D.A. Davidson & CO. Takes Position in Carpenter Technology Corporation (NYSE:CRS)

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

Other institutional investors and hedge funds have also bought and sold shares of the company. FMR LLC increased its stake in shares of Carpenter Technology by 28.3% during the fourth quarter. FMR LLC now owns 4,444,608 shares of the basic materials company's stock valued at $754,295,000 after purchasing an additional 979,313 shares in the last quarter. SurgoCap Partners LP increased its stake in shares of Carpenter Technology by 117.6% during the fourth quarter. SurgoCap Partners LP now owns 1,442,069 shares of the basic materials company's stock valued at $244,734,000 after purchasing an additional 779,357 shares in the last quarter. Norges Bank bought a new position in shares of Carpenter Technology during the fourth quarter valued at approximately $100,505,000. GAMMA Investing LLC increased its stake in shares of Carpenter Technology by 19,404.3% during the first quarter. GAMMA Investing LLC now owns 479,221 shares of the basic materials company's stock valued at $86,825,000 after purchasing an additional 476,764 shares in the last quarter. Finally, Freestone Grove Partners LP bought a new position in shares of Carpenter Technology during the fourth quarter valued at approximately $69,285,000. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director I Martin Inglis sold 3,433 shares of the stock in a transaction on Tuesday, April 29th. The shares were sold at an average price of $197.66, for a total value of $678,566.78. Following the sale, the director owned 6,732 shares in the company, valued at $1,330,647.12. This represents a 33.77% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Anastasios John Hart sold 1,000 shares of the stock in a transaction on 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. Corporate insiders own 2.90% of the company's stock.

Analyst Ratings Changes

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

Carpenter Technology Stock Up 0.2%

Shares of CRS traded up $0.57 during mid-day trading on Tuesday, hitting $279.00. The company's stock had a trading volume of 816,007 shares, compared to its average volume of 816,445. The company's 50-day moving average is $247.00 and its 200-day moving average is $208.44. Carpenter Technology Corporation has a 52-week low of $113.53 and a 52-week high of $283.55. The firm has a market capitalization of $13.89 billion, a price-to-earnings ratio of 39.52, a PEG ratio of 0.92 and a beta of 1.39. The company has a current ratio of 3.75, a quick ratio of 1.89 and a debt-to-equity ratio of 0.39.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced 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 firm had revenue of $727.00 million during the quarter, compared to analysts' expectations of $729.67 million. Carpenter Technology had a net margin of 12.26% and a return on equity of 21.16%. The company's revenue was up 6.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.19 EPS. On average, equities research analysts forecast that Carpenter Technology Corporation will post 6.83 EPS for the current fiscal year.

Carpenter Technology announced that its Board of Directors has initiated a share buyback 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 repurchase up to 4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board believes its stock is undervalued.

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.