Navellier & Associates Inc. Has $9.27 Million Stake in Carpenter Technology Corporation (NYSE:CRS)

Navellier & Associates Inc. reduced its stake in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 9.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 51,146 shares of the basic materials company's stock after selling 5,159 shares during the quarter. Carpenter Technology accounts for approximately 1.3% of Navellier & Associates Inc.'s holdings, making the stock its 13th biggest position. Navellier & Associates Inc. owned 0.10% of Carpenter Technology worth $9,267,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the business. Cetera Investment Advisers grew its holdings in shares of Carpenter Technology by 36.7% in the 1st quarter. Cetera Investment Advisers now owns 16,475 shares of the basic materials company's stock worth $2,985,000 after purchasing an additional 4,427 shares during the last quarter. Avantax Advisory Services Inc. lifted its position in Carpenter Technology by 15.6% during the 1st quarter. Avantax Advisory Services Inc. now owns 7,339 shares of the basic materials company's stock valued at $1,330,000 after purchasing an additional 989 shares during the period. Pinnacle Associates Ltd. acquired a new position in Carpenter Technology during the 1st quarter valued at about $431,000. Wakefield Asset Management LLLP raised its position in shares of Carpenter Technology by 4.5% in the 1st quarter. Wakefield Asset Management LLLP now owns 6,752 shares of the basic materials company's stock valued at $1,223,000 after acquiring an additional 290 shares during the period. Finally, IMA Advisory Services Inc. acquired a new stake in shares of Carpenter Technology in the 1st quarter valued at approximately $36,000. Institutional investors and hedge funds own 92.03% of the company's stock.

Wall Street Analyst Weigh In

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

Insider Activity

In related 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 value of $243,720.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director I Martin Inglis sold 3,433 shares of the stock in a transaction that occurred on Tuesday, April 29th. The stock was sold at an average price of $197.66, for a total value of $678,566.78. Following the transaction, the director owned 6,732 shares in the company, 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. Insiders own 2.90% of the company's stock.

Carpenter Technology Price Performance

CRS stock traded up $3.57 during midday trading on Friday, reaching $276.54. The company had a trading volume of 581,405 shares, compared to its average volume of 1,179,522. Carpenter Technology Corporation has a 1-year low of $119.69 and a 1-year high of $290.84. The company has a debt-to-equity ratio of 0.39, a current ratio of 3.75 and a quick ratio of 1.89. The stock has a 50 day moving average price of $258.25 and a 200-day moving average price of $214.50. The company has a market capitalization of $13.77 billion, a price-to-earnings 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 released its earnings results on Thursday, April 24th. The basic materials company reported $1.88 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.74 by $0.14. The firm had revenue of $727.00 million for the quarter, compared to analysts' expectations of $729.67 million. Carpenter Technology had a return on equity of 21.16% and a net margin of 12.26%. The business's revenue for the quarter was up 6.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.19 earnings per share. Equities research analysts expect that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

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

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.