Sierra Summit Advisors LLC Acquires New Shares in Carpenter Technology Corporation (NYSE:CRS)

Key Points

• Sierra Summit Advisors LLC acquired 3,467 shares of Carpenter Technology Corporation (NYSE:CRS), valued at approximately $628,000.
• Wall Street analysts have a positive outlook on Carpenter Technology, with multiple firms raising their target prices and maintaining "buy" ratings, including JPMorgan Chase which set a new target of $305.00.
• Carpenter Technology's board authorized a stock buyback program allowing repurchases of up to $400 million, signaling management's belief that the stock is undervalued.

Sierra Summit Advisors LLC acquired a new stake in Carpenter Technology Corporation (NYSE:CRS - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 3,467 shares of the basic materials company's stock, valued at approximately $628,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of CRS. Egerton Capital UK LLP bought a new stake in Carpenter Technology in the first quarter valued at approximately $329,727,000. SurgoCap Partners LP increased its stake in shares of Carpenter Technology by 117.6% during the fourth quarter. SurgoCap Partners LP now owns 1,442,069 shares of the basic materials company's stock worth $244,734,000 after purchasing an additional 779,357 shares during the period. GAMMA Investing LLC increased its stake in shares of Carpenter Technology by 19,404.3% during the first quarter. GAMMA Investing LLC now owns 479,221 shares of the basic materials company's stock worth $86,825,000 after purchasing an additional 476,764 shares during the period. Freestone Grove Partners LP bought a new position in shares of Carpenter Technology during the fourth quarter worth approximately $69,285,000. Finally, Invesco Ltd. increased its stake in shares of Carpenter Technology by 30.3% during the fourth quarter. Invesco Ltd. now owns 1,537,235 shares of the basic materials company's stock worth $260,884,000 after purchasing an additional 357,417 shares during the period. Institutional investors own 92.03% of the company's stock.

Carpenter Technology Price Performance

Shares of CRS stock traded down $7.64 during trading hours on Wednesday, reaching $249.67. The company's stock had a trading volume of 514,530 shares, compared to its average volume of 918,617. The firm's 50 day simple moving average is $265.12 and its 200-day simple moving average is $220.25. The company has a market capitalization of $12.43 billion, a price-to-earnings ratio of 33.66, a PEG ratio of 1.15 and a beta of 1.44. Carpenter Technology Corporation has a fifty-two week low of $129.57 and a fifty-two week high of $290.84. The company has a quick ratio of 2.01, a current ratio of 3.65 and a debt-to-equity ratio of 0.37.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued its earnings results on Thursday, July 31st. The basic materials company reported $2.21 earnings per share for the quarter, beating analysts' consensus estimates of $2.03 by $0.18. The firm had revenue of $755.60 million for the quarter, compared to the consensus estimate of $790.73 million. Carpenter Technology had a return on equity of 21.50% and a net margin of 13.07%. The company's revenue was down 5.4% compared to the same quarter last year. During the same quarter last year, the business posted $1.82 EPS. Sell-side analysts forecast that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

Carpenter Technology announced that its board has authorized a stock buyback plan on Thursday, April 24th that permits the company to buyback $400.00 million in outstanding shares. This buyback authorization permits the basic materials company to reacquire up to 4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's leadership believes its stock is undervalued.

Insider Buying and Selling at Carpenter Technology

In other Carpenter Technology news, Director Anastasios John Hart sold 1,000 shares of the firm'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 sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 2.90% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on CRS. JPMorgan Chase & Co. increased 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. Benchmark increased 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. Cowen restated a "buy" rating on shares of Carpenter Technology in a research note on Thursday, June 12th. Finally, BTIG Research restated a "buy" rating on shares of Carpenter Technology in a research note on Monday, August 4th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $278.33.

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.