Natixis Advisors LLC Purchases 5,969 Shares of Carpenter Technology Corporation (NYSE:CRS)

Key Points

• Natixis Advisors LLC increased its stake in Carpenter Technology Corporation by 36.5% in the first quarter, owning 22,333 shares valued at approximately $4.05 million.
• Carpenter Technology shares have experienced a 1.7% decline, with a current market price of about $253.55, and demonstrate significant volatility with a **52-week high of $290.84** and low of $129.57.
• The company announced a $400 million share buyback plan, indicating management's belief that its stock is undervalued.

Natixis Advisors LLC boosted its stake in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 36.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 22,333 shares of the basic materials company's stock after purchasing an additional 5,969 shares during the quarter. Natixis Advisors LLC's holdings in Carpenter Technology were worth $4,046,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. M&T Bank Corp increased its stake in shares of 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 acquiring an additional 58 shares in the last quarter. Versant Capital Management Inc grew its holdings in Carpenter Technology by 27.3% in the first quarter. Versant Capital Management Inc now owns 359 shares of the basic materials company's stock worth $65,000 after purchasing an additional 77 shares during the period. Bessemer Group Inc. increased its stake in shares of Carpenter Technology by 50.3% during the first 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 in the last quarter. Fifth Third Bancorp lifted its holdings in shares of Carpenter Technology by 13.6% during the first quarter. Fifth Third Bancorp now owns 651 shares of the basic materials company's stock valued at $118,000 after purchasing an additional 78 shares during the last quarter. Finally, Mission Wealth Management LP boosted its position in shares of Carpenter Technology by 4.0% in the 1st quarter. Mission Wealth Management LP now owns 2,008 shares of the basic materials company's stock worth $364,000 after purchasing an additional 78 shares in the last quarter. Hedge funds and other institutional investors own 92.03% of the company's stock.

Analyst Ratings Changes

CRS has been the subject of a number of analyst reports. BTIG Research reaffirmed a "buy" rating on shares of Carpenter Technology in a research report on Monday. Northcoast Research upgraded Carpenter Technology from a "sell" rating to a "neutral" rating in a report on Wednesday, April 9th. JPMorgan Chase & Co. lifted their price target on Carpenter Technology from $245.00 to $305.00 and gave the stock an "overweight" rating in a research report on Tuesday, June 17th. Benchmark increased their price objective 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. Finally, Cowen reaffirmed a "buy" rating on shares of Carpenter Technology in a report on Thursday, June 12th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, Carpenter Technology currently has an average rating of "Moderate Buy" and an average target price of $278.33.

Insider Buying and Selling at Carpenter Technology

In related news, Director Anastasios John Hart sold 1,000 shares of the stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $243.72, for a total transaction of $243,720.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 2.90% of the stock is owned by insiders.

Carpenter Technology Stock Up 0.3%

Shares of Carpenter Technology stock traded up $0.86 on Thursday, reaching $254.70. The company's stock had a trading volume of 535,146 shares, compared to its average volume of 894,882. Carpenter Technology Corporation has a 52 week low of $129.57 and a 52 week high of $290.84. The firm's fifty day simple moving average is $264.49 and its two-hundred day simple moving average is $219.34. The company has a quick ratio of 2.01, a current ratio of 3.65 and a debt-to-equity ratio of 0.37. The company has a market capitalization of $12.68 billion, a price-to-earnings ratio of 34.33, a P/E/G ratio of 1.17 and a beta of 1.44.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The basic materials company reported $2.21 EPS for the quarter, topping the consensus estimate of $2.03 by $0.18. The company had revenue of $755.60 million during the quarter, compared to the consensus estimate of $790.73 million. Carpenter Technology had a return on equity of 21.50% and a net margin of 13.07%. Carpenter Technology's revenue for the quarter was down 5.4% on a year-over-year basis. During the same period last year, the company earned $1.82 EPS. Equities analysts anticipate that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

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

Carpenter Technology Company 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.