Stephens Inc. AR decreased its position in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 48.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,629 shares of the basic materials company's stock after selling 1,521 shares during the period. Stephens Inc. AR's holdings in Carpenter Technology were worth $295,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. FMR LLC lifted its holdings in shares of Carpenter Technology by 28.3% in the 4th quarter. FMR LLC now owns 4,444,608 shares of the basic materials company's stock valued at $754,295,000 after acquiring an additional 979,313 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of Carpenter Technology by 30.3% in the 4th 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 during the last quarter. SurgoCap Partners LP lifted its holdings in shares of Carpenter Technology by 117.6% in the 4th 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 during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Carpenter Technology by 3.5% in the 4th 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 during the last quarter. Finally, Third Point LLC lifted its holdings in shares of Carpenter Technology by 31.8% in the 4th quarter. Third Point LLC now owns 870,000 shares of the basic materials company's stock valued at $147,648,000 after acquiring an additional 210,000 shares during the last quarter. Hedge funds and other institutional investors own 92.03% of the company's stock.
Insider Transactions at Carpenter Technology
In related news, Director I Martin Inglis sold 3,433 shares of the stock in a transaction dated Tuesday, April 29th. The shares were sold at an average price of $197.66, for a total value of $678,566.78. Following the completion of the transaction, the director owned 6,732 shares in the company, valued at $1,330,647.12. This represents a 33.77% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Anastasios John Hart sold 1,000 shares of the firm's stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $243.72, for a total transaction of $243,720.00. The disclosure for this sale can be found here. 2.90% of the stock is owned by company insiders.
Analyst Ratings Changes
A number of equities analysts have recently commented on CRS shares. Cowen reaffirmed a "buy" rating on shares of Carpenter Technology in a research report on Thursday, June 12th. 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 report on Tuesday, June 17th. Northcoast Research upgraded shares of Carpenter Technology from a "sell" rating to a "neutral" rating in a research report on Wednesday, April 9th. Finally, Benchmark boosted their target price on shares of Carpenter Technology from $250.00 to $300.00 and gave the company a "buy" rating in a research report on Monday, June 9th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $278.33.
Read Our Latest Research Report on CRS
Carpenter Technology Stock Up 0.1%
Shares of NYSE CRS opened at $287.06 on Friday. The company has a quick ratio of 1.89, a current ratio of 3.75 and a debt-to-equity ratio of 0.39. Carpenter Technology Corporation has a 52 week low of $117.57 and a 52 week high of $290.84. The firm has a 50-day moving average price of $254.21 and a 200 day moving average price of $212.08. The stock has a market capitalization of $14.29 billion, a price-to-earnings ratio of 40.66, a price-to-earnings-growth ratio of 0.95 and a beta of 1.39.
Carpenter Technology (NYSE:CRS - Get Free Report) last issued its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.88 EPS for the quarter, topping the consensus estimate of $1.74 by $0.14. Carpenter Technology had a net margin of 12.26% and a return on equity of 21.16%. The firm had revenue of $727.00 million during the quarter, compared to analyst estimates of $729.67 million. During the same quarter in the prior year, the business posted $1.19 earnings per share. Carpenter Technology's revenue for the quarter was up 6.1% compared to the same quarter last year. Equities research analysts anticipate that Carpenter Technology Corporation will post 6.83 EPS for the current fiscal year.
Carpenter Technology declared that its Board of Directors has initiated a share buyback program on Thursday, April 24th that authorizes the company to buyback $400.00 million in outstanding shares. This buyback authorization authorizes the basic materials company to buy up to 4% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's management believes its stock is undervalued.
Carpenter Technology Profile
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Free Report)
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.
See Also
Want to see what other hedge funds are holding CRS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Carpenter Technology Corporation (NYSE:CRS - Free Report).
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