Edgestream Partners L.P. Lowers Stock Holdings in Carpenter Technology Corporation (NYSE:CRS)

Edgestream Partners L.P. reduced its stake in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 69.1% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 10,017 shares of the basic materials company's stock after selling 22,395 shares during the period. Edgestream Partners L.P.'s holdings in Carpenter Technology were worth $1,815,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. FMR LLC boosted its stake in shares of Carpenter Technology by 28.3% during the 4th quarter. FMR LLC now owns 4,444,608 shares of the basic materials company's stock worth $754,295,000 after purchasing an additional 979,313 shares during the period. SurgoCap Partners LP raised its stake in shares of Carpenter Technology by 117.6% during the 4th quarter. SurgoCap Partners LP now owns 1,442,069 shares of the basic materials company's stock worth $244,734,000 after acquiring an additional 779,357 shares in the last quarter. Norges Bank bought a new position in shares of Carpenter Technology during the 4th quarter worth approximately $100,505,000. GAMMA Investing LLC increased its stake in Carpenter Technology by 19,404.3% during the 1st 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 acquired a new position in Carpenter Technology during the 4th quarter valued at approximately $69,285,000. 92.03% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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

Carpenter Technology Stock Up 2.8%

NYSE CRS opened at $287.04 on Friday. The company has a quick ratio of 1.89, a current ratio of 3.75 and a debt-to-equity ratio of 0.39. Carpenter Technology Corporation has a fifty-two week low of $115.52 and a fifty-two week high of $290.84. The business has a 50 day moving average price of $252.72 and a two-hundred day moving average price of $210.98. The stock has a market cap of $14.29 billion, a PE ratio of 40.66, a P/E/G ratio of 0.92 and a beta of 1.39.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.88 earnings per share 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 for the quarter, compared to analysts' expectations of $729.67 million. During the same period in the previous year, the business earned $1.19 earnings per share. The company's revenue was up 6.1% on a year-over-year basis. As a group, sell-side analysts predict that Carpenter Technology Corporation will post 6.83 EPS for the current fiscal year.

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

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 dated 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 approximately $1,330,647.12. This trade represents a 33.77% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Anastasios John Hart sold 1,000 shares of the business's 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. 2.90% of the stock is currently owned by insiders.

About Carpenter Technology

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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