Pelham Capital Ltd. Buys 7,644 Shares of Carpenter Technology Corporation (NYSE:CRS)

Pelham Capital Ltd. increased its holdings in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 17.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 50,604 shares of the basic materials company's stock after buying an additional 7,644 shares during the quarter. Carpenter Technology accounts for approximately 4.8% of Pelham Capital Ltd.'s holdings, 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.

Other institutional investors and hedge funds have also modified their holdings of the company. Pictet Asset Management Holding SA lifted its position in shares of Carpenter Technology by 14.6% in the fourth quarter. Pictet Asset Management Holding SA now owns 6,865 shares of the basic materials company's stock worth $1,165,000 after buying an additional 877 shares during the last quarter. Bessemer Group Inc. lifted 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 worth $42,000 after purchasing an additional 77 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in shares of Carpenter Technology by 27.8% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 15,953 shares of the basic materials company's stock worth $2,890,000 after purchasing an additional 3,467 shares during the last quarter. Fifth Third Bancorp lifted its position in shares of Carpenter Technology by 13.6% during the 1st quarter. Fifth Third Bancorp now owns 651 shares of the basic materials company's stock worth $118,000 after purchasing an additional 78 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new position in shares of Carpenter Technology during the 4th quarter worth about $18,731,000. Hedge funds and other institutional investors own 92.03% of the company's stock.

Insiders Place Their Bets

In other Carpenter Technology news, Director Anastasios John Hart sold 1,000 shares of the company's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $243.72, for a total value of $243,720.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director I Martin Inglis sold 3,433 shares of the stock in a transaction 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 sale, the director owned 6,732 shares in the company, valued at $1,330,647.12. The trade was a 33.77% decrease in their position. 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 down $0.07 during trading hours on Thursday, hitting $276.68. The stock had a trading volume of 583,728 shares, compared to its average volume of 815,073. The company has a 50-day moving average of $245.72 and a two-hundred day moving average of $207.27. The company has a quick ratio of 1.89, a current ratio of 3.75 and a debt-to-equity ratio of 0.39. The company has a market cap of $13.77 billion, a PE ratio of 39.19, a price-to-earnings-growth ratio of 0.93 and a beta of 1.39. Carpenter Technology Corporation has a fifty-two week low of $106.42 and a fifty-two week high of $282.99.

Carpenter Technology (NYSE:CRS - Get Free Report) last posted its earnings results on Thursday, April 24th. The basic materials company reported $1.88 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 return on equity of 21.16% and a net margin of 12.26%. During the same quarter last year, the company earned $1.19 EPS. Carpenter Technology's revenue was up 6.1% on a year-over-year basis. On average, equities research analysts anticipate that Carpenter Technology Corporation will post 6.83 EPS for the current fiscal year.

Carpenter Technology declared that its board has authorized a stock repurchase plan on Thursday, April 24th that authorizes the company to repurchase $400.00 million in outstanding shares. This repurchase authorization authorizes the basic materials company to buy up to 4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's management believes its stock is undervalued.

Analyst Ratings Changes

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