1492 Capital Management LLC Has $5.48 Million Holdings in Carpenter Technology Corporation (NYSE:CRS)

1492 Capital Management LLC decreased its position in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 36.0% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 30,254 shares of the basic materials company's stock after selling 16,988 shares during the quarter. Carpenter Technology makes up 2.9% of 1492 Capital Management LLC's portfolio, making the stock its 7th biggest holding. 1492 Capital Management LLC owned 0.06% of Carpenter Technology worth $5,481,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of CRS. M&T Bank Corp increased its holdings in Carpenter Technology by 3.9% during the first quarter. M&T Bank Corp now owns 1,541 shares of the basic materials company's stock valued at $279,000 after buying an additional 58 shares during the period. Versant Capital Management Inc boosted its position in shares of Carpenter Technology by 27.3% in the 1st quarter. Versant Capital Management Inc now owns 359 shares of the basic materials company's stock worth $65,000 after purchasing an additional 77 shares in the last quarter. Bessemer Group Inc. boosted 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 purchasing an additional 77 shares in the last quarter. Fifth Third Bancorp boosted its position in shares of Carpenter Technology by 13.6% in the 1st quarter. Fifth Third Bancorp now owns 651 shares of the basic materials company's stock worth $118,000 after purchasing an additional 78 shares in the last quarter. Finally, Mission Wealth Management LP boosted its position in shares of Carpenter Technology by 4.0% in the 1st quarter. Mission Wealth Management LP now owns 2,008 shares of the basic materials company's stock worth $364,000 after purchasing an additional 78 shares in the last quarter. Institutional investors own 92.03% of the company's stock.

Carpenter Technology Price Performance

Shares of CRS traded up $3.57 during mid-day trading on Friday, hitting $276.54. 581,405 shares of the company were exchanged, compared to its average volume of 909,341. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.89 and a current ratio of 3.75. The stock has a market cap of $13.77 billion, a price-to-earnings ratio of 39.17, a price-to-earnings-growth ratio of 0.90 and a beta of 1.39. The company has a 50 day moving average of $258.25 and a 200-day moving average of $214.50. Carpenter Technology Corporation has a 1-year low of $119.69 and a 1-year high of $290.84.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.74 by $0.14. The business had revenue of $727.00 million during the quarter, compared to analysts' expectations of $729.67 million. Carpenter Technology had a return on equity of 21.16% and a net margin of 12.26%. The business's quarterly revenue was up 6.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.19 EPS. Analysts expect that Carpenter Technology Corporation will post 6.83 EPS for the current fiscal year.

Carpenter Technology declared that its Board of Directors has authorized 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 buy up to 4% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's management believes its stock is undervalued.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Cowen reissued a "buy" rating on shares of Carpenter Technology in a research report on Thursday, June 12th. Northcoast Research raised Carpenter Technology from a "sell" rating to a "neutral" rating in a research report on Wednesday, April 9th. JPMorgan Chase & Co. raised their target price on Carpenter Technology from $245.00 to $305.00 and gave the stock an "overweight" rating in a research note on Tuesday, June 17th. Finally, Benchmark raised their target price on Carpenter Technology from $250.00 to $300.00 and gave the stock a "buy" rating in a research note on Monday, June 9th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat, Carpenter Technology currently has a consensus rating of "Moderate Buy" and a consensus target price of $278.33.

Insider Buying and Selling at Carpenter Technology

In related news, Director Anastasios John Hart sold 1,000 shares of the company's stock in a transaction 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 document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director I Martin Inglis sold 3,433 shares of the business's stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $197.66, for a total value of $678,566.78. Following the transaction, the director owned 6,732 shares in the company, valued at approximately $1,330,647.12. This represents a 33.77% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.90% of the company's stock.

Carpenter Technology Company 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.