Pinnacle Associates Ltd. Purchases New Shares in Carpenter Technology Corporation (NYSE:CRS)

Pinnacle Associates Ltd. bought a new stake in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 2,377 shares of the basic materials company's stock, valued at approximately $431,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. FMR LLC increased its stake 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 purchasing an additional 979,313 shares in the last quarter. Egerton Capital UK LLP bought a new stake in shares of Carpenter Technology during the first quarter valued at approximately $329,727,000. Invesco Ltd. increased its position in shares of Carpenter Technology by 30.3% during the fourth quarter. Invesco Ltd. now owns 1,537,235 shares of the basic materials company's stock valued at $260,884,000 after acquiring an additional 357,417 shares in the last quarter. SurgoCap Partners LP increased its position in shares of Carpenter Technology by 117.6% during the fourth quarter. SurgoCap Partners LP now owns 1,442,069 shares of the basic materials company's stock valued at $244,734,000 after acquiring an additional 779,357 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Carpenter Technology by 3.5% during the fourth quarter. Geode Capital Management LLC now owns 1,138,615 shares of the basic materials company's stock valued at $193,279,000 after acquiring an additional 38,411 shares in the last quarter. Institutional investors own 92.03% of the company's stock.

Carpenter Technology Stock Performance

Shares of NYSE CRS traded up $6.43 during midday trading on Friday, reaching $255.82. The company had a trading volume of 917,054 shares, compared to its average volume of 918,104. The stock has a market cap of $12.73 billion, a P/E ratio of 36.21, a P/E/G ratio of 0.94 and a beta of 1.39. Carpenter Technology Corporation has a 1 year low of $119.69 and a 1 year high of $290.84. The business's 50-day simple moving average is $262.31 and its 200 day simple moving average is $217.49. The company has a current ratio of 3.75, a quick ratio of 1.89 and a debt-to-equity ratio of 0.39.

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 for the quarter, topping the consensus estimate of $2.03 by $0.18. The firm had revenue of $755.60 million for the quarter, compared to the consensus estimate of $790.73 million. Carpenter Technology had a net margin of 12.26% and a return on equity of 21.16%. The company's revenue for the quarter was down 5.4% on a year-over-year basis. During the same period last year, the firm posted $1.82 earnings per share. On average, analysts forecast that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology declared that its board has approved a stock repurchase 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 stock through open market purchases. Stock buyback programs are often a sign that the company's leadership believes its stock is undervalued.

Insider Buying and Selling at Carpenter Technology

In related news, Director Anastasios John Hart sold 1,000 shares of Carpenter Technology stock in a transaction that occurred on Thursday, June 12th. The shares were 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 Securities & Exchange Commission, which is available at the SEC website. Company insiders own 2.90% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Northcoast Research raised shares of Carpenter Technology from a "sell" rating to a "neutral" rating in a research report on Wednesday, April 9th. JPMorgan Chase & Co. raised their target price 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. Cowen reiterated a "buy" rating on shares of Carpenter Technology in a research note on Thursday, June 12th. Finally, Benchmark lifted 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.

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.