Phocas Financial Corp. Has $6.66 Million Holdings in Carpenter Technology Corporation (NYSE:CRS)

Key Points

• Phocas Financial Corp. reduced its holdings in Carpenter Technology Corporation by 54.1%, selling 43,281 shares and retaining 36,750 shares valued at approximately $6.66 million.
• Carpenter Technology's stock reached $257.87 and has fluctuated between a 1 year low of $119.69 and a 1 year high of $290.84.
• The company announced a stock repurchase program allowing the buyback of up to $400 million in shares, signaling management's belief that the stock is undervalued.

Phocas Financial Corp. decreased its holdings in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 54.1% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 36,750 shares of the basic materials company's stock after selling 43,281 shares during the period. Phocas Financial Corp. owned approximately 0.07% of Carpenter Technology worth $6,658,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Egerton Capital UK LLP purchased a new stake in shares of Carpenter Technology in the first quarter worth $329,727,000. FMR LLC grew its holdings in shares of Carpenter Technology by 28.3% during the fourth quarter. FMR LLC now owns 4,444,608 shares of the basic materials company's stock valued at $754,295,000 after buying an additional 979,313 shares during the last quarter. SurgoCap Partners LP raised its position in shares of Carpenter Technology by 117.6% during the 4th quarter. SurgoCap Partners LP now owns 1,442,069 shares of the basic materials company's stock worth $244,734,000 after purchasing an additional 779,357 shares during the last quarter. GAMMA Investing LLC boosted its position in shares of Carpenter Technology by 19,404.3% during the 1st quarter. GAMMA Investing LLC now owns 479,221 shares of the basic materials company's stock worth $86,825,000 after purchasing an additional 476,764 shares during the period. Finally, Freestone Grove Partners LP acquired a new stake in Carpenter Technology during the 4th quarter worth $69,285,000. Institutional investors and hedge funds own 92.03% of the company's stock.

Carpenter Technology Price Performance

Shares of NYSE CRS traded down $1.93 during mid-day trading on Thursday, reaching $251.92. The company's stock had a trading volume of 185,585 shares, compared to its average volume of 918,008. The company has a debt-to-equity ratio of 0.37, a current ratio of 3.65 and a quick ratio of 2.01. The stock has a fifty day moving average of $264.07 and a two-hundred day moving average of $219.01. Carpenter Technology Corporation has a 52 week low of $129.57 and a 52 week high of $290.84. The firm has a market capitalization of $12.54 billion, a PE ratio of 33.94, a P/E/G ratio of 1.20 and a beta of 1.44.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The basic materials company reported $2.21 EPS for the quarter, beating analysts' consensus estimates of $2.03 by $0.18. Carpenter Technology had a return on equity of 21.50% and a net margin of 13.07%. The firm had revenue of $755.60 million for the quarter, compared to analysts' expectations of $790.73 million. During the same period in the prior year, the firm posted $1.82 earnings per share. The firm's quarterly revenue was down 5.4% on a year-over-year basis. As a group, sell-side analysts anticipate that Carpenter Technology Corporation will post 6.83 EPS for the current fiscal year.

Carpenter Technology declared that its board has authorized a stock buyback plan on Thursday, April 24th that authorizes the company to repurchase $400.00 million in outstanding shares. This repurchase authorization authorizes the basic materials company to buy up to 4% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board believes its shares are undervalued.

Analysts Set New Price Targets

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

Insider Buying and Selling

In related news, Director Anastasios John Hart sold 1,000 shares of Carpenter Technology stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $243.72, for a total transaction of $243,720.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 2.90% of the company's stock.

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.