Emerald Advisers LLC Has $35.95 Million Holdings in Carpenter Technology Corporation (NYSE:CRS)

Emerald Advisers LLC lessened its holdings in Carpenter Technology Corporation (NYSE:CRS) by 8.1% in the 1st quarter, Holdings Channel reports. The firm owned 198,396 shares of the basic materials company’s stock after selling 17,467 shares during the quarter. Carpenter Technology accounts for 1.6% of Emerald Advisers LLC’s portfolio, making the stock its 13th biggest holding. Emerald Advisers LLC’s holdings in Carpenter Technology were worth $35,945,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of CRS. Bessemer Group Inc. lifted its stake in shares of 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 purchasing an additional 77 shares during the last quarter. Ameriflex Group Inc. bought a new stake in Carpenter Technology during the fourth quarter valued at about $44,000. CIBC Private Wealth Group LLC lifted its position in shares of Carpenter Technology by 109.5% during 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 last quarter. Versant Capital Management Inc lifted its position in shares of Carpenter Technology by 27.3% during the 1st 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 during the last quarter. Finally, UMB Bank n.a. lifted its position in shares of Carpenter Technology by 54.9% during the 1st 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 during the last quarter. Institutional investors and hedge funds own 92.03% of the company’s stock.

Carpenter Technology Price Performance

Shares of NYSE:CRS opened at $277.76 on Friday. The firm has a market capitalization of $13.83 billion, a PE ratio of 39.34, a PEG ratio of 0.92 and a beta of 1.39. 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 Corporation has a 1-year low of $113.53 and a 1-year high of $282.99. The business’s 50 day moving average is $247.00 and its 200-day moving average is $208.21.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.88 earnings per share for the quarter, topping analysts’ consensus estimates of $1.74 by $0.14. The firm had revenue of $727.00 million for the quarter, compared to the consensus estimate of $729.67 million. Carpenter Technology had a net margin of 12.26% and a return on equity of 21.16%. The business’s revenue was up 6.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.19 earnings per share. Sell-side analysts predict that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

Carpenter Technology declared that its Board of Directors has initiated a stock buyback plan 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 plans are generally an indication that the company’s board believes its stock is undervalued.

Insider Transactions at Carpenter Technology

In related news, Director Anastasios John Hart sold 1,000 shares of the firm’s 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director I Martin Inglis sold 3,433 shares of the firm’s stock in a transaction that occurred 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 transaction, the director owned 6,732 shares of the company’s stock, valued at $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.

Wall Street Analysts Forecast Growth

Several research analysts have commented on CRS shares. JPMorgan Chase & Co. lifted their price target on Carpenter Technology from $245.00 to $305.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 17th. Benchmark increased their price objective on Carpenter Technology from $250.00 to $300.00 and gave the company a “buy” rating in a research report on Monday, June 9th. Northcoast Research raised Carpenter Technology from a “sell” rating to a “neutral” rating in a research report on Wednesday, April 9th. Finally, Cowen reissued a “buy” rating on shares of Carpenter Technology in a research report on Thursday, June 12th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company 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.