Victory Capital Management Inc. Increases Holdings in Carpenter Technology Corporation (NYSE:CRS)

Key Points

• Victory Capital Management Inc. increased its holdings in Carpenter Technology Corporation by 40.3%, owning 22,408 shares valued at approximately $4.06 million.
• The company has authorized a $400 million stock buyback program to repurchase up to 4% of its shares, indicating that its board believes the stock is undervalued.
• Carpenter Technology recently reported earnings per share of $1.88, beating analysts' estimates, and its quarterly revenue rose by 6.1% compared to the same quarter last year.

Victory Capital Management Inc. lifted its position in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 40.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 22,408 shares of the basic materials company's stock after buying an additional 6,438 shares during the period. Victory Capital Management Inc.'s holdings in Carpenter Technology were worth $4,060,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of CRS. Bessemer Group Inc. increased its stake in Carpenter Technology by 50.3% in the 1st quarter. Bessemer Group Inc. now owns 230 shares of the basic materials company's stock worth $42,000 after purchasing an additional 77 shares during the period. CIBC Private Wealth Group LLC increased its stake 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 worth $45,000 after purchasing an additional 127 shares during the period. Ameriflex Group Inc. bought a new stake in shares of Carpenter Technology in the 4th quarter worth approximately $44,000. Versant Capital Management Inc grew its position in shares of Carpenter Technology by 27.3% in the 1st quarter. Versant Capital Management Inc now owns 359 shares of the basic materials company's stock worth $65,000 after buying an additional 77 shares during the last quarter. Finally, UMB Bank n.a. grew its position in shares of Carpenter Technology by 54.9% in the 1st quarter. UMB Bank n.a. now owns 471 shares of the basic materials company's stock worth $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.

Insiders Place Their Bets

In other news, Director I Martin Inglis sold 3,433 shares of the business's stock in a transaction on Tuesday, April 29th. The stock was 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. The trade was a 33.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Anastasios John Hart sold 1,000 shares of the business's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $243.72, for a total value of $243,720.00. The disclosure for this sale can be found here. 2.90% of the stock is currently owned by insiders.

Carpenter Technology Stock Up 1.3%

Shares of NYSE:CRS opened at $276.54 on Monday. The stock has a fifty day simple moving average of $259.14 and a two-hundred day simple moving average of $215.60. The stock has a market capitalization of $13.77 billion, a price-to-earnings ratio of 39.17, a PEG ratio of 0.91 and a beta of 1.39. Carpenter Technology Corporation has a 12-month low of $119.69 and a 12-month high of $290.84. The company has a current ratio of 3.75, a quick ratio of 1.89 and a debt-to-equity ratio of 0.39.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.88 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.74 by $0.14. The business had revenue of $727.00 million during the quarter, compared to analysts' expectations of $729.67 million. Carpenter Technology had a return on equity of 21.16% and a net margin of 12.26%. The firm's quarterly revenue was up 6.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.19 earnings per share. On average, research 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 authorized a stock buyback program on Thursday, April 24th that allows the company to repurchase $400.00 million in shares. This repurchase authorization allows the basic materials company to buy up to 4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on CRS. Benchmark lifted their price objective on Carpenter Technology from $250.00 to $300.00 and gave the stock a "buy" rating in a research report on Monday, June 9th. Cowen reiterated 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 report on Wednesday, April 9th. Finally, JPMorgan Chase & Co. lifted their price objective on Carpenter Technology from $245.00 to $305.00 and gave the stock an "overweight" rating in a research report on Tuesday, June 17th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average 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.

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