Emerald Advisers LLC Sells 17,467 Shares of Carpenter Technology Corporation (NYSE:CRS)

Emerald Advisers LLC lessened its stake in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 8.1% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 198,396 shares of the basic materials company's stock after selling 17,467 shares during the period. Carpenter Technology comprises approximately 1.6% of Emerald Advisers LLC's investment portfolio, making the stock its 13th largest holding. Emerald Advisers LLC owned 0.40% of Carpenter Technology worth $35,945,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Xponance Inc. raised its holdings in Carpenter Technology by 3.0% during the first quarter. Xponance Inc. now owns 7,048 shares of the basic materials company's stock worth $1,277,000 after acquiring an additional 202 shares in the last quarter. State of Michigan Retirement System raised its stake in Carpenter Technology by 1.7% in the first quarter. State of Michigan Retirement System now owns 12,000 shares of the basic materials company's stock valued at $2,174,000 after buying an additional 200 shares during the period. Pelham Capital Ltd. raised its stake in Carpenter Technology by 17.8% in the first quarter. Pelham Capital Ltd. now owns 50,604 shares of the basic materials company's stock valued at $9,168,000 after buying an additional 7,644 shares during the period. M&T Bank Corp raised its stake in Carpenter Technology by 3.9% in the first quarter. M&T Bank Corp now owns 1,541 shares of the basic materials company's stock valued at $279,000 after buying an additional 58 shares during the period. Finally, Stratos Wealth Partners LTD. raised its stake in Carpenter Technology by 22.9% in the first quarter. Stratos Wealth Partners LTD. now owns 2,968 shares of the basic materials company's stock valued at $538,000 after buying an additional 553 shares during the period. Institutional investors own 92.03% of the company's stock.

Analysts Set New Price Targets

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

Insider Buying and Selling

In related news, 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 transaction of $678,566.78. Following the sale, the director owned 6,732 shares of the company's stock, valued at $1,330,647.12. This represents a 33.77% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, 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 value of $243,720.00. The disclosure for this sale can be found here. Corporate insiders own 2.90% of the company's stock.

Carpenter Technology Stock Performance

Shares of Carpenter Technology stock traded up $0.62 on Wednesday, hitting $279.17. The stock had a trading volume of 520,201 shares, compared to its average volume of 813,600. Carpenter Technology Corporation has a twelve month low of $115.52 and a twelve month high of $282.99. The business's 50 day moving average is $251.16 and its two-hundred day moving average is $210.16. 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 stock has a market cap of $13.90 billion, a price-to-earnings ratio of 39.54, 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 earnings results on Thursday, April 24th. The basic materials company reported $1.88 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to the consensus estimate of $729.67 million. During the same quarter in the prior year, the business earned $1.19 earnings per share. The firm's revenue for the quarter was up 6.1% on a year-over-year basis. Analysts forecast that Carpenter Technology Corporation will post 6.83 EPS for the current year.

Carpenter Technology announced that its Board of Directors has initiated a share buyback program on Thursday, April 24th that authorizes the company to buyback $400.00 million in outstanding shares. This buyback authorization authorizes the basic materials company to reacquire up to 4% of its shares through open market purchases. Shares buyback programs are usually a sign 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.