Nuveen LLC Invests $63.14 Million in Carpenter Technology Corporation (NYSE:CRS)

Key Points

• Nuveen LLC invested approximately $63.14 million in Carpenter Technology Corporation, acquiring 348,473 shares, which equates to about 0.70% of the company.
• Analysts have set a consensus price target of $278.33 for Carpenter Technology, with four analysts rating it as a "buy" and one as a "hold."
• Carpenter Technology reported earnings per share of $2.21 for the last quarter, exceeding expectations, although revenue declined by 5.4% year-over-year.

Nuveen LLC acquired a new position in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 348,473 shares of the basic materials company's stock, valued at approximately $63,136,000. Nuveen LLC owned 0.70% of Carpenter Technology at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. IMA Advisory Services Inc. acquired a new stake in Carpenter Technology in the first quarter worth approximately $36,000. 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 valued at $42,000 after purchasing an additional 77 shares during the period. Ameriflex Group Inc. acquired a new stake in Carpenter Technology during the 4th quarter valued at $44,000. Strategic Investment Solutions Inc. IL purchased a new position in shares of Carpenter Technology during the 1st quarter valued at $49,000. Finally, Versant Capital Management Inc grew its holdings in shares of Carpenter Technology by 27.3% during the 1st quarter. Versant Capital Management Inc now owns 359 shares of the basic materials company's stock valued at $65,000 after acquiring an additional 77 shares in the last quarter. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on CRS. Cowen restated a "buy" rating on shares of Carpenter Technology in a report on Thursday, June 12th. JPMorgan Chase & Co. upped their price objective on shares of Carpenter Technology from $245.00 to $305.00 and gave the stock an "overweight" rating in a report on Tuesday, June 17th. BTIG Research reiterated a "buy" rating on shares of Carpenter Technology in a report on Monday, August 4th. Finally, Benchmark upped their price objective on shares of Carpenter Technology from $250.00 to $300.00 and gave the stock a "buy" rating in a report on Monday, June 9th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $278.33.

Carpenter Technology Stock Down 2.5%

Shares of CRS opened at $250.82 on Thursday. Carpenter Technology Corporation has a 52 week low of $129.57 and a 52 week high of $290.84. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.01 and a current ratio of 3.65. The firm has a market capitalization of $12.49 billion, a P/E ratio of 33.80, a P/E/G ratio of 1.19 and a beta of 1.44. The company has a 50-day simple moving average of $265.19 and a 200-day simple moving average of $220.47.

Carpenter Technology (NYSE:CRS - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The basic materials company reported $2.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.03 by $0.18. Carpenter Technology had a net margin of 13.07% and a return on equity of 21.50%. The firm had revenue of $755.60 million during the quarter, compared to analyst estimates of $790.73 million. During the same quarter in the prior year, the business posted $1.82 earnings per share. The company's quarterly revenue was down 5.4% compared to the same quarter last year. On average, equities research analysts expect that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

Carpenter Technology announced that its board has authorized a stock buyback program on Thursday, April 24th that permits the company to buyback $400.00 million in shares. This buyback authorization permits the basic materials company to reacquire up to 4% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's management believes its stock is undervalued.

Insider Transactions at Carpenter Technology

In related news, Director Anastasios John Hart sold 1,000 shares of the stock in a transaction dated 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 is available at the SEC website. 2.90% of the stock is owned by company 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.

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