EULAV Asset Management Acquires 7,962 Shares of Carpenter Technology Corporation (NYSE:CRS)

EULAV Asset Management lifted its stake in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 19.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 49,030 shares of the basic materials company's stock after buying an additional 7,962 shares during the period. EULAV Asset Management owned approximately 0.10% of Carpenter Technology worth $8,883,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Bessemer Group Inc. boosted its stake in shares of Carpenter Technology by 50.3% in the first 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 during the period. CIBC Private Wealth Group LLC boosted its stake in shares of Carpenter Technology by 109.5% in the fourth 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 during the period. Ameriflex Group Inc. bought a new stake in Carpenter Technology during the fourth quarter worth $44,000. Versant Capital Management Inc lifted its stake in Carpenter Technology by 27.3% during the first quarter. Versant Capital Management Inc now owns 359 shares of the basic materials company's stock worth $65,000 after purchasing an additional 77 shares during the last quarter. Finally, UMB Bank n.a. lifted its stake in Carpenter Technology by 54.9% during the first quarter. UMB Bank n.a. now owns 471 shares of the basic materials company's stock worth $85,000 after purchasing an additional 167 shares during the last quarter. 92.03% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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

Carpenter Technology Price Performance

Shares of NYSE:CRS traded down $6.60 during trading on Tuesday, hitting $274.13. 443,814 shares of the company were exchanged, compared to its average volume of 808,328. The business's 50 day moving average is $241.04 and its 200-day moving average is $205.58. The company has a market capitalization of $13.65 billion, a P/E ratio of 38.82, a price-to-earnings-growth ratio of 0.94 and a beta of 1.39. 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 1-year low of $105.00 and a 1-year high of $282.99.

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 (EPS) for the quarter, topping the consensus estimate of $1.74 by $0.14. The company had revenue of $727.00 million during the quarter, compared to the consensus estimate 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 for the quarter was up 6.1% compared to the same quarter last year. During the same period in the prior year, the business earned $1.19 earnings per share. Equities analysts forecast that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

Carpenter Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Tuesday, April 22nd were issued a $0.20 dividend. The ex-dividend date was Tuesday, April 22nd. This represents a $0.80 dividend on an annualized basis and a yield of 0.29%. Carpenter Technology's payout ratio is 11.33%.

Carpenter Technology declared that its board has initiated a share buyback program on Thursday, April 24th that authorizes the company to buyback $400.00 million in outstanding shares. This buyback authorization authorizes the basic materials company to reacquire up to 4% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

Insiders Place Their Bets

In related news, 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 value of $243,720.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 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.