Cetera Investment Advisers Has $2.99 Million Position in Carpenter Technology Corporation (NYSE:CRS)

Key Points

• Cetera Investment Advisers increased its holdings in Carpenter Technology Corporation by 36.7% during Q1 2023, bringing its total position to approximately $2.99 million.
• Carpenter Technology’s recently reported quarterly earnings showed an EPS of $2.21, exceeding expectations, despite a 5.4% decline in revenue year-over-year.
• The company’s Board has approved a $400 million share repurchase program, indicating that its leadership believes its stock is undervalued.

Cetera Investment Advisers boosted its holdings in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 36.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 16,475 shares of the basic materials company's stock after acquiring an additional 4,427 shares during the quarter. Cetera Investment Advisers' holdings in Carpenter Technology were worth $2,985,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Avantax Advisory Services Inc. increased its stake in Carpenter Technology by 15.6% in the first quarter. Avantax Advisory Services Inc. now owns 7,339 shares of the basic materials company's stock valued at $1,330,000 after acquiring an additional 989 shares during the period. Pinnacle Associates Ltd. bought a new stake in Carpenter Technology in the first quarter valued at about $431,000. Wakefield Asset Management LLLP increased its stake in Carpenter Technology by 4.5% in the first quarter. Wakefield Asset Management LLLP now owns 6,752 shares of the basic materials company's stock valued at $1,223,000 after acquiring an additional 290 shares during the period. IMA Advisory Services Inc. bought a new stake in Carpenter Technology in the first quarter valued at about $36,000. Finally, Egerton Capital UK LLP bought a new stake in Carpenter Technology in the first quarter valued at about $329,727,000. 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 stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $243.72, for a total value of $243,720.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 2.90% of the stock is owned by corporate insiders.

Carpenter Technology Price Performance

Shares of Carpenter Technology stock opened at $258.21 on Wednesday. The company has a current ratio of 3.65, a quick ratio of 2.01 and a debt-to-equity ratio of 0.37. The stock has a market capitalization of $12.85 billion, a price-to-earnings ratio of 34.80, a P/E/G ratio of 0.82 and a beta of 1.44. Carpenter Technology Corporation has a 1-year low of $129.57 and a 1-year high of $290.84. The firm's 50-day moving average price is $263.72 and its two-hundred day moving average price is $218.77.

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

Carpenter Technology announced that its Board of Directors has approved a share repurchase 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 purchase up to 4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on CRS. Northcoast Research raised shares of Carpenter Technology from a "sell" rating to a "neutral" rating in a research note on Wednesday, April 9th. Benchmark upped their price objective on shares of Carpenter Technology from $250.00 to $300.00 and gave the stock a "buy" rating in a research note on Monday, June 9th. Cowen reaffirmed a "buy" rating on shares of Carpenter Technology in a research note on Thursday, June 12th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Carpenter Technology from $245.00 to $305.00 and gave the stock an "overweight" rating in a research note on Tuesday, June 17th.

Carpenter Technology 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.

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