3,467 Shares in Carpenter Technology Corporation (NYSE:CRS) Acquired by Sierra Summit Advisors LLC

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 bought a new position in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 3,467 shares of the basic materials company's stock, valued at approximately $628,000.

Other large investors have also recently made changes to their positions in the company. IMA Advisory Services Inc. purchased a new stake in shares of Carpenter Technology during the first quarter worth approximately $36,000. Bessemer Group Inc. increased its stake in shares of Carpenter Technology by 50.3% during 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 period. Ameriflex Group Inc. purchased a new stake in shares of Carpenter Technology during the fourth quarter worth approximately $44,000. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Carpenter Technology during the first quarter worth approximately $49,000. Finally, Versant Capital Management Inc increased its stake in shares of Carpenter Technology by 27.3% during 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 period. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on CRS shares. Benchmark upped their target price on shares of Carpenter Technology from $250.00 to $300.00 and gave the stock a "buy" rating in a research note on Monday, June 9th. BTIG Research reiterated a "buy" rating on shares of Carpenter Technology in a research note on Monday. Cowen reiterated a "buy" rating on shares of Carpenter Technology in a research note on Thursday, June 12th. Finally, JPMorgan Chase & Co. increased their price target on shares of Carpenter Technology from $245.00 to $305.00 and gave the company an "overweight" rating in a research note on Tuesday, June 17th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, Carpenter Technology presently has an average rating of "Moderate Buy" and a consensus target price of $278.33.

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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 2.90% of the company's stock.

Carpenter Technology Stock Performance

Shares of Carpenter Technology stock opened at $248.62 on Friday. The firm has a market capitalization of $12.38 billion, a P/E ratio of 33.51, a P/E/G ratio of 1.18 and a beta of 1.44. Carpenter Technology Corporation has a 52 week low of $129.57 and a 52 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. The firm's 50 day moving average is $264.76 and its two-hundred day moving average is $219.60.

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

Carpenter Technology announced that its board has authorized a stock buyback 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 shares through open market purchases. Shares repurchase plans are typically a sign that the company's management believes its shares are undervalued.

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.

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