New York State Common Retirement Fund Reduces 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% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 90,561 shares of the basic materials company's stock after selling 5,646 shares during the quarter. New York State Common Retirement Fund owned approximately 0.18% of Carpenter Technology worth $16,408,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in CRS. Bessemer Group Inc. raised its stake in shares of Carpenter Technology by 50.3% during the 1st quarter. Bessemer Group Inc. now owns 230 shares of the basic materials company's stock worth $42,000 after buying an additional 77 shares during the period. Ameriflex Group Inc. purchased a new stake in shares of Carpenter Technology during the fourth quarter worth approximately $44,000. CIBC Private Wealth Group LLC increased its position in shares of Carpenter Technology by 109.5% during the fourth quarter. CIBC Private Wealth Group LLC now owns 243 shares of the basic materials company's stock worth $45,000 after purchasing an additional 127 shares in the last quarter. Versant Capital Management Inc increased its position in shares of Carpenter Technology by 27.3% during the first 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 in the last quarter. Finally, UMB Bank n.a. grew its holdings in Carpenter Technology by 54.9% in the 1st quarter. UMB Bank n.a. now owns 471 shares of the basic materials company's stock valued at $85,000 after buying an additional 167 shares in the last quarter. 92.03% of the stock is owned by institutional investors and hedge funds.

Carpenter Technology Trading Up 0.1%

Shares of NYSE CRS traded up $0.33 during mid-day trading on Friday, reaching $287.06. 639,304 shares of the company's stock were exchanged, compared to its average volume of 812,250. The company's 50-day moving average is $252.72 and its 200-day moving average is $210.98. Carpenter Technology Corporation has a 52-week low of $115.52 and a 52-week high of $290.84. The firm has a market capitalization of $14.29 billion, a price-to-earnings ratio of 40.66, a PEG ratio of 0.92 and a beta of 1.39. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.89 and a current ratio of 3.75.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its earnings results on Thursday, April 24th. The basic materials company reported $1.88 EPS for the quarter, beating analysts' consensus estimates of $1.74 by $0.14. Carpenter Technology had a return on equity of 21.16% and a net margin of 12.26%. The company had revenue of $727.00 million during the quarter, compared to analysts' expectations of $729.67 million. During the same period last year, the business posted $1.19 EPS. Carpenter Technology's revenue for the quarter was up 6.1% on a year-over-year basis. 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 authorized a stock 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 reacquire up to 4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's board believes its shares are undervalued.

Insider Transactions at Carpenter Technology

In other Carpenter Technology news, Director Anastasios John Hart sold 1,000 shares of the 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 transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director I Martin Inglis sold 3,433 shares of the 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 completion of the sale, the director directly owned 6,732 shares in the company, valued at $1,330,647.12. This represents a 33.77% decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.90% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in 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. Cowen restated a "buy" rating on shares of Carpenter Technology in a report on Thursday, June 12th. Benchmark raised their price target on shares of Carpenter Technology from $250.00 to $300.00 and gave the stock a "buy" rating in a report on Monday, June 9th. Finally, 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 report on Tuesday, June 17th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Carpenter Technology has a consensus rating of "Moderate Buy" and an average price target 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.