California Public Employees Retirement System Purchases 2,988 Shares of Carpenter Technology Corporation $CRS

Key Points

• CalPERS increased its stake in Carpenter Technology by 3.1% in the first quarter, buying 2,988 additional shares and bringing its holdings to 100,658 shares worth about $39.7 million.
• Institutional ownership remains very high, with hedge funds and other large investors owning 92.03% of the company’s stock after several firms, including State Street and Invesco, also raised their positions.
• Carpenter Technology posted solid earnings with Q4 EPS of $2.77, topping estimates, while analysts currently rate the stock a consensus “Buy” with an average price target of $556.75.

California Public Employees Retirement System grew its position in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 3.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 100,658 shares of the basic materials company's stock after buying an additional 2,988 shares during the quarter. California Public Employees Retirement System owned approximately 0.20% of Carpenter Technology worth $39,674,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the company. State Street Corp increased its position in Carpenter Technology by 10.1% in the 3rd quarter. State Street Corp now owns 2,096,145 shares of the basic materials company's stock valued at $514,687,000 after acquiring an additional 192,533 shares in the last quarter. Invesco Ltd. lifted its position in shares of Carpenter Technology by 18.8% during the fourth quarter. Invesco Ltd. now owns 2,071,657 shares of the basic materials company's stock worth $652,241,000 after purchasing an additional 327,302 shares in the last quarter. Egerton Capital UK LLP lifted its position in shares of Carpenter Technology by 13.0% during the fourth quarter. Egerton Capital UK LLP now owns 1,553,012 shares of the basic materials company's stock worth $488,950,000 after purchasing an additional 178,679 shares in the last quarter. SurgoCap Partners LP grew its stake in shares of Carpenter Technology by 29.5% during the third quarter. SurgoCap Partners LP now owns 1,198,895 shares of the basic materials company's stock valued at $294,377,000 after purchasing an additional 272,896 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of Carpenter Technology by 8.8% during the fourth quarter. Geode Capital Management LLC now owns 975,960 shares of the basic materials company's stock valued at $307,333,000 after purchasing an additional 78,588 shares during the last quarter. Institutional investors and hedge funds own 92.03% of the company's stock.

Carpenter Technology Trading Down 0.4%

Shares of NYSE CRS opened at $555.58 on Tuesday. Carpenter Technology Corporation has a twelve month low of $228.00 and a twelve month high of $625.98. The stock has a market cap of $27.61 billion, a price-to-earnings ratio of 58.48, a P/E/G ratio of 1.57 and a beta of 1.22. The company has a quick ratio of 2.08, a current ratio of 3.73 and a debt-to-equity ratio of 0.33. The company's fifty day moving average is $527.54 and its 200-day moving average is $432.81.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its quarterly earnings data on Wednesday, April 29th. The basic materials company reported $2.77 EPS for the quarter, beating analysts' consensus estimates of $2.59 by $0.18. The business had revenue of $655.60 million during the quarter, compared to analysts' expectations of $797.00 million. Carpenter Technology had a net margin of 15.82% and a return on equity of 25.02%. The firm's quarterly revenue was up 11.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.88 EPS. Equities research analysts predict that Carpenter Technology Corporation will post 10.58 EPS for the current year.

Analysts Set New Price Targets

A number of research firms have recently weighed in on CRS. Zacks Research upgraded Carpenter Technology from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, July 15th. Weiss Ratings cut Carpenter Technology from a "buy (b+)" rating to a "buy (b)" rating in a report on Wednesday, June 3rd. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $500.00 price objective on shares of Carpenter Technology in a research report on Thursday, April 30th. KeyCorp boosted their price objective on Carpenter Technology from $459.00 to $644.00 and gave the stock an "overweight" rating in a report on Tuesday, June 30th. Finally, Wells Fargo & Company upped their target price on shares of Carpenter Technology from $400.00 to $425.00 and gave the company an "equal weight" rating in a research report on Monday, May 4th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $556.75.

Insider Transactions at Carpenter Technology

In other news, Director Anastasios John Hart sold 750 shares of the firm's stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $423.86, for a total transaction of $317,895.00. Following the sale, the director owned 750 shares of the company's stock, valued at $317,895. This trade represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Marshall D. Akins sold 11,815 shares of Carpenter Technology stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $441.36, for a total value of $5,214,668.40. Following the transaction, the vice president owned 18,344 shares in the company, valued at $8,096,307.84. This trade represents a 39.18% decrease in their position. The disclosure for this sale is available in the SEC filing. 2.90% of the stock is currently owned by insiders.

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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.

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