California Public Employees Retirement System Has $39.67 Million Stake in Carpenter Technology Corporation $CRS

California Public Employees Retirement System boosted its stake in Carpenter Technology Corporation (NYSE:CRS) by 3.1% during the 1st quarter, HoldingsChannel reports. The fund owned 100,658 shares of the basic materials company’s stock after acquiring an additional 2,988 shares during the quarter. California Public Employees Retirement System’s holdings in Carpenter Technology were worth $39,674,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Covestor Ltd grew its stake in shares of Carpenter Technology by 334.3% in the fourth quarter. Covestor Ltd now owns 3,492 shares of the basic materials company’s stock valued at $1,099,000 after buying an additional 2,688 shares in the last quarter. Concurrent Investment Advisors LLC raised its position in Carpenter Technology by 127.7% during the fourth quarter. Concurrent Investment Advisors LLC now owns 5,141 shares of the basic materials company’s stock worth $1,619,000 after acquiring an additional 2,883 shares in the last quarter. Peregrine Asset Advisers Inc. bought a new stake in Carpenter Technology during the fourth quarter worth $4,062,000. UBS Group AG lifted its stake in Carpenter Technology by 171.2% in the fourth quarter. UBS Group AG now owns 606,501 shares of the basic materials company’s stock valued at $190,951,000 after acquiring an additional 382,865 shares during the last quarter. Finally, Fiducient Advisors LLC acquired a new stake in Carpenter Technology in the fourth quarter valued at $916,000. 92.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on CRS. TD Cowen lifted their price objective on shares of Carpenter Technology from $470.00 to $650.00 and gave the company a “buy” rating in a research report on Monday, July 13th. Zacks Research raised shares of Carpenter Technology from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 15th. BTIG Research raised their target price on shares of Carpenter Technology from $375.00 to $450.00 and gave the company a “buy” rating in a research note on Thursday, April 30th. Susquehanna lifted their price target on Carpenter Technology from $495.00 to $680.00 and gave the stock a “positive” rating in a report on Thursday, July 9th. Finally, KeyCorp boosted their price target on Carpenter Technology from $459.00 to $644.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 30th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $556.75.

Insider Activity

In other Carpenter Technology news, Director Anastasios John Hart sold 750 shares of the firm’s stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $423.86, for a total transaction of $317,895.00. Following the completion of the sale, the director directly owned 750 shares in the company, valued at $317,895. This trade represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Marshall D. Akins sold 11,815 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $441.36, for a total value of $5,214,668.40. Following the sale, the vice president owned 18,344 shares of the company’s stock, valued at approximately $8,096,307.84. This represents a 39.18% decrease in their position. The disclosure for this sale is available in the SEC filing. 2.90% of the stock is owned by corporate insiders.

Carpenter Technology Price Performance

Shares of CRS opened at $555.58 on Tuesday. The company’s 50-day moving average is $527.54 and its 200-day moving average is $432.81. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.73 and a quick ratio of 2.08. The firm has a market capitalization of $27.61 billion, a PE ratio of 58.48, a PEG ratio of 1.57 and a beta of 1.22. Carpenter Technology Corporation has a fifty-two week low of $228.00 and a fifty-two week high of $625.98.

Carpenter Technology (NYSE:CRS) last announced its earnings results on Wednesday, April 29th. The basic materials company reported $2.77 EPS for the quarter, topping the consensus estimate of $2.59 by $0.18. Carpenter Technology had a net margin of 15.82% and a return on equity of 25.02%. The business had revenue of $655.60 million during the quarter, compared to the consensus estimate of $797.00 million. During the same quarter in the previous year, the firm posted $1.88 EPS. Carpenter Technology’s revenue was up 11.6% compared to the same quarter last year. Equities analysts forecast that Carpenter Technology Corporation will post 10.58 EPS for the current year.

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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.