Horizon Family Wealth Inc. Purchases New Stake in Carpenter Technology Corporation (NYSE:CRS)

Key Points

• Horizon Family Wealth Inc. has invested approximately $212,000 in Carpenter Technology Corporation by acquiring 1,170 shares, marking a new position for the firm.
• Carpenter Technology reported earnings per share (EPS) of $2.21 for the last quarter, exceeding analyst expectations, but experienced a year-over-year revenue decline of 5.4%.
• The company has authorized a $400 million share repurchase program, indicating management's belief that its stock is undervalued.

Horizon Family Wealth Inc. bought a new stake in Carpenter Technology Corporation (NYSE:CRS - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 1,170 shares of the basic materials company's stock, valued at approximately $212,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CRS. Stratos Wealth Partners LTD. lifted its holdings in Carpenter Technology by 22.9% during the first quarter. Stratos Wealth Partners LTD. now owns 2,968 shares of the basic materials company's stock worth $538,000 after acquiring an additional 553 shares in the last quarter. Bessemer Group Inc. lifted its stake in Carpenter Technology by 50.3% during the first quarter. Bessemer Group Inc. now owns 230 shares of the basic materials company's stock worth $42,000 after purchasing an additional 77 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in Carpenter Technology by 27.8% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 15,953 shares of the basic materials company's stock worth $2,890,000 after purchasing an additional 3,467 shares during the last quarter. Fifth Third Bancorp lifted its stake in shares of Carpenter Technology by 13.6% in the 1st quarter. Fifth Third Bancorp now owns 651 shares of the basic materials company's stock valued at $118,000 after acquiring an additional 78 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in Carpenter Technology in the fourth quarter valued at $18,731,000. Institutional investors and hedge funds own 92.03% of the company's stock.

Carpenter Technology Stock Performance

CRS stock traded up $0.86 on Thursday, hitting $254.70. The company's stock had a trading volume of 535,146 shares, compared to its average volume of 894,882. The firm has a 50 day moving average of $264.49 and a two-hundred day moving average of $219.34. The company has a current ratio of 3.65, a quick ratio of 2.01 and a debt-to-equity ratio of 0.37. The stock has a market cap of $12.68 billion, a price-to-earnings ratio of 34.33, a price-to-earnings-growth ratio of 1.17 and a beta of 1.44. Carpenter Technology Corporation has a 1 year low of $129.57 and a 1 year high of $290.84.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The basic materials company reported $2.21 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.03 by $0.18. Carpenter Technology had a net margin of 13.07% and a return on equity of 21.50%. The business had revenue of $755.60 million during the quarter, compared to analyst estimates of $790.73 million. During the same quarter in the previous year, the firm earned $1.82 earnings per share. The business's revenue was down 5.4% compared to the same quarter last year. Equities 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 approved a share repurchase plan on Thursday, April 24th that permits the company to repurchase $400.00 million in shares. This repurchase authorization permits the basic materials company to purchase up to 4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's management believes its stock is undervalued.

Insider Buying and Selling at Carpenter Technology

In other Carpenter Technology news, Director Anastasios John Hart sold 1,000 shares of the company'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 transaction of $243,720.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.90% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on CRS shares. BTIG Research restated a "buy" rating on shares of Carpenter Technology in a research note on Monday. Northcoast Research upgraded shares of Carpenter Technology from a "sell" rating to a "neutral" rating in a research report on Wednesday, April 9th. Cowen reaffirmed a "buy" rating on shares of Carpenter Technology in a research note on Thursday, June 12th. Benchmark lifted their price target on shares of Carpenter Technology from $250.00 to $300.00 and gave the stock a "buy" rating in a research note on Monday, June 9th. Finally, JPMorgan Chase & Co. lifted their price objective 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. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, Carpenter Technology has an average rating of "Moderate Buy" and a consensus target price of $278.33.

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.