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

New York State Teachers Retirement System decreased its holdings in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 2.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. 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 0.12% of Carpenter Technology worth $10,455,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in CRS. Bessemer Group Inc. lifted its stake in Carpenter Technology by 50.3% in the first 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 last quarter. CIBC Private Wealth Group LLC lifted its stake in Carpenter Technology by 109.5% in the fourth 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 last quarter. Ameriflex Group Inc. purchased a new position in Carpenter Technology in the fourth quarter worth approximately $44,000. Versant Capital Management Inc boosted its holdings in shares of Carpenter Technology by 27.3% in the 1st quarter. Versant Capital Management Inc now owns 359 shares of the basic materials company's stock valued at $65,000 after buying an additional 77 shares in the last quarter. Finally, UMB Bank n.a. grew its position in shares of 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 during the last quarter. Hedge funds and other institutional investors own 92.03% of the company's stock.

Insider Buying and Selling at Carpenter Technology

In other Carpenter Technology news, Director Anastasios John Hart sold 1,000 shares of the stock in a transaction on 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 legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director I Martin Inglis sold 3,433 shares of the stock in a transaction 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 completion of the transaction, the director owned 6,732 shares of the company's stock, valued at $1,330,647.12. The trade was a 33.77% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.90% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. JPMorgan Chase & Co. upped their price objective on shares of Carpenter Technology from $245.00 to $305.00 and gave the company an "overweight" rating in a research note on Tuesday, June 17th. Cowen reiterated a "buy" rating on shares of Carpenter Technology in a research note on Thursday, June 12th. Northcoast Research upgraded Carpenter Technology from a "sell" rating to a "neutral" rating in a research note on Wednesday, April 9th. Finally, Benchmark boosted their price objective on Carpenter Technology from $250.00 to $300.00 and gave the company a "buy" rating in a research note on Monday, June 9th. One 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, the stock has a consensus rating of "Moderate Buy" and an average price target of $278.33.

Carpenter Technology Stock Performance

Shares of Carpenter Technology stock traded up $0.86 during trading hours on Monday, hitting $280.44. 1,457,335 shares of the company were exchanged, compared to its average volume of 809,564. 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. The business has a 50-day moving average of $241.04 and a 200-day moving average of $205.58. The stock has a market capitalization of $13.96 billion, a price-to-earnings ratio of 39.72, a P/E/G ratio of 0.94 and a beta of 1.39.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.88 EPS for the quarter, topping the consensus estimate of $1.74 by $0.14. The business had revenue of $727.00 million during 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 company's quarterly revenue was up 6.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.19 earnings per share. As a group, analysts expect that Carpenter Technology Corporation will post 6.83 EPS for the current fiscal year.

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

Carpenter Technology Dividend Announcement

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

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.