New York State Teachers Retirement System Lowers Position in Carpenter Technology Corporation (NYSE:CRS)

New York State Teachers Retirement System reduced its holdings in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 2.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 57,707 shares of the basic materials company's stock after selling 1,198 shares during the quarter. New York State Teachers Retirement System owned approximately 0.12% of Carpenter Technology worth $10,455,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. FMR LLC increased its position in shares of Carpenter Technology by 28.3% during the 4th quarter. FMR LLC now owns 4,444,608 shares of the basic materials company's stock valued at $754,295,000 after purchasing an additional 979,313 shares during the last quarter. SurgoCap Partners LP increased its holdings in Carpenter Technology by 117.6% during the fourth quarter. SurgoCap Partners LP now owns 1,442,069 shares of the basic materials company's stock worth $244,734,000 after buying an additional 779,357 shares during the last quarter. Norges Bank purchased a new stake in Carpenter Technology during the fourth quarter worth about $100,505,000. GAMMA Investing LLC raised its position in Carpenter Technology by 19,404.3% in the first quarter. GAMMA Investing LLC now owns 479,221 shares of the basic materials company's stock worth $86,825,000 after acquiring an additional 476,764 shares during the period. Finally, Freestone Grove Partners LP purchased a new position in Carpenter Technology in the fourth quarter valued at about $69,285,000. Hedge funds and other institutional investors own 92.03% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on CRS. Northcoast Research upgraded shares of Carpenter Technology from a "sell" rating to a "neutral" rating in a research note on Wednesday, April 9th. Cowen reissued a "buy" rating on shares of Carpenter Technology in a report on Thursday, June 12th. Benchmark boosted their target price on 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. 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. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $278.33.

Insider Activity

In related news, Director Anastasios John Hart sold 1,000 shares of the business'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 transaction of $243,720.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director I Martin Inglis sold 3,433 shares of the company's stock in a transaction that occurred on Tuesday, April 29th. The stock was sold at an average price of $197.66, for a total transaction of $678,566.78. Following the sale, the director directly owned 6,732 shares in the company, valued at $1,330,647.12. This trade represents a 33.77% decrease in their position. The disclosure for this sale can be found here. 2.90% of the stock is owned by company insiders.

Carpenter Technology Stock Performance

Shares of CRS stock traded up $4.83 during trading on Friday, reaching $279.88. 626,250 shares of the company's stock traded hands, compared to its average volume of 806,943. The firm's 50-day moving average is $239.41 and its 200 day moving average is $204.80. The company has a market capitalization of $13.93 billion, a P/E ratio of 39.64, a PEG ratio of 0.94 and a beta of 1.39. Carpenter Technology Corporation has a 1 year low of $105.00 and a 1 year high of $282.99. The company has a current ratio of 3.75, a quick ratio of 1.89 and a debt-to-equity ratio of 0.39.

Carpenter Technology (NYSE:CRS - Get Free Report) last posted its earnings results on Thursday, April 24th. The basic materials company reported $1.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.74 by $0.14. The firm had revenue of $727.00 million for the quarter, compared to the consensus estimate of $729.67 million. Carpenter Technology had a return on equity of 21.16% and a net margin of 12.26%. The business's quarterly revenue was up 6.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.19 earnings per share. Equities research analysts expect that Carpenter Technology Corporation will post 6.83 EPS for the current year.

Carpenter Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Tuesday, April 22nd were paid a $0.20 dividend. The ex-dividend date was Tuesday, April 22nd. This represents a $0.80 annualized dividend and a yield of 0.29%. Carpenter Technology's dividend payout ratio is currently 11.33%.

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

Carpenter Technology 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.