Baader Bank Aktiengesellschaft Buys 1,559 Shares of Carpenter Technology Corporation (NYSE:CRS)

Key Points

• Baader Bank Aktiengesellschaft has increased its holdings in Carpenter Technology Corporation by **28.7%**, totaling **6,989 shares** worth **$1.26 million** at the end of the most recent quarter.
• A significant number of institutional investors have also boosted their positions in Carpenter Technology, indicating strong **interest and investment** in the company, which is now **92.03%** owned by such entities.
• Carpenter Technology's Board of Directors authorized a **$400 million share buyback program**, suggesting they believe the company's stock is currently undervalued.

Baader Bank Aktiengesellschaft grew its holdings in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 28.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,989 shares of the basic materials company's stock after acquiring an additional 1,559 shares during the period. Baader Bank Aktiengesellschaft's holdings in Carpenter Technology were worth $1,262,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of CRS. IMA Advisory Services Inc. acquired a new position in Carpenter Technology during the 1st quarter valued at about $36,000. Bessemer Group Inc. boosted its stake in 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. CIBC Private Wealth Group LLC boosted its stake in Carpenter Technology by 109.5% during the 4th 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 during the last quarter. Ameriflex Group Inc. acquired a new position in Carpenter Technology during the 4th quarter valued at about $44,000. Finally, Versant Capital Management Inc boosted its stake in 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. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Cowen reiterated a "buy" rating on shares of Carpenter Technology in a research note on Thursday, June 12th. Northcoast Research raised shares of Carpenter Technology from a "sell" rating to a "neutral" rating in a research report on Wednesday, April 9th. Benchmark lifted their target price on shares of Carpenter Technology from $250.00 to $300.00 and gave the stock a "buy" rating in a research report on Monday, June 9th. Finally, JPMorgan Chase & Co. lifted their target price 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.

Insider Activity at Carpenter Technology

In related 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 value of $243,720.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 2.90% of the company's stock.

Carpenter Technology Stock Performance

Shares of NYSE:CRS traded up $8.48 during mid-day trading on Friday, reaching $257.87. The company had a trading volume of 1,944,868 shares, compared to its average volume of 925,580. The company has a current ratio of 3.75, a quick ratio of 1.89 and a debt-to-equity ratio of 0.39. The firm has a market cap of $12.84 billion, a price-to-earnings ratio of 36.53, a PEG ratio of 0.94 and a beta of 1.39. The company's 50-day moving average price is $262.31 and its 200-day moving average price is $217.49. Carpenter Technology Corporation has a one year low of $119.69 and a one year high of $290.84.

Carpenter Technology (NYSE:CRS - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The basic materials company reported $2.21 EPS for the quarter, topping analysts' consensus estimates of $2.03 by $0.18. The company had revenue of $755.60 million for the quarter, compared to analysts' expectations of $790.73 million. Carpenter Technology had a net margin of 12.26% and a return on equity of 21.16%. Carpenter Technology's revenue was down 5.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.82 EPS. As a group, equities research analysts anticipate that Carpenter Technology Corporation will post 6.83 EPS for the current fiscal year.

Carpenter Technology announced that its board has initiated a stock repurchase 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 reacquire up to 4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's board of directors believes its stock is undervalued.

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.