Allworth Financial LP Trims Stock Position in Carpenter Technology Corporation (NYSE:CRS)

Allworth Financial LP lowered its position in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 14.4% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 5,914 shares of the basic materials company's stock after selling 996 shares during the period. Allworth Financial LP's holdings in Carpenter Technology were worth $1,179,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Bessemer Group Inc. grew its position 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 valued at $42,000 after purchasing an additional 77 shares in the last quarter. Ameriflex Group Inc. purchased a new position in shares of Carpenter Technology during the fourth quarter valued at about $44,000. CIBC Private Wealth Group LLC grew its position in shares of Carpenter Technology by 109.5% during the fourth quarter. CIBC Private Wealth Group LLC now owns 243 shares of the basic materials company's stock valued at $45,000 after purchasing an additional 127 shares in the last quarter. Versant Capital Management Inc lifted its holdings 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 valued at $65,000 after acquiring an additional 77 shares during the last quarter. Finally, UMB Bank n.a. lifted its holdings in shares of Carpenter Technology by 54.9% in the 1st quarter. UMB Bank n.a. now owns 471 shares of the basic materials company's stock valued at $85,000 after acquiring an additional 167 shares during the last quarter. Institutional investors own 92.03% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on CRS shares. Northcoast Research raised shares of Carpenter Technology from a "sell" rating to a "neutral" rating in a report on Wednesday, April 9th. Benchmark increased their price target on shares of Carpenter Technology from $250.00 to $300.00 and gave the company a "buy" rating in a report on Monday, June 9th. 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 report on Tuesday, June 17th. Finally, Cowen reaffirmed a "buy" rating on shares of Carpenter Technology in a report on Thursday, June 12th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Carpenter Technology has a consensus rating of "Moderate Buy" and a consensus price target of $278.33.

Insider Activity

In other Carpenter Technology news, 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 owned 6,732 shares of the company's stock, valued at $1,330,647.12. This trade represents a 33.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Anastasios John Hart sold 1,000 shares of the firm's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $243.72, for a total transaction of $243,720.00. The disclosure for this sale can be found here. 2.90% of the stock is owned by company insiders.

Carpenter Technology Trading Up 0.4%

NYSE CRS traded up $1.04 during trading on Friday, hitting $277.76. The stock had a trading volume of 721,625 shares, compared to its average volume of 817,683. 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 capitalization of $13.83 billion, a price-to-earnings ratio of 39.34, a P/E/G ratio of 0.92 and a beta of 1.39. Carpenter Technology Corporation has a one year low of $113.53 and a one year high of $282.99. The stock has a 50 day simple moving average of $247.00 and a 200 day simple moving average of $208.21.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced 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 the consensus estimate of $729.67 million. Carpenter Technology had a net margin of 12.26% and a return on equity of 21.16%. The firm's quarterly revenue was up 6.1% compared to the same quarter last year. During the same quarter last year, the firm earned $1.19 earnings per share. 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 of Directors has approved a share buyback program on Thursday, April 24th that authorizes the company to buyback $400.00 million in outstanding shares. This buyback authorization authorizes the basic materials company to repurchase up to 4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board believes its stock is undervalued.

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.