Teachers Retirement System of The State of Kentucky Buys 2,061 Shares of Carpenter Technology Corporation (NYSE:CRS)

Teachers Retirement System of The State of Kentucky raised its stake in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 10.0% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 22,704 shares of the basic materials company's stock after buying an additional 2,061 shares during the quarter. Teachers Retirement System of The State of Kentucky's holdings in Carpenter Technology were worth $4,113,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of CRS. Bessemer Group Inc. lifted its position in shares of Carpenter Technology by 50.3% in the first quarter. Bessemer Group Inc. now owns 230 shares of the basic materials company's stock worth $42,000 after purchasing an additional 77 shares in the last quarter. CIBC Private Wealth Group LLC lifted its position in shares of Carpenter Technology by 109.5% in the fourth quarter. CIBC Private Wealth Group LLC now owns 243 shares of the basic materials company's stock worth $45,000 after purchasing an additional 127 shares in the last quarter. Ameriflex Group Inc. bought a new stake in shares of Carpenter Technology in the fourth quarter worth $44,000. Versant Capital Management Inc lifted its position in shares of Carpenter Technology by 27.3% in the first quarter. Versant Capital Management Inc now owns 359 shares of the basic materials company's stock worth $65,000 after purchasing an additional 77 shares in the last quarter. Finally, UMB Bank n.a. lifted its position in shares of Carpenter Technology by 54.9% in the first quarter. UMB Bank n.a. now owns 471 shares of the basic materials company's stock worth $85,000 after purchasing an additional 167 shares in the last quarter. Institutional investors own 92.03% of the company's stock.

Wall Street Analyst Weigh In

CRS has been the topic of a number of research reports. Cowen reissued a "buy" rating on shares of Carpenter Technology in a research report on Thursday, June 12th. Northcoast Research upgraded Carpenter Technology from a "sell" rating to a "neutral" rating in a research note on Wednesday, April 9th. JPMorgan Chase & Co. raised their price target on Carpenter Technology from $245.00 to $305.00 and gave the company an "overweight" rating in a research note on Tuesday, June 17th. Finally, Benchmark upped their price target on shares of Carpenter Technology from $250.00 to $300.00 and gave the stock a "buy" rating in a research report on Monday, June 9th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, Carpenter Technology presently has a consensus rating of "Moderate Buy" and a consensus target price of $278.33.

Insider Activity

In other news, Director Anastasios John Hart sold 1,000 shares of the stock in a transaction dated 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 can be accessed through this hyperlink. Also, 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 transaction of $678,566.78. Following the completion of the transaction, the director directly owned 6,732 shares in the company, valued at $1,330,647.12. The trade was a 33.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.90% of the stock is owned by corporate insiders.

Carpenter Technology Stock Performance

NYSE CRS opened at $281.19 on Tuesday. 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 firm's fifty day moving average price is $254.21 and its two-hundred day moving average price is $212.34. Carpenter Technology Corporation has a 1 year low of $117.57 and a 1 year high of $290.84. The firm has a market capitalization of $14.00 billion, a P/E ratio of 39.83, a price-to-earnings-growth ratio of 0.95 and a beta of 1.39.

Carpenter Technology (NYSE:CRS - Get Free Report) last posted its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.88 earnings per share (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 for the quarter, compared to analyst estimates of $729.67 million. During the same period in the prior year, the firm posted $1.19 earnings per share. The company's quarterly revenue was up 6.1% compared to the same quarter last year. As a group, research analysts anticipate that Carpenter Technology Corporation will post 6.83 EPS for the current year.

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

Carpenter Technology 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.

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