AGP Franklin LLC Buys New Holdings in Carpenter Technology Corporation (NYSE:CRS)

Key Points

• AGP Franklin LLC acquired 12,954 shares of Carpenter Technology Corporation, valued at approximately $2,265,000, making it the 27th largest position in their investment portfolio.
• Carpenter Technology's stock received positive ratings from analysts, with JPMorgan Chase & Co. increasing their target price from $245 to $305 and giving an "overweight" rating.
• The company has authorized a $400 million stock repurchase plan, indicating the board's belief that the stock is currently undervalued.

AGP Franklin LLC purchased a new stake in Carpenter Technology Corporation (NYSE:CRS - Free Report) in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 12,954 shares of the basic materials company's stock, valued at approximately $2,265,000. Carpenter Technology comprises approximately 1.4% of AGP Franklin LLC's portfolio, making the stock its 27th biggest position.

Other institutional investors and hedge funds also recently bought and sold shares of the company. M&T Bank Corp increased its holdings in shares of Carpenter Technology by 3.9% in the 1st quarter. M&T Bank Corp now owns 1,541 shares of the basic materials company's stock valued at $279,000 after purchasing an additional 58 shares during the period. Versant Capital Management Inc increased its holdings 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 buying an additional 77 shares during the last quarter. Bessemer Group Inc. increased its holdings in Carpenter Technology by 50.3% in the first 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. Fifth Third Bancorp increased its holdings in Carpenter Technology by 13.6% in the first quarter. Fifth Third Bancorp now owns 651 shares of the basic materials company's stock worth $118,000 after buying an additional 78 shares during the last quarter. Finally, Mission Wealth Management LP increased its holdings in Carpenter Technology by 4.0% in the first quarter. Mission Wealth Management LP now owns 2,008 shares of the basic materials company's stock worth $364,000 after buying an additional 78 shares during the last quarter. 92.03% of the stock is owned by institutional investors and hedge funds.

Carpenter Technology Stock Performance

Carpenter Technology stock traded down $31.13 during trading hours on Thursday, reaching $252.51. 1,721,146 shares of the company were exchanged, compared to its average volume of 911,456. The firm has a market cap of $12.57 billion, a price-to-earnings ratio of 35.74, a PEG ratio of 0.91 and a beta of 1.39. The company has a current ratio of 3.75, a quick ratio of 1.89 and a debt-to-equity ratio of 0.39. The stock has a 50-day moving average of $261.84 and a 200 day moving average of $217.11. Carpenter Technology Corporation has a 12 month low of $119.69 and a 12 month high of $290.84.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its earnings results on Thursday, July 31st. The basic materials company reported $2.21 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.02 by $0.19. Carpenter Technology had a return on equity of 21.16% and a net margin of 12.26%. During the same quarter in the previous year, the company earned $1.82 earnings per share. The firm's revenue for the quarter was down 5.4% compared to the same quarter last year. As a group, research analysts anticipate that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

Carpenter Technology declared that its Board of Directors has approved a share repurchase plan on Thursday, April 24th that permits the company to repurchase $400.00 million in shares. This repurchase authorization permits the basic materials company to purchase up to 4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's management believes its stock is undervalued.

Analysts Set New Price Targets

A number of equities analysts recently commented on CRS shares. Northcoast Research upgraded Carpenter Technology from a "sell" rating to a "neutral" rating in a report on Wednesday, April 9th. JPMorgan Chase & Co. increased their price objective on Carpenter Technology from $245.00 to $305.00 and gave the stock an "overweight" rating in a report on Tuesday, June 17th. Benchmark increased their price objective on Carpenter Technology from $250.00 to $300.00 and gave the stock a "buy" rating in a report on Monday, June 9th. Finally, Cowen restated a "buy" rating on shares of Carpenter Technology in a report on Thursday, June 12th.

Insider Buying and Selling at Carpenter Technology

In other news, Director Anastasios John Hart sold 1,000 shares of the stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $243.72, for a total value of $243,720.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 2.90% of the company's stock.

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.