Carpenter Technology Corporation (NYSE:CRS) Stake Lessened by Stephens Inc. AR

Stephens Inc. AR lessened its stake in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 48.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,629 shares of the basic materials company's stock after selling 1,521 shares during the quarter. Stephens Inc. AR's holdings in Carpenter Technology were worth $295,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. FMR LLC raised its stake in Carpenter Technology by 28.3% during the fourth quarter. FMR LLC now owns 4,444,608 shares of the basic materials company's stock worth $754,295,000 after acquiring an additional 979,313 shares during the period. SurgoCap Partners LP raised its stake in 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 worth $244,734,000 after acquiring an additional 779,357 shares during the period. Norges Bank acquired a new stake in Carpenter Technology during the fourth quarter worth about $100,505,000. GAMMA Investing LLC raised its stake in Carpenter Technology by 19,404.3% during the first quarter. GAMMA Investing LLC now owns 479,221 shares of the basic materials company's stock worth $86,825,000 after acquiring an additional 476,764 shares during the period. Finally, Freestone Grove Partners LP acquired a new stake in Carpenter Technology during the fourth quarter worth about $69,285,000. Institutional investors and hedge funds own 92.03% of the company's stock.

Carpenter Technology Stock Performance

Shares of NYSE:CRS traded down $0.50 during trading hours on Wednesday, hitting $273.92. The stock had a trading volume of 512,781 shares, compared to its average volume of 811,411. The stock's fifty day simple moving average is $256.50 and its 200 day simple moving average is $213.47. Carpenter Technology Corporation has a 1-year low of $119.69 and a 1-year high of $290.84. The firm has a market capitalization of $13.64 billion, a price-to-earnings ratio of 38.80, a PEG ratio of 0.91 and a beta of 1.39. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.89 and a current ratio of 3.75.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.88 EPS for the quarter, beating 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 company had revenue of $727.00 million for the quarter, compared to analyst estimates of $729.67 million. During the same quarter last year, the business earned $1.19 earnings per share. Carpenter Technology's revenue was up 6.1% compared to the same quarter last year. Sell-side analysts anticipate that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology declared that its board has initiated a stock repurchase plan on Thursday, April 24th that authorizes the company to repurchase $400.00 million in shares. This repurchase authorization authorizes the basic materials company to repurchase up to 4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on CRS shares. Northcoast Research upgraded shares of Carpenter Technology from a "sell" rating to a "neutral" rating in a research note on Wednesday, April 9th. JPMorgan Chase & Co. increased their price objective 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 increased their price objective on shares of Carpenter Technology from $250.00 to $300.00 and gave the stock a "buy" rating in a research note on Monday, June 9th. Finally, Cowen reiterated 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. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $278.33.

Insider Activity at Carpenter Technology

In other Carpenter Technology news, Director Anastasios John Hart sold 1,000 shares of the firm's 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 document filed with the SEC, which is accessible through this hyperlink. Also, Director I Martin Inglis sold 3,433 shares of the firm's stock in a transaction that occurred on Tuesday, April 29th. The shares were sold at an average price of $197.66, for a total transaction of $678,566.78. Following the completion of the sale, the director owned 6,732 shares in the company, valued at $1,330,647.12. The trade was a 33.77% decrease in their position. The disclosure for this sale can be found here. 2.90% of the stock is currently owned by company 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.