Carpenter Technology Corporation (NYSE:CRS) Position Boosted by Legato Capital Management LLC

Legato Capital Management LLC boosted its holdings in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 59.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,260 shares of the basic materials company's stock after acquiring an additional 2,700 shares during the quarter. Legato Capital Management LLC's holdings in Carpenter Technology were worth $1,315,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CRS. Bessemer Group Inc. boosted its holdings in 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 purchasing an additional 77 shares during the period. CIBC Private Wealth Group LLC grew its position in Carpenter Technology by 109.5% in 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 during the last quarter. Ameriflex Group Inc. acquired a new position in Carpenter Technology during the 4th quarter worth approximately $44,000. Versant Capital Management Inc increased its position in Carpenter Technology by 27.3% during the 1st 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 period. Finally, UMB Bank n.a. increased its position in Carpenter Technology by 54.9% during the 1st 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 period. Institutional investors and hedge funds own 92.03% of the company's stock.

Carpenter Technology Stock Up 1.3%

Carpenter Technology stock traded up $3.57 during midday trading on Friday, hitting $276.54. 581,405 shares of the company were exchanged, compared to its average volume of 909,341. 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 Corporation has a fifty-two week low of $119.69 and a fifty-two week high of $290.84. The company's fifty day moving average price is $258.25 and its 200-day moving average price is $214.50. The company has a market cap of $13.77 billion, a PE ratio of 39.17, a price-to-earnings-growth ratio of 0.90 and a beta of 1.39.

Carpenter Technology (NYSE:CRS - Get Free Report) last posted its earnings results on Thursday, April 24th. The basic materials company reported $1.88 EPS for the quarter, topping analysts' consensus estimates of $1.74 by $0.14. Carpenter Technology had a net margin of 12.26% and a return on equity of 21.16%. The business had revenue of $727.00 million for the quarter, compared to analysts' expectations of $729.67 million. During the same period in the previous year, the company posted $1.19 earnings per share. The business's revenue for the quarter was up 6.1% compared to the same quarter last year. On average, research 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 stock repurchase 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 usually a sign that the company's board believes its stock is undervalued.

Insider Activity

In other news, Director Anastasios John Hart sold 1,000 shares of the firm's stock in a transaction dated 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 filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director I Martin Inglis sold 3,433 shares of the firm's stock in a transaction dated Tuesday, April 29th. The shares were sold at an average price of $197.66, for a total value of $678,566.78. Following the sale, the director owned 6,732 shares of the company's stock, valued at $1,330,647.12. This represents a 33.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.90% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on CRS. Cowen restated a "buy" rating on shares of Carpenter Technology in a report on Thursday, June 12th. Northcoast Research raised Carpenter Technology from a "sell" rating to a "neutral" rating in a research report on Wednesday, April 9th. Benchmark increased their target price on Carpenter Technology from $250.00 to $300.00 and gave the stock a "buy" rating in a research report on Monday, June 9th. Finally, JPMorgan Chase & Co. increased their target price on 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's stock. Based on data from MarketBeat, the company presently has a consensus 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.