Bank of New York Mellon Corp Cuts Holdings in Carpenter Technology Corporation (NYSE:CRS)

Bank of New York Mellon Corp trimmed its stake in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 0.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 496,583 shares of the basic materials company's stock after selling 1,484 shares during the quarter. Bank of New York Mellon Corp owned 0.99% of Carpenter Technology worth $89,971,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of CRS. Bessemer Group Inc. boosted 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 acquiring an additional 77 shares in the last quarter. Ameriflex Group Inc. acquired a new position in shares of Carpenter Technology during the 4th quarter worth about $44,000. CIBC Private Wealth Group LLC boosted its position in shares of 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 worth $45,000 after acquiring an additional 127 shares in the last quarter. Versant Capital Management Inc boosted its position in shares of Carpenter Technology by 27.3% during the 1st quarter. Versant Capital Management Inc now owns 359 shares of the basic materials company's stock worth $65,000 after acquiring an additional 77 shares in the last quarter. Finally, UMB Bank n.a. boosted its position in shares of Carpenter Technology by 54.9% during the 1st quarter. UMB Bank n.a. now owns 471 shares of the basic materials company's stock worth $85,000 after acquiring an additional 167 shares in the last quarter. 92.03% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Insider Buying and Selling

In other Carpenter Technology news, Director Anastasios John Hart sold 1,000 shares of the stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $243.72, for a total transaction of $243,720.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director I Martin Inglis sold 3,433 shares of the stock in a transaction that occurred 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 directly owned 6,732 shares of the company's stock, valued at $1,330,647.12. The trade was a 33.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.90% of the stock is currently owned by company insiders.

Carpenter Technology Stock Performance

Carpenter Technology stock traded up $1.04 during mid-day trading on Friday, reaching $277.76. 721,625 shares of the company were exchanged, compared to its average volume of 817,683. Carpenter Technology Corporation has a twelve month low of $113.53 and a twelve month high of $282.99. The firm's 50-day simple moving average is $247.00 and its two-hundred day simple moving average is $208.44. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.89 and a current ratio of 3.75. The firm has a market cap of $13.83 billion, a PE ratio of 39.34, a price-to-earnings-growth ratio of 0.92 and a beta of 1.39.

Carpenter Technology (NYSE:CRS - Get Free Report) last posted its quarterly earnings data 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 company had revenue of $727.00 million during the quarter, compared to analysts' expectations of $729.67 million. During the same period last year, the firm earned $1.19 EPS. The firm's revenue for the quarter was up 6.1% on a year-over-year basis. Equities analysts predict that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology declared that its Board of Directors has initiated a share repurchase program on Thursday, April 24th that allows the company to buyback $400.00 million in shares. This buyback authorization allows the basic materials company to repurchase up to 4% of its shares through open market purchases. Shares buyback programs are often an indication that the company's management 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.