Premier Fund Managers Ltd Cuts Stock Holdings in Carpenter Technology Corporation (NYSE:CRS)

Key Points

• Premier Fund Managers Ltd reduced its stake in Carpenter Technology Corporation by 13.0% during the first quarter, now holding 6,818 shares valued at about $1.236 million.
• Several institutional investors modified their positions in Carpenter Technology, with notable increases from Bessemer Group Inc. by 50.3% and CIBC Private Wealth Group LLC by 109.5%.
• Carpenter Technology's stock received positive analyst ratings, with target price increases from JPMorgan Chase & Co. and Benchmark, reflecting a consensus rating of "Moderate Buy".

Premier Fund Managers Ltd decreased its holdings in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 13.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,818 shares of the basic materials company's stock after selling 1,022 shares during the quarter. Premier Fund Managers Ltd's holdings in Carpenter Technology were worth $1,236,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. IMA Advisory Services Inc. purchased a new stake in shares of Carpenter Technology during the first quarter valued at approximately $36,000. Bessemer Group Inc. boosted its stake in shares of Carpenter Technology by 50.3% during the first 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. CIBC Private Wealth Group LLC boosted its stake in shares of Carpenter Technology by 109.5% during the fourth quarter. CIBC Private Wealth Group LLC now owns 243 shares of the basic materials company's stock valued at $45,000 after purchasing an additional 127 shares during the period. Ameriflex Group Inc. purchased a new stake in shares of Carpenter Technology during the fourth quarter valued at approximately $44,000. Finally, Versant Capital Management Inc boosted its stake in shares of Carpenter Technology by 27.3% during the first quarter. Versant Capital Management Inc now owns 359 shares of the basic materials company's stock valued at $65,000 after purchasing an additional 77 shares during the period. Hedge funds and other institutional investors own 92.03% of the company's stock.

Wall Street Analyst Weigh In

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

Carpenter Technology Price Performance

CRS stock opened at $276.45 on Tuesday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.89 and a current ratio of 3.75. The firm has a 50 day moving average price of $259.95 and a 200-day moving average price of $216.23. Carpenter Technology Corporation has a 52-week low of $119.69 and a 52-week high of $290.84. The firm has a market capitalization of $13.76 billion, a price-to-earnings ratio of 39.16, a PEG ratio of 0.91 and a beta of 1.39.

Carpenter Technology declared that its Board of Directors has initiated a stock repurchase program on Thursday, April 24th that permits the company to repurchase $400.00 million in outstanding shares. This repurchase authorization permits the basic materials company to repurchase up to 4% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's board 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 dated Thursday, June 12th. The stock was sold at an average price of $243.72, for a total value of $243,720.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.90% of the stock is owned by insiders.

About Carpenter Technology

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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