Carpenter Technology Corporation (NYSE:CRS) Shares Acquired by Alberta Investment Management Corp

Key Points

• Alberta Investment Management Corp increased its stake in Carpenter Technology by 16.8%, owning 31,586 shares valued at approximately $5.7 million as of the latest SEC filing.
• The company reported a quarterly EPS of $2.21, surpassing analysts' expectations, although revenue of $755.6 million fell short of the anticipated $790.73 million.
• JPMorgan and Benchmark have raised their price targets for Carpenter Technology to $305 and $300, respectively, reflecting positive market sentiment towards the stock.

Alberta Investment Management Corp grew its holdings in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 16.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 31,586 shares of the basic materials company's stock after purchasing an additional 4,537 shares during the period. Alberta Investment Management Corp owned about 0.06% of Carpenter Technology worth $5,723,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of CRS. Pictet Asset Management Holding SA lifted its position in Carpenter Technology by 14.6% during the fourth quarter. Pictet Asset Management Holding SA now owns 6,865 shares of the basic materials company's stock valued at $1,165,000 after purchasing an additional 877 shares in the last quarter. Stratos Wealth Partners LTD. increased its holdings in shares of Carpenter Technology by 22.9% in the first quarter. Stratos Wealth Partners LTD. now owns 2,968 shares of the basic materials company's stock worth $538,000 after purchasing an additional 553 shares during the last quarter. Bessemer Group Inc. increased its holdings in shares of 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 purchasing an additional 77 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Carpenter Technology by 27.8% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 15,953 shares of the basic materials company's stock worth $2,890,000 after purchasing an additional 3,467 shares during the last quarter. Finally, Fifth Third Bancorp increased its stake in Carpenter Technology by 13.6% during the first quarter. Fifth Third Bancorp now owns 651 shares of the basic materials company's stock worth $118,000 after acquiring an additional 78 shares during the last quarter. Institutional investors own 92.03% of the company's stock.

Insider Activity at Carpenter Technology

In other news, Director Anastasios John Hart sold 1,000 shares of Carpenter Technology stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $243.72, for a total transaction of $243,720.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 2.90% of the company's stock.

Carpenter Technology Price Performance

CRS traded up $4.16 during trading on Tuesday, reaching $257.17. The company's stock had a trading volume of 401,124 shares, compared to its average volume of 920,672. 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 has a fifty day simple moving average of $263.32 and a two-hundred day simple moving average of $218.50. Carpenter Technology Corporation has a 1 year low of $129.57 and a 1 year high of $290.84. The company has a market cap of $12.80 billion, a price-to-earnings ratio of 34.64, a PEG ratio of 0.85 and a beta of 1.44.

Carpenter Technology (NYSE:CRS - Get Free Report) last released 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 firm 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 business's revenue for the quarter was down 5.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.82 EPS. As a group, analysts anticipate that Carpenter Technology Corporation will post 6.83 EPS for the current year.

Carpenter Technology announced that its board has authorized a stock buyback plan on Thursday, April 24th that authorizes the company to repurchase $400.00 million in shares. This repurchase authorization authorizes the basic materials company to buy up to 4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's board believes its shares are undervalued.

Analyst Ratings Changes

Several equities research analysts have weighed in on CRS shares. Cowen reissued a "buy" rating on shares of Carpenter Technology in a research note on Thursday, June 12th. JPMorgan Chase & Co. boosted their price target on Carpenter Technology from $245.00 to $305.00 and gave the company an "overweight" rating in a report on Tuesday, June 17th. Northcoast Research upgraded Carpenter Technology from a "sell" rating to a "neutral" rating in a report on Wednesday, April 9th. Finally, Benchmark upped their target price on Carpenter Technology from $250.00 to $300.00 and gave the company a "buy" rating in a research report on Monday, June 9th.

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.