Concurrent Investment Advisors LLC Acquires New Shares in Carpenter Technology Corporation (NYSE:CRS)

Concurrent Investment Advisors LLC acquired a new stake in Carpenter Technology Corporation (NYSE:CRS - Free Report) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 5,374 shares of the basic materials company's stock, valued at approximately $974,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Bessemer Group Inc. boosted its position 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 worth $42,000 after buying an additional 77 shares during the period. Ameriflex Group Inc. acquired a new position in shares of Carpenter Technology during the fourth quarter worth about $44,000. CIBC Private Wealth Group LLC boosted its position in shares of Carpenter Technology by 109.5% during the fourth quarter. CIBC Private Wealth Group LLC now owns 243 shares of the basic materials company's stock worth $45,000 after buying an additional 127 shares during the period. Versant Capital Management Inc boosted its position in shares of Carpenter Technology by 27.3% during the first quarter. Versant Capital Management Inc now owns 359 shares of the basic materials company's stock worth $65,000 after buying an additional 77 shares during the period. Finally, UMB Bank n.a. boosted its position in shares of Carpenter Technology by 54.9% during the first quarter. UMB Bank n.a. now owns 471 shares of the basic materials company's stock worth $85,000 after buying an additional 167 shares during the period. Institutional investors own 92.03% of the company's stock.

Insider Activity at Carpenter Technology

In other Carpenter Technology news, Director I Martin Inglis sold 3,433 shares of the firm's stock in a transaction 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 transaction, the director owned 6,732 shares in the company, valued at $1,330,647.12. This trade represents a 33.77% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Anastasios John Hart sold 1,000 shares of the firm'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 disclosure for this sale can be found here. Company insiders own 2.90% of the company's stock.

Carpenter Technology Stock Up 0.4%

NYSE CRS traded up $1.04 during trading hours on Friday, hitting $277.76. 721,625 shares of the company traded hands, compared to its average volume of 815,800. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.89 and a current ratio of 3.75. Carpenter Technology Corporation has a twelve month low of $110.10 and a twelve month high of $282.99. The business's 50-day moving average is $247.00 and its 200-day moving average is $207.98. The stock has a market capitalization of $13.83 billion, a price-to-earnings ratio of 39.34, a P/E/G ratio of 0.91 and a beta of 1.39.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.88 earnings per share 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 analysts' expectations of $729.67 million. Carpenter Technology had a return on equity of 21.16% and a net margin of 12.26%. The firm's revenue for the quarter was up 6.1% compared to the same quarter last year. During the same period last year, the firm posted $1.19 EPS. Sell-side analysts anticipate that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

Carpenter Technology declared that its Board of Directors has initiated a stock buyback plan on Thursday, April 24th that allows the company to repurchase $400.00 million in outstanding shares. This repurchase authorization allows the basic materials company to buy up to 4% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's board believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CRS. Benchmark upped 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 research report on Thursday, June 12th. JPMorgan Chase & Co. increased their price target 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, Northcoast Research raised Carpenter Technology from a "sell" rating to a "neutral" rating in a research report on Wednesday, April 9th. One investment 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, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $278.33.

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.