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New York State Teachers Retirement System Reduces Holdings in Carpenter Technology Corporation (NYSE:CRS)

Carpenter Technology logo with Basic Materials background

New York State Teachers Retirement System decreased its position in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 2.0% during the first quarter, according to the company in its most recent 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 period. New York State Teachers Retirement System owned 0.12% of Carpenter Technology worth $10,455,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CRS. Bessemer Group Inc. raised its stake in 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 acquiring an additional 77 shares during the period. Ameriflex Group Inc. bought a new stake in Carpenter Technology during the 4th quarter worth approximately $44,000. CIBC Private Wealth Group LLC raised its stake in Carpenter Technology by 109.5% during the 4th quarter. CIBC Private Wealth Group LLC now owns 243 shares of the basic materials company's stock worth $45,000 after acquiring an additional 127 shares during the period. Versant Capital Management Inc raised its stake in Carpenter Technology by 27.3% during the 1st quarter. Versant Capital Management Inc now owns 359 shares of the basic materials company's stock worth $65,000 after acquiring an additional 77 shares during the period. Finally, UMB Bank n.a. raised its stake in Carpenter Technology by 54.9% during the 1st quarter. UMB Bank n.a. now owns 471 shares of the basic materials company's stock worth $85,000 after acquiring an additional 167 shares during the period. Institutional investors own 92.03% of the company's stock.

Insiders Place Their Bets

In related news, Director Anastasios John Hart sold 1,000 shares of the firm's stock in a transaction on Thursday, June 12th. The shares were 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 Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director I Martin Inglis sold 3,433 shares of the firm's stock in a transaction on Tuesday, April 29th. The shares were sold at an average price of $197.66, for a total transaction of $678,566.78. Following the completion of 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 disclosure for this sale can be found here. Company insiders own 2.90% of the company's stock.

Carpenter Technology Price Performance

CRS traded up $4.83 during trading on Friday, reaching $279.88. 626,250 shares of the company traded hands, compared to its average volume of 806,943. 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 Corporation has a 12-month low of $105.00 and a 12-month high of $282.99. The firm has a fifty day simple moving average of $239.41 and a 200 day simple moving average of $204.56. The company has a market cap 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 (NYSE:CRS - Get Free Report) last announced its quarterly earnings data 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. Carpenter Technology had a net margin of 12.26% and a return on equity of 21.16%. The business had revenue of $727.00 million during the quarter, compared to analyst estimates of $729.67 million. During the same period last year, the firm posted $1.19 EPS. The company's revenue was up 6.1% on a year-over-year basis. On average, equities analysts forecast that Carpenter Technology Corporation will post 6.83 EPS for the current year.

Carpenter Technology declared that its board has authorized a share repurchase plan on Thursday, April 24th that allows the company to repurchase $400.00 million in shares. This repurchase authorization allows the basic materials company to purchase up to 4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's board believes its stock is undervalued.

Carpenter Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Tuesday, April 22nd were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.29%. The ex-dividend date of this dividend was Tuesday, April 22nd. Carpenter Technology's dividend payout ratio (DPR) is presently 11.33%.

Analyst Upgrades and Downgrades

CRS has been the topic of a number of recent analyst reports. Northcoast Research upgraded shares of Carpenter Technology from a "sell" rating to a "neutral" rating in a research note on Wednesday, April 9th. Benchmark increased their price objective on shares of Carpenter Technology from $250.00 to $300.00 and gave the company a "buy" rating in a report on Monday, June 9th. Cowen reaffirmed a "buy" rating on shares of Carpenter Technology in a report on Thursday, June 12th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Carpenter Technology from $245.00 to $305.00 and gave the company an "overweight" rating in a report on Tuesday, June 17th. One investment 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, Carpenter Technology currently has a consensus rating of "Moderate Buy" and an average target price of $278.33.

View Our Latest Stock Report on Carpenter Technology

About Carpenter Technology

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Carpenter Technology (NYSE:CRS)

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