Carpenter Technology Corporation (NYSE:CRS) Shares Sold by Teacher Retirement System of Texas

Teacher Retirement System of Texas trimmed its position in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 49.5% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 10,524 shares of the basic materials company's stock after selling 10,298 shares during the period. Teacher Retirement System of Texas' holdings in Carpenter Technology were worth $1,907,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in CRS. Bessemer Group Inc. boosted its position in Carpenter Technology by 50.3% in the 1st quarter. Bessemer Group Inc. now owns 230 shares of the basic materials company's stock valued at $42,000 after buying an additional 77 shares during the last quarter. Ameriflex Group Inc. purchased a new position in Carpenter Technology in the 4th quarter valued at about $44,000. CIBC Private Wealth Group LLC boosted its position in Carpenter Technology by 109.5% in the 4th quarter. CIBC Private Wealth Group LLC now owns 243 shares of the basic materials company's stock valued at $45,000 after buying an additional 127 shares during the last quarter. Versant Capital Management Inc boosted its position in Carpenter Technology by 27.3% in the 1st quarter. Versant Capital Management Inc now owns 359 shares of the basic materials company's stock valued at $65,000 after buying an additional 77 shares during the last quarter. Finally, UMB Bank n.a. boosted its position in Carpenter Technology by 54.9% in the 1st quarter. UMB Bank n.a. now owns 471 shares of the basic materials company's stock valued at $85,000 after buying an additional 167 shares during the last quarter. 92.03% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Carpenter Technology

In other news, Director Anastasios John Hart sold 1,000 shares of Carpenter Technology stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $243.72, for a total transaction of $243,720.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director I Martin Inglis sold 3,433 shares of Carpenter Technology stock in a transaction that occurred on Tuesday, April 29th. The shares were sold at an average price of $197.66, for a total value of $678,566.78. Following the sale, the director directly owned 6,732 shares in the company, valued at approximately $1,330,647.12. This trade represents 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.

Carpenter Technology Stock Performance

NYSE CRS traded up $1.04 during trading hours on Friday, reaching $277.76. The company's stock had a trading volume of 721,625 shares, compared to its average volume of 815,800. The company has a current ratio of 3.75, a quick ratio of 1.89 and a debt-to-equity ratio of 0.39. The business has a 50-day simple moving average of $247.00 and a 200 day simple moving average of $207.98. Carpenter Technology Corporation has a 52 week low of $110.10 and a 52 week high of $282.99. The stock has a market cap of $13.83 billion, a PE ratio of 39.34, a PEG ratio of 0.91 and a beta of 1.39.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued its earnings results on Thursday, April 24th. The basic materials company reported $1.88 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $729.67 million. During the same quarter last year, the company posted $1.19 earnings per share. Carpenter Technology's revenue was up 6.1% on a year-over-year basis. Equities research analysts predict 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 share buyback plan 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 stock through open market purchases. Stock buyback plans are typically a sign that the company's board of directors believes its shares are undervalued.

Analysts Set New Price Targets

A number of research firms have weighed in on CRS. Cowen reissued a "buy" rating on shares of Carpenter Technology in a research report on Thursday, June 12th. Benchmark upped their price objective 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. JPMorgan Chase & Co. increased their price target on shares of Carpenter Technology from $245.00 to $305.00 and gave the stock an "overweight" rating in a research report on Tuesday, June 17th. Finally, Northcoast Research raised shares of Carpenter Technology from a "sell" rating to a "neutral" rating in a research report on Wednesday, April 9th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $278.33.

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.