Carpenter Technology Corporation (NYSE:CRS) Shares Sold by Edgestream Partners L.P.

Edgestream Partners L.P. cut its stake in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 69.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,017 shares of the basic materials company's stock after selling 22,395 shares during the quarter. Edgestream Partners L.P.'s holdings in Carpenter Technology were worth $1,815,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in CRS. FMR LLC raised its position 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 acquiring an additional 979,313 shares in the last quarter. SurgoCap Partners LP lifted its holdings in 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 buying an additional 779,357 shares during the last quarter. Norges Bank acquired a new stake in Carpenter Technology in the 4th quarter valued at approximately $100,505,000. GAMMA Investing LLC increased its position in shares of 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 during the period. Finally, Freestone Grove Partners LP acquired a new stake in shares of Carpenter Technology in the fourth quarter worth $69,285,000. Hedge funds and other institutional investors own 92.03% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on CRS shares. Benchmark increased their target price on Carpenter Technology from $250.00 to $300.00 and gave the stock a "buy" rating in a report on Monday, June 9th. Northcoast Research upgraded Carpenter Technology from a "sell" rating to a "neutral" rating in a research note on Wednesday, April 9th. Cowen restated a "buy" rating on shares of Carpenter Technology in a research note on Thursday, June 12th. Finally, 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. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Carpenter Technology currently has a consensus rating of "Moderate Buy" and a consensus price target of $278.33.

Carpenter Technology Stock Performance

Shares of CRS stock traded down $6.23 on Monday, hitting $281.19. 809,495 shares of the stock traded hands, compared to its average volume of 812,809. The company's fifty day moving average is $254.21 and its 200 day moving average is $212.34. The company has a market capitalization of $14.00 billion, a PE ratio of 40.54, a PEG ratio of 0.95 and a beta of 1.39. Carpenter Technology Corporation has a 1-year low of $117.57 and a 1-year high of $292.25. The company has a debt-to-equity ratio of 0.39, a current ratio of 3.75 and a quick ratio of 1.89.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its quarterly 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. The firm had revenue of $727.00 million for the quarter, compared to analyst estimates of $729.67 million. Carpenter Technology had a return on equity of 21.16% and a net margin of 12.26%. The business's revenue was up 6.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.19 EPS. On average, equities research analysts predict that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology declared that its Board of Directors has approved a share repurchase plan 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 reacquire up to 4% of its shares through open market purchases. Shares buyback plans are often a sign that the company's board of directors believes its shares are undervalued.

Insider Activity

In other Carpenter Technology news, Director Anastasios John Hart sold 1,000 shares of the firm's stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $243.72, for a total value of $243,720.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director I Martin Inglis sold 3,433 shares of the business'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 completion of the sale, the director owned 6,732 shares of the company's stock, valued at $1,330,647.12. The trade was a 33.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.90% of the company's stock.

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.