Public Employees Retirement System of Ohio Boosts Stake in Carpenter Technology Co. (NYSE:CRS)

Public Employees Retirement System of Ohio grew its holdings in shares of Carpenter Technology Co. (NYSE:CRS) by 177.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,540 shares of the basic materials company’s stock after acquiring an additional 985 shares during the period. Public Employees Retirement System of Ohio’s holdings in Carpenter Technology were worth $261,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Carpenter Technology by 18.2% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 103,084 shares of the basic materials company’s stock valued at $17,494,000 after purchasing an additional 15,853 shares in the last quarter. Squarepoint Ops LLC purchased a new position in shares of Carpenter Technology during the 4th quarter valued at approximately $20,101,000. Two Sigma Advisers LP increased its stake in shares of Carpenter Technology by 5.9% in the fourth quarter. Two Sigma Advisers LP now owns 1,800 shares of the basic materials company’s stock worth $305,000 after buying an additional 100 shares during the last quarter. Tyro Capital Management LLC increased its stake in shares of Carpenter Technology by 20.1% in the fourth quarter. Tyro Capital Management LLC now owns 178,693 shares of the basic materials company’s stock worth $30,326,000 after buying an additional 29,944 shares during the last quarter. Finally, State of Wyoming grew its holdings in Carpenter Technology by 38.7% during the 4th quarter. State of Wyoming now owns 1,831 shares of the basic materials company’s stock worth $311,000 after acquiring an additional 511 shares in the last quarter. 92.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Carpenter Technology Stock Up 0.2%

Carpenter Technology stock opened at $247.04 on Friday. The company’s 50-day moving average price is $202.44 and its two-hundred day moving average price is $193.66. The stock has a market cap of $12.30 billion, a price-to-earnings ratio of 46.61, a PEG ratio of 0.93 and a beta of 1.33. Carpenter Technology Co. has a 52 week low of $95.17 and a 52 week high of $248.73. 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 issued its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.88 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $727.00 million during the quarter, compared to analyst estimates of $729.67 million. During the same period last year, the company posted $1.19 EPS. The firm’s quarterly revenue was up 6.1% on a year-over-year basis. On average, analysts expect that Carpenter Technology Co. will post 6.83 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Tuesday, April 22nd were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.32%. The ex-dividend date was Tuesday, April 22nd. Carpenter Technology’s payout ratio is currently 11.33%.

Carpenter Technology announced that its Board of Directors has approved a share repurchase plan on Thursday, April 24th that authorizes the company to buyback $400.00 million in shares. This buyback authorization authorizes the basic materials company to reacquire up to 4% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In other news, Director I Martin Inglis sold 3,433 shares of Carpenter Technology stock in a transaction that occurred 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 transaction, the director now 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 sale was disclosed in a document filed with the SEC, which is accessible through this link. 2.90% of the stock is owned by company insiders.

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.