Pelham Capital Ltd. Raises Position in Carpenter Technology Corporation (NYSE:CRS)

Pelham Capital Ltd. lifted its holdings in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 17.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 50,604 shares of the basic materials company's stock after acquiring an additional 7,644 shares during the period. Carpenter Technology makes up approximately 4.8% of Pelham Capital Ltd.'s portfolio, making the stock its 9th biggest position. Pelham Capital Ltd. owned approximately 0.10% of Carpenter Technology worth $9,168,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in CRS. FMR LLC increased its position in Carpenter Technology by 28.3% in the 4th 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 in the last quarter. Invesco Ltd. increased its position in Carpenter Technology by 30.3% in the 4th quarter. Invesco Ltd. now owns 1,537,235 shares of the basic materials company's stock valued at $260,884,000 after buying an additional 357,417 shares in the last quarter. SurgoCap Partners LP increased its position in Carpenter Technology by 117.6% in the 4th quarter. SurgoCap Partners LP now owns 1,442,069 shares of the basic materials company's stock valued at $244,734,000 after buying an additional 779,357 shares in the last quarter. Geode Capital Management LLC increased its position in Carpenter Technology by 3.5% in the 4th quarter. Geode Capital Management LLC now owns 1,138,615 shares of the basic materials company's stock valued at $193,279,000 after buying an additional 38,411 shares in the last quarter. Finally, Third Point LLC increased 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 valued at $147,648,000 after buying an additional 210,000 shares in the last quarter. 92.03% of the stock is owned by institutional investors.

Insider Activity at Carpenter Technology

In related news, 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 transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director I Martin Inglis sold 3,433 shares of the company's stock in a transaction that occurred on 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 transaction, the director 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. 2.90% of the stock is currently owned by corporate insiders.

Carpenter Technology Stock Performance

Shares of NYSE CRS traded up $1.23 during midday trading on Friday, reaching $277.95. The company's stock had a trading volume of 450,743 shares, compared to its average volume of 813,691. Carpenter Technology Corporation has a 12-month low of $106.42 and a 12-month high of $282.99. The firm has a 50 day moving average price of $245.72 and a 200-day moving average price of $207.27. The stock has a market capitalization of $13.84 billion, a P/E ratio of 39.37, a PEG ratio of 0.93 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.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its earnings results on Thursday, April 24th. The basic materials company reported $1.88 earnings per share for the quarter, topping analysts' consensus estimates of $1.74 by $0.14. Carpenter Technology had a return on equity of 21.16% and a net margin of 12.26%. The firm had revenue of $727.00 million for the quarter, compared to the consensus estimate of $729.67 million. During the same quarter in the previous year, the business earned $1.19 EPS. The company's revenue was up 6.1% compared to the same quarter last year. As a group, equities analysts predict that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

Carpenter Technology declared that its board has approved a stock repurchase plan on Thursday, April 24th that permits the company to repurchase $400.00 million in outstanding shares. This repurchase authorization permits the basic materials company to buy up to 4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's management believes its shares are undervalued.

Analyst Ratings Changes

A number of analysts have commented on the company. Northcoast Research raised Carpenter Technology from a "sell" rating to a "neutral" rating in a report on Wednesday, April 9th. JPMorgan Chase & Co. boosted their price objective on Carpenter Technology from $245.00 to $305.00 and gave the stock an "overweight" rating in a report on Tuesday, June 17th. Benchmark boosted their price objective on Carpenter Technology from $250.00 to $300.00 and gave the stock a "buy" rating in a report on Monday, June 9th. Finally, Cowen reissued a "buy" rating on shares of Carpenter Technology in a report on Thursday, June 12th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $278.33.

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.