Allworth Financial LP Sells 996 Shares of Carpenter Technology Corporation (NYSE:CRS)

Allworth Financial LP lowered its stake in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 14.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor 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 reporting period.

Other large investors have also added to or reduced their stakes in the company. M&T Bank Corp boosted its stake in Carpenter Technology by 3.9% in the 1st quarter. M&T Bank Corp now owns 1,541 shares of the basic materials company's stock worth $279,000 after purchasing an additional 58 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in Carpenter Technology by 11.9% in the 4th quarter. EverSource Wealth Advisors LLC now owns 669 shares of the basic materials company's stock worth $114,000 after buying an additional 71 shares during the last quarter. Versant Capital Management Inc increased its position in shares of Carpenter Technology by 27.3% during the 1st quarter. Versant Capital Management Inc now owns 359 shares of the basic materials company's stock valued at $65,000 after purchasing an additional 77 shares during the last quarter. Bessemer Group Inc. increased its position in shares of Carpenter Technology by 50.3% during the 1st 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 during the last quarter. Finally, Mission Wealth Management LP increased its position in shares of Carpenter Technology by 4.0% during the 1st quarter. Mission Wealth Management LP now owns 2,008 shares of the basic materials company's stock valued at $364,000 after purchasing 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 Carpenter Technology news, Director I Martin Inglis sold 3,433 shares of the company's stock in a transaction that occurred on Tuesday, April 29th. The stock was sold at an average price of $197.66, for a total value of $678,566.78. Following the completion of the transaction, the director directly owned 6,732 shares in the company, valued at $1,330,647.12. This represents a 33.77% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Anastasios John Hart sold 1,000 shares of the company'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 value of $243,720.00. The disclosure for this sale can be found here. Corporate insiders own 2.90% of the company's stock.

Carpenter Technology Stock Performance

Carpenter Technology stock traded up $0.62 during midday trading on Wednesday, hitting $279.17. The stock had a trading volume of 520,201 shares, compared to its average volume of 814,292. The firm's fifty day moving average is $249.76 and its two-hundred day moving average is $209.68. The company has a market capitalization of $13.90 billion, a PE ratio of 39.54, a P/E/G ratio of 0.92 and a beta of 1.39. Carpenter Technology Corporation has a 52-week low of $115.52 and a 52-week high of $282.99. The company has a current ratio of 3.75, a quick ratio of 1.89 and a debt-to-equity ratio of 0.39.

Carpenter Technology (NYSE:CRS - Get Free Report) last released 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 company had revenue of $727.00 million during the quarter, compared to analyst estimates 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 period in the prior year, the firm posted $1.19 EPS. On average, research analysts forecast that Carpenter Technology Corporation will post 6.83 EPS for the current year.

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

Wall Street Analyst Weigh In

Several research firms have recently commented on CRS. Northcoast Research raised shares of Carpenter Technology from a "sell" rating to a "neutral" rating in a research report on Wednesday, April 9th. Benchmark upped their price target on shares of Carpenter Technology from $250.00 to $300.00 and gave the company a "buy" rating in a research report on Monday, June 9th. Cowen reaffirmed a "buy" rating on shares of Carpenter Technology in a research report on Thursday, June 12th. Finally, JPMorgan Chase & Co. upped their price target on shares of Carpenter Technology from $245.00 to $305.00 and gave the company an "overweight" rating in a research report on Tuesday, June 17th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, Carpenter Technology currently has an average rating of "Moderate Buy" and a consensus target price of $278.33.

Carpenter Technology 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.