Carpenter Technology Corporation (NYSE:CRS) Stake Lowered by New York State Teachers Retirement System

New York State Teachers Retirement System cut its holdings in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 2.0% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor 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 about 0.12% of Carpenter Technology worth $10,455,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Pictet Asset Management Holding SA boosted its stake in shares of Carpenter Technology by 14.6% during the fourth quarter. Pictet Asset Management Holding SA now owns 6,865 shares of the basic materials company's stock valued at $1,165,000 after acquiring an additional 877 shares during the last quarter. Bessemer Group Inc. boosted its position in shares of 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 buying an additional 77 shares during the period. Wealth Enhancement Advisory Services LLC lifted its position in shares of Carpenter Technology by 27.8% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 15,953 shares of the basic materials company's stock worth $2,890,000 after purchasing an additional 3,467 shares in the last quarter. Fifth Third Bancorp boosted its position in Carpenter Technology by 13.6% in the 1st quarter. Fifth Third Bancorp now owns 651 shares of the basic materials company's stock valued at $118,000 after buying an additional 78 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in Carpenter Technology during the 4th quarter worth approximately $18,731,000. Hedge funds and other institutional investors own 92.03% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Cowen reaffirmed a "buy" rating on shares of Carpenter Technology in a report on Thursday, June 12th. Benchmark boosted their target price on shares of Carpenter Technology from $250.00 to $300.00 and gave the company a "buy" rating in a research note on Monday, June 9th. Northcoast Research upgraded shares of Carpenter Technology from a "sell" rating to a "neutral" rating in a research report on Wednesday, April 9th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Carpenter Technology from $245.00 to $305.00 and gave the company an "overweight" rating in a research report on Tuesday, June 17th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $278.33.

Carpenter Technology Stock Performance

Shares of NYSE:CRS traded up $0.86 on Monday, hitting $280.44. The company's stock had a trading volume of 1,455,949 shares, compared to its average volume of 809,538. The company has a market capitalization of $13.96 billion, a price-to-earnings ratio of 39.72, a price-to-earnings-growth ratio of 0.94 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 Corporation has a 12 month low of $105.00 and a 12 month high of $282.99. The stock's 50-day moving average is $239.41 and its two-hundred day moving average is $204.80.

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 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 company had revenue of $727.00 million for the quarter, compared to the consensus estimate of $729.67 million. During the same period in the previous year, the firm earned $1.19 EPS. Carpenter Technology's revenue was up 6.1% on a year-over-year basis. On average, equities research analysts forecast that Carpenter Technology Corporation will post 6.83 EPS for the current year.

Carpenter Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Tuesday, April 22nd were paid a dividend of $0.20 per share. 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 authorized 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 purchase up to 4% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's management believes its shares are undervalued.

Insider Transactions at Carpenter Technology

In related news, Director Anastasios John Hart sold 1,000 shares of Carpenter Technology 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 sale was disclosed in a legal filing with the SEC, which is available at 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 shares were sold at an average price of $197.66, for a total transaction of $678,566.78. Following the completion of the sale, the director 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 position. The disclosure for this sale can be found here. 2.90% of the stock is owned by insiders.

Carpenter Technology Company 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.