New York State Common Retirement Fund Reduces Stock Position in Carpenter Technology Corporation (NYSE:CRS)

New York State Common Retirement Fund trimmed its holdings in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 5.9% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 90,561 shares of the basic materials company's stock after selling 5,646 shares during the period. New York State Common Retirement Fund owned approximately 0.18% of Carpenter Technology worth $16,408,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of the company. Xponance Inc. raised its position in Carpenter Technology by 3.0% in the 1st quarter. Xponance Inc. now owns 7,048 shares of the basic materials company's stock valued at $1,277,000 after buying an additional 202 shares during the last quarter. State of Michigan Retirement System raised its position in Carpenter Technology by 1.7% in the 1st quarter. State of Michigan Retirement System now owns 12,000 shares of the basic materials company's stock valued at $2,174,000 after buying an additional 200 shares during the last quarter. Pelham Capital Ltd. raised its position in Carpenter Technology by 17.8% in the 1st quarter. Pelham Capital Ltd. now owns 50,604 shares of the basic materials company's stock valued at $9,168,000 after buying an additional 7,644 shares during the last quarter. M&T Bank Corp raised its position in Carpenter Technology by 3.9% in the 1st quarter. M&T Bank Corp now owns 1,541 shares of the basic materials company's stock valued at $279,000 after buying an additional 58 shares during the last quarter. Finally, Stratos Wealth Partners LTD. raised its position in Carpenter Technology by 22.9% in the 1st quarter. Stratos Wealth Partners LTD. now owns 2,968 shares of the basic materials company's stock valued at $538,000 after buying an additional 553 shares during the last quarter. 92.03% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

CRS has been the subject of several research analyst reports. Northcoast Research raised Carpenter Technology from a "sell" rating to a "neutral" rating in a research report on Wednesday, April 9th. Benchmark increased their price target on Carpenter Technology from $250.00 to $300.00 and gave the stock a "buy" rating in a research note on Monday, June 9th. JPMorgan Chase & Co. increased their price target on Carpenter Technology from $245.00 to $305.00 and gave the stock an "overweight" rating in a research note on Tuesday, June 17th. Finally, Cowen reiterated a "buy" rating on shares of Carpenter Technology in a research note on Thursday, June 12th. 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, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $278.33.

Insiders Place Their Bets

In other Carpenter Technology news, Director I Martin Inglis sold 3,433 shares of the firm's stock in a transaction dated 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 directly owned 6,732 shares of the company's stock, valued at approximately $1,330,647.12. This trade represents a 33.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, 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 value of $243,720.00. The disclosure for this sale can be found here. Corporate insiders own 2.90% of the company's stock.

Carpenter Technology Trading Up 0.1%

Shares of Carpenter Technology stock traded up $0.33 during midday trading on Friday, reaching $287.06. 639,316 shares of the company's stock traded hands, compared to its average volume of 812,822. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.89 and a current ratio of 3.75. The company has a market cap of $14.29 billion, a PE ratio of 40.66, a price-to-earnings-growth ratio of 0.95 and a beta of 1.39. The stock has a 50 day moving average of $254.21 and a 200-day moving average of $212.08. Carpenter Technology Corporation has a 12 month low of $117.57 and a 12 month high of $290.84.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.88 earnings per share for the quarter, topping the consensus estimate of $1.74 by $0.14. The company 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 firm's revenue for the quarter was up 6.1% on a year-over-year basis. During the same period in the prior year, the firm earned $1.19 earnings per share. As a group, equities analysts expect that Carpenter Technology Corporation will post 6.83 EPS for the current fiscal year.

Carpenter Technology announced that its Board of Directors has initiated a stock repurchase plan 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 reacquire up to 4% of its shares through open market purchases. Shares buyback plans are often a sign that the company's management 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.