D.A. Davidson & CO. Makes New Investment in Carpenter Technology Corporation (NYSE:CRS)

D.A. Davidson & CO. purchased a new position in Carpenter Technology Corporation (NYSE:CRS - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 2,167 shares of the basic materials company's stock, valued at approximately $393,000.

Several other institutional investors have also modified their holdings of CRS. Jones Financial Companies Lllp lifted its position in shares of Carpenter Technology by 43.7% during the 4th quarter. Jones Financial Companies Lllp now owns 829 shares of the basic materials company's stock worth $141,000 after purchasing an additional 252 shares during the last quarter. M&T Bank Corp purchased a new stake in shares of Carpenter Technology during the 4th quarter worth $252,000. Raymond James Financial Inc. purchased a new stake in shares of Carpenter Technology during the 4th quarter worth $18,731,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Carpenter Technology by 15.3% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,967 shares of the basic materials company's stock worth $2,201,000 after purchasing an additional 1,717 shares during the last quarter. Finally, HighTower Advisors LLC lifted its position in shares of Carpenter Technology by 57.6% during the 4th quarter. HighTower Advisors LLC now owns 22,360 shares of the basic materials company's stock worth $3,795,000 after purchasing an additional 8,168 shares during the last quarter. Institutional investors and hedge funds own 92.03% of the company's stock.

Insider Transactions at Carpenter Technology

In other news, Director I Martin Inglis sold 3,433 shares of the business's stock in a transaction dated Tuesday, April 29th. The shares were sold at an average price of $197.66, for a total transaction of $678,566.78. Following the transaction, the director directly owned 6,732 shares in the company, valued at $1,330,647.12. The trade was a 33.77% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Anastasios John Hart sold 1,000 shares of the business's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $243.72, for a total transaction of $243,720.00. The disclosure for this sale can be found here. 2.90% of the stock is currently owned by corporate insiders.

Carpenter Technology Price Performance

Shares of NYSE:CRS opened at $277.76 on Friday. The company has a 50-day simple moving average of $247.00 and a 200-day simple moving average of $207.98. Carpenter Technology Corporation has a one year low of $110.10 and a one year high of $282.99. 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 stock has a market capitalization of $13.83 billion, a price-to-earnings ratio of 39.34, a PEG ratio of 0.91 and a beta of 1.39.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its earnings results on Thursday, April 24th. The basic materials company reported $1.88 EPS for the quarter, beating analysts' consensus estimates of $1.74 by $0.14. Carpenter Technology had a net margin of 12.26% and a return on equity of 21.16%. The business had revenue of $727.00 million during the quarter, compared to analysts' expectations of $729.67 million. During the same period in the prior year, the company earned $1.19 earnings per share. The business's revenue was up 6.1% compared to the same quarter last year. On average, analysts predict that Carpenter Technology Corporation will post 6.83 EPS for the current year.

Carpenter Technology declared that its Board of Directors has initiated a share repurchase program on Thursday, April 24th that permits the company to buyback $400.00 million in outstanding shares. This buyback authorization permits the basic materials company to purchase up to 4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

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

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.