquired a new position in Carpenter Technology Co. (NYSE:CRS) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 11,051 shares of the basic materials company’s stock, valued at approximately $1,875,000.

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

Wall Street Analyst Weigh In

CRS has been the subject of several recent research reports. BTIG Research set a $230.00 price target on shares of Carpenter Technology in a report on Friday, January 31st. JPMorgan Chase & Co. boosted their price objective on shares of Carpenter Technology from $240.00 to $245.00 and gave the stock an “overweight” rating in a research note on Monday. Finally, Northcoast Research raised Carpenter Technology from a “sell” rating to a “neutral” rating in a research report on Wednesday, April 9th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, Carpenter Technology currently has an average rating of “Moderate Buy” and a consensus price target of $168.00.

Carpenter Technology Trading Down 0.9 %

NYSE CRS opened at $197.23 on Wednesday. The firm has a market cap of $9.85 billion, a PE ratio of 37.21, a price-to-earnings-growth ratio of 0.93 and a beta of 1.28. Carpenter Technology Co. has a 52 week low of $82.46 and a 52 week high of $213.66. The company has a quick ratio of 1.92, a current ratio of 3.80 and a debt-to-equity ratio of 0.40. The company has a 50 day moving average price of $182.95 and a 200 day moving average price of $182.27.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.88 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 firm had revenue of $727.00 million during the quarter, compared to analyst estimates of $729.67 million. During the same quarter in the prior year, the business posted $1.19 EPS. The business’s revenue for the quarter was up 6.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Carpenter Technology Co. will post 6.83 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Tuesday, April 22nd will be paid a dividend of $0.20 per share. The ex-dividend date is Tuesday, April 22nd. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.41%. Carpenter Technology’s payout ratio is 11.33%.

Carpenter Technology declared that its Board of Directors has approved a stock 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 repurchase up to 4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership 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.