LPL Financial LLC Purchases 13,857 Shares of Carpenter Technology Corporation (NYSE:CRS)

Key Points

• LPL Financial LLC increased its stake in Carpenter Technology Corporation by 34.1%, owning 54,526 shares worth approximately $9.88 million as of the latest report.
• Carpenter Technology reported earnings of $2.21 per share, exceeding expectations by $0.18, but revenue was down 5.4% year-over-year.
• JPMorgan Chase raised its price target for Carpenter Technology shares from $245.00 to $305.00, indicating an "overweight" rating amidst several other upgrades from analysts.

LPL Financial LLC boosted its position in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 34.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 54,526 shares of the basic materials company's stock after acquiring an additional 13,857 shares during the quarter. LPL Financial LLC owned 0.11% of Carpenter Technology worth $9,879,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the stock. Egerton Capital UK LLP bought a new position in shares of Carpenter Technology in the first quarter valued at about $329,727,000. Invesco Ltd. raised its position in shares of Carpenter Technology by 30.3% in the fourth quarter. Invesco Ltd. now owns 1,537,235 shares of the basic materials company's stock valued at $260,884,000 after purchasing an additional 357,417 shares during the period. SurgoCap Partners LP raised its position in shares of Carpenter Technology by 117.6% in the fourth quarter. SurgoCap Partners LP now owns 1,442,069 shares of the basic materials company's stock valued at $244,734,000 after purchasing an additional 779,357 shares during the period. Third Point LLC raised its position in shares of Carpenter Technology by 31.8% in the fourth quarter. Third Point LLC now owns 870,000 shares of the basic materials company's stock valued at $147,648,000 after purchasing an additional 210,000 shares during the period. Finally, Northern Trust Corp raised its position in shares of Carpenter Technology by 21.0% in the fourth quarter. Northern Trust Corp now owns 679,343 shares of the basic materials company's stock valued at $115,291,000 after purchasing an additional 117,759 shares during the period. 92.03% of the stock is owned by institutional investors.

Carpenter Technology Price Performance

Carpenter Technology stock traded down $0.57 during trading hours on Monday, reaching $248.17. 985,133 shares of the stock were exchanged, compared to its average volume of 922,709. The company has a market cap of $12.35 billion, a P/E ratio of 33.45, a price-to-earnings-growth ratio of 1.15 and a beta of 1.44. The company has a current ratio of 3.65, a quick ratio of 2.01 and a debt-to-equity ratio of 0.37. Carpenter Technology Corporation has a twelve month low of $129.57 and a twelve month high of $290.84. The stock has a 50 day moving average of $264.76 and a two-hundred day moving average of $219.74.

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

Carpenter Technology declared that its board has initiated a stock repurchase program on Thursday, April 24th that permits the company to buyback $400.00 million in shares. This buyback authorization permits the basic materials company to reacquire up to 4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board believes its shares are undervalued.

Insider Transactions at Carpenter Technology

In related news, Director Anastasios John Hart sold 1,000 shares of the firm's 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 at the SEC website. 2.90% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. BTIG Research restated a "buy" rating on shares of Carpenter Technology in a research note on Monday, August 4th. Cowen restated a "buy" rating on shares of Carpenter Technology in a research note 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 research note on Monday, June 9th. Finally, JPMorgan Chase & Co. upped their price target on shares of Carpenter Technology from $245.00 to $305.00 and gave the company an "overweight" rating in a research note on Tuesday, June 17th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, Carpenter Technology has a consensus rating of "Moderate Buy" and a consensus target price of $278.33.

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.