New York State Teachers Retirement System Has $20.14 Million Position in Carpenter Technology Corporation $CRS

Key Points

• New York State Teachers Retirement System trimmed its Carpenter Technology stake by 7.3% in the first quarter, but still held 51,095 shares valued at about $20.14 million.
• Wall Street remains upbeat on CRS, with eight Buy ratings and two Hold ratings. The consensus price target is $481.75, though some firms have recently raised targets as high as $644.
• Carpenter Technology reported Q1 EPS of $2.77, beating estimates, while revenue rose 11.6% year over year. The stock was trading near its 52-week high at $597.44, and insiders have also recently sold shares.

New York State Teachers Retirement System cut its stake in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 7.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 51,095 shares of the basic materials company's stock after selling 4,027 shares during the quarter. New York State Teachers Retirement System owned 0.10% of Carpenter Technology worth $20,139,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of CRS. Geneos Wealth Management Inc. bought a new position in Carpenter Technology during the 2nd quarter worth approximately $28,000. SJS Investment Consulting Inc. increased its stake in Carpenter Technology by 81.8% in the first quarter. SJS Investment Consulting Inc. now owns 80 shares of the basic materials company's stock valued at $32,000 after purchasing an additional 36 shares in the last quarter. Armstrong Advisory Group Inc. raised its holdings in Carpenter Technology by 57.3% in the fourth quarter. Armstrong Advisory Group Inc. now owns 118 shares of the basic materials company's stock worth $37,000 after purchasing an additional 43 shares during the period. Spire Wealth Management raised its holdings in Carpenter Technology by 164.7% in the fourth quarter. Spire Wealth Management now owns 135 shares of the basic materials company's stock worth $42,000 after purchasing an additional 84 shares during the period. Finally, Headlands Technologies LLC acquired a new stake in Carpenter Technology in the second quarter worth $43,000. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CRS has been the subject of several research analyst reports. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and issued a $500.00 price target on shares of Carpenter Technology in a report on Thursday, April 30th. KeyCorp raised their price objective on Carpenter Technology from $459.00 to $644.00 and gave the stock an "overweight" rating in a research note on Tuesday, June 30th. Susquehanna lifted their target price on Carpenter Technology from $470.00 to $495.00 and gave the stock a "positive" rating in a report on Thursday, April 30th. TD Cowen boosted their target price on Carpenter Technology from $450.00 to $470.00 and gave the company a "buy" rating in a research note on Friday, May 22nd. Finally, JPMorgan Chase & Co. increased their price target on Carpenter Technology from $465.00 to $470.00 and gave the stock an "overweight" rating in a report on Thursday, April 30th. Eight equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, Carpenter Technology has a consensus rating of "Moderate Buy" and a consensus price target of $481.75.

Carpenter Technology Stock Performance

Shares of CRS opened at $597.44 on Friday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.08 and a current ratio of 3.73. Carpenter Technology Corporation has a twelve month low of $228.00 and a twelve month high of $624.50. The firm's 50 day moving average price is $495.57 and its two-hundred day moving average price is $412.79. The firm has a market cap of $29.69 billion, a P/E ratio of 62.89, a PEG ratio of 1.75 and a beta of 1.22.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued its quarterly earnings data on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.59 by $0.18. Carpenter Technology had a net margin of 15.82% and a return on equity of 25.02%. The company had revenue of $655.60 million during the quarter, compared to the consensus estimate of $797.00 million. During the same quarter in the prior year, the firm earned $1.88 earnings per share. The firm's revenue was up 11.6% compared to the same quarter last year. On average, analysts forecast that Carpenter Technology Corporation will post 10.56 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Tuesday, April 28th were paid a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, April 28th. This represents a $0.80 dividend on an annualized basis and a yield of 0.1%. Carpenter Technology's dividend payout ratio is presently 8.42%.

Insiders Place Their Bets

In other Carpenter Technology news, VP Marshall D. Akins sold 11,815 shares of Carpenter Technology stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $441.36, for a total value of $5,214,668.40. Following the sale, the vice president owned 18,344 shares of the company's stock, valued at $8,096,307.84. This trade represents a 39.18% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Anastasios John Hart sold 750 shares of the business's stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $423.86, for a total value of $317,895.00. Following the completion of the sale, the director owned 750 shares in the company, valued at approximately $317,895. This trade represents a 50.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 2.90% of the stock is currently owned by corporate insiders.

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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.

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