XTX Topco Ltd Makes New Investment in Carpenter Technology Corporation (NYSE:CRS)

XTX Topco Ltd acquired a new stake in shares of Carpenter Technology Corporation (NYSE:CRS) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,701 shares of the basic materials company’s stock, valued at approximately $1,214,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of CRS. IMA Advisory Services Inc. bought a new position in Carpenter Technology during the 1st quarter valued at approximately $36,000. Bessemer Group Inc. grew its position in shares of Carpenter Technology by 50.3% in the 1st quarter. Bessemer Group Inc. now owns 230 shares of the basic materials company’s stock worth $42,000 after buying an additional 77 shares during the last quarter. Ameriflex Group Inc. purchased a new position in shares of Carpenter Technology during the fourth quarter valued at approximately $44,000. CIBC Private Wealth Group LLC raised its holdings in shares of Carpenter Technology by 109.5% during the fourth quarter. CIBC Private Wealth Group LLC now owns 243 shares of the basic materials company’s stock valued at $45,000 after acquiring an additional 127 shares in the last quarter. Finally, Versant Capital Management Inc lifted its stake in Carpenter Technology by 27.3% in the first quarter. Versant Capital Management Inc now owns 359 shares of the basic materials company’s stock worth $65,000 after acquiring an additional 77 shares during the period. 92.03% of the stock is owned by institutional investors.

Carpenter Technology Stock Performance

Shares of Carpenter Technology stock opened at $257.87 on Friday. The business has a fifty day simple moving average of $262.86 and a two-hundred day simple moving average of $217.92. The firm has a market capitalization of $12.84 billion, a P/E ratio of 34.75, a P/E/G ratio of 0.82 and a beta of 1.44. The company has a current ratio of 3.65, a quick ratio of 1.89 and a debt-to-equity ratio of 0.37. Carpenter Technology Corporation has a 12 month low of $119.69 and a 12 month high of $290.84.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings data on Thursday, July 31st. The basic materials company reported $2.21 earnings per share for the quarter, topping analysts’ consensus estimates of $2.03 by $0.18. Carpenter Technology had a net margin of 13.07% and a return on equity of 21.50%. The business had revenue of $755.60 million for the quarter, compared to analysts’ expectations of $790.73 million. During the same quarter in the prior year, the company earned $1.82 earnings per share. The business’s revenue was down 5.4% compared to the same quarter last year. On average, equities analysts forecast that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology declared that its Board of Directors has authorized a stock 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 repurchase up to 4% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Carpenter Technology from $245.00 to $305.00 and gave the company an “overweight” rating in a research report on Tuesday, June 17th. Cowen reiterated a “buy” rating on shares of Carpenter Technology in a research report on Thursday, June 12th. Northcoast Research raised shares of Carpenter Technology from a “sell” rating to a “neutral” rating in a research note on Wednesday, April 9th. Finally, Benchmark lifted their price objective on Carpenter Technology from $250.00 to $300.00 and gave the company a “buy” rating in a research report on Monday, June 9th.

Insider Buying and Selling at Carpenter Technology

In other Carpenter Technology news, Director Anastasios John Hart sold 1,000 shares of Carpenter Technology stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $243.72, for a total transaction of $243,720.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.90% of the stock is owned by 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.