Emerald Mutual Fund Advisers Trust Sells 12,251 Shares of Carpenter Technology Corporation (NYSE:CRS)

Emerald Mutual Fund Advisers Trust lowered its holdings in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 9.2% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 121,112 shares of the basic materials company's stock after selling 12,251 shares during the period. Carpenter Technology makes up 1.6% of Emerald Mutual Fund Advisers Trust's investment portfolio, making the stock its 16th largest position. Emerald Mutual Fund Advisers Trust owned about 0.24% of Carpenter Technology worth $21,943,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Bessemer Group Inc. raised its holdings in shares of Carpenter Technology by 50.3% during the 1st quarter. Bessemer Group Inc. now owns 230 shares of the basic materials company's stock valued at $42,000 after buying an additional 77 shares in the last quarter. CIBC Private Wealth Group LLC raised its holdings in shares of Carpenter Technology by 109.5% during the 4th quarter. CIBC Private Wealth Group LLC now owns 243 shares of the basic materials company's stock valued at $45,000 after buying an additional 127 shares in the last quarter. Ameriflex Group Inc. purchased a new position in shares of Carpenter Technology during the 4th quarter valued at about $44,000. Versant Capital Management Inc raised its holdings in shares of Carpenter Technology by 27.3% during the 1st quarter. Versant Capital Management Inc now owns 359 shares of the basic materials company's stock valued at $65,000 after buying an additional 77 shares in the last quarter. Finally, UMB Bank n.a. raised its holdings in shares of Carpenter Technology by 54.9% during the 1st quarter. UMB Bank n.a. now owns 471 shares of the basic materials company's stock valued at $85,000 after buying an additional 167 shares in the last quarter. Hedge funds and other institutional investors own 92.03% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the company. Northcoast Research raised Carpenter Technology from a "sell" rating to a "neutral" rating in a report on Wednesday, April 9th. JPMorgan Chase & Co. raised their price objective on Carpenter Technology from $245.00 to $305.00 and gave the company an "overweight" rating in a report on Tuesday, June 17th. Cowen restated a "buy" rating on shares of Carpenter Technology in a research report on Thursday, June 12th. Finally, Benchmark raised their price target on Carpenter Technology from $250.00 to $300.00 and gave the stock a "buy" rating in a research report on Monday, June 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 MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $278.33.

Insider Buying and Selling

In other news, Director I Martin Inglis sold 3,433 shares of Carpenter Technology stock in a transaction that occurred on Tuesday, April 29th. The stock was sold at an average price of $197.66, for a total value of $678,566.78. Following the sale, the director directly owned 6,732 shares in the company, valued at approximately $1,330,647.12. This trade represents a 33.77% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Anastasios John Hart sold 1,000 shares of Carpenter Technology 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 company insiders.

Carpenter Technology Trading Up 0.4%

CRS traded up $1.04 on Friday, hitting $277.76. 721,625 shares of the company were exchanged, compared to its average volume of 815,800. The firm has a fifty day simple moving average of $247.00 and a two-hundred day simple moving average of $207.98. 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 12 month low of $110.10 and a 12 month high of $282.99. The stock has a market capitalization of $13.83 billion, a PE ratio of 39.34, a price-to-earnings-growth ratio of 0.91 and a beta of 1.39.

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

Carpenter Technology announced that its Board of Directors has authorized a share buyback program 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 repurchase up to 4% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's board believes its shares are 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.