Allianz Asset Management GmbH Grows Stock Holdings in Carpenter Technology Corporation (NYSE:CRS)

Allianz Asset Management GmbH boosted its holdings in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 149.4% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 115,753 shares of the basic materials company's stock after acquiring an additional 69,336 shares during the quarter. Allianz Asset Management GmbH owned 0.23% of Carpenter Technology worth $20,972,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. FMR LLC boosted its position in shares of Carpenter Technology by 28.3% during the fourth quarter. FMR LLC now owns 4,444,608 shares of the basic materials company's stock valued at $754,295,000 after buying an additional 979,313 shares during the last quarter. Invesco Ltd. raised its holdings in shares of Carpenter Technology by 30.3% in the fourth quarter. Invesco Ltd. now owns 1,537,235 shares of the basic materials company's stock valued at $260,884,000 after purchasing an additional 357,417 shares during the last quarter. SurgoCap Partners LP lifted its position 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 valued at $244,734,000 after purchasing an additional 779,357 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Carpenter Technology by 3.5% during the fourth quarter. Geode Capital Management LLC now owns 1,138,615 shares of the basic materials company's stock worth $193,279,000 after purchasing an additional 38,411 shares during the last quarter. Finally, Third Point LLC grew its position in Carpenter Technology by 31.8% in the 4th quarter. Third Point LLC now owns 870,000 shares of the basic materials company's stock worth $147,648,000 after purchasing an additional 210,000 shares in the last quarter. Institutional investors and hedge funds own 92.03% of the company's stock.

Analysts Set New Price Targets

Several research firms have commented on CRS. Cowen reissued a "buy" rating on shares of Carpenter Technology in a research report on Thursday, June 12th. Northcoast Research upgraded shares of Carpenter Technology from a "sell" rating to a "neutral" rating in a research report on Wednesday, April 9th. JPMorgan Chase & Co. lifted their price objective on shares of Carpenter Technology from $245.00 to $305.00 and gave the stock an "overweight" rating in a research report on Tuesday, June 17th. Finally, Benchmark boosted their target price on shares of Carpenter Technology from $250.00 to $300.00 and gave the company 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. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $278.33.

Carpenter Technology Stock Performance

NYSE:CRS traded up $3.57 on Friday, reaching $276.54. 581,405 shares of the company's stock were exchanged, compared to its average volume of 1,179,522. The firm has a market cap of $13.77 billion, a price-to-earnings ratio of 39.17, a P/E/G ratio of 0.90 and a beta of 1.39. The company has a debt-to-equity ratio of 0.39, a current ratio of 3.75 and a quick ratio of 1.89. The stock has a fifty day simple moving average of $258.25 and a 200-day simple moving average of $214.50. Carpenter Technology Corporation has a 52 week low of $119.69 and a 52 week high of $290.84.

Carpenter Technology (NYSE:CRS - Get Free Report) last posted its earnings results 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 firm had revenue of $727.00 million for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.19 earnings per share. As a group, sell-side analysts predict that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

Carpenter Technology declared that its board has authorized a stock 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 repurchase up to 4% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's management believes its shares are undervalued.

Insider Transactions at Carpenter Technology

In related news, Director Anastasios John Hart sold 1,000 shares of the 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 the SEC website. Also, Director I Martin Inglis sold 3,433 shares of the firm's stock in a transaction dated Tuesday, April 29th. The shares were sold at an average price of $197.66, for a total value of $678,566.78. Following the completion of the sale, the director directly owned 6,732 shares in the company, valued at approximately $1,330,647.12. The trade was 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.

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.