Jefferies Financial Group Inc. Cuts Stock Position in Carpenter Technology Corporation (NYSE:CRS)

Key Points

• Jefferies Financial Group Inc. reduced its stake in Carpenter Technology Corporation by 26.3%, resulting in ownership of 9,160 shares valued at $1,660,000 after selling 3,276 shares.
• Other institutional investors, including Alberta Investment Management Corp and Natixis Advisors LLC, increased their holdings, showcasing a significant overall interest in Carpenter Technology.
• Analysts have raised price targets for Carpenter Technology, with JPMorgan Chase and Benchmark increasing theirs to $305.00 and $300.00 respectively, reflecting confidence in the company's growth.

Jefferies Financial Group Inc. reduced its position in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 26.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 9,160 shares of the basic materials company's stock after selling 3,276 shares during the period. Jefferies Financial Group Inc.'s holdings in Carpenter Technology were worth $1,660,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in CRS. Egerton Capital UK LLP purchased a new position in Carpenter Technology in the 1st quarter worth approximately $329,727,000. FMR LLC grew its stake in Carpenter Technology by 28.3% in the 4th quarter. FMR LLC now owns 4,444,608 shares of the basic materials company's stock worth $754,295,000 after buying an additional 979,313 shares in the last quarter. SurgoCap Partners LP grew its stake in Carpenter Technology by 117.6% in 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 in the last quarter. GAMMA Investing LLC grew its stake in Carpenter Technology by 19,404.3% in the 1st quarter. GAMMA Investing LLC now owns 479,221 shares of the basic materials company's stock worth $86,825,000 after buying an additional 476,764 shares in the last quarter. Finally, Freestone Grove Partners LP purchased a new position in Carpenter Technology in the 4th quarter worth approximately $69,285,000. 92.03% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

CRS has been the subject of a number of research reports. BTIG Research reaffirmed a "buy" rating on shares of Carpenter Technology in a research note on Monday. Cowen reiterated a "buy" rating on shares of Carpenter Technology in a report on Thursday, June 12th. Benchmark upped their price target on shares of Carpenter Technology from $250.00 to $300.00 and gave the company a "buy" rating in a report on Monday, June 9th. Northcoast Research upgraded shares of Carpenter Technology from a "sell" rating to a "neutral" rating in a report on Wednesday, April 9th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Carpenter Technology from $245.00 to $305.00 and gave the stock an "overweight" rating in a report on Tuesday, June 17th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Carpenter Technology presently has a consensus rating of "Moderate Buy" and a consensus target price of $278.33.

Carpenter Technology Trading Down 0.2%

NYSE:CRS traded down $0.50 during mid-day trading on Thursday, hitting $253.34. 331,435 shares of the stock traded hands, compared to its average volume of 919,149. The firm's 50 day moving average is $264.07 and its two-hundred day moving average is $219.01. The company has a quick ratio of 2.01, a current ratio of 3.65 and a debt-to-equity ratio of 0.37. The stock has a market capitalization of $12.61 billion, a price-to-earnings ratio of 34.14, a PEG ratio of 1.20 and a beta of 1.44. Carpenter Technology Corporation has a 52 week low of $129.57 and a 52 week high of $290.84.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The basic materials company reported $2.21 earnings per share for the quarter, topping the consensus estimate of $2.03 by $0.18. Carpenter Technology had a net margin of 13.07% and a return on equity of 21.50%. The firm had revenue of $755.60 million during the quarter, compared to analysts' expectations of $790.73 million. During the same quarter in the prior year, the company earned $1.82 EPS. The company's revenue was down 5.4% compared to the same quarter last year. On average, equities research analysts predict that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

Carpenter Technology announced that its Board of Directors has initiated a share buyback program 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 repurchase up to 4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board believes its stock is undervalued.

Insider Buying and Selling at Carpenter Technology

In related news, Director Anastasios John Hart sold 1,000 shares of the stock in a transaction that occurred on 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 document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 2.90% of the company's stock.

Carpenter Technology Company 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.