M&T Bank Corp Purchases 58 Shares of Carpenter Technology Corporation (NYSE:CRS)

M&T Bank Corp boosted its stake in shares of Carpenter Technology Corporation (NYSE:CRSFree Report) by 3.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,541 shares of the basic materials company’s stock after acquiring an additional 58 shares during the period. M&T Bank Corp’s holdings in Carpenter Technology were worth $279,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Bessemer Group Inc. boosted its holdings 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 in the last quarter. Ameriflex Group Inc. acquired a new stake in shares of Carpenter Technology during the 4th quarter valued at $44,000. CIBC Private Wealth Group LLC lifted its holdings in 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 buying an additional 127 shares during the period. Versant Capital Management Inc lifted its holdings in 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 buying an additional 77 shares during the period. Finally, UMB Bank n.a. lifted its holdings in 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 buying an additional 167 shares during the period. Institutional investors own 92.03% of the company’s stock.

Analyst Upgrades and Downgrades

CRS has been the subject of several research analyst reports. 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. Northcoast Research raised Carpenter Technology from a “sell” rating to a “neutral” rating in a report on Wednesday, April 9th. Cowen reiterated a “buy” rating on shares of Carpenter Technology in a research note on Thursday, June 12th. Finally, Benchmark boosted their target price on shares of Carpenter Technology from $250.00 to $300.00 and gave the company a “buy” rating in a report on Monday, June 9th. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Carpenter Technology has an average rating of “Moderate Buy” and an average price target of $278.33.

View Our Latest Report on Carpenter Technology

Carpenter Technology Trading Up 2.8%

Shares of CRS stock opened at $287.04 on Friday. Carpenter Technology Corporation has a 12-month low of $115.52 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. The firm’s 50 day moving average is $252.72 and its 200 day moving average is $210.98. The stock has a market capitalization of $14.29 billion, a P/E ratio of 40.66, a P/E/G ratio of 0.92 and a beta of 1.39.

Carpenter Technology (NYSE:CRSGet Free Report) last issued its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.88 earnings per share 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 business 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 EPS. The company’s revenue was up 6.1% compared to the same quarter last year. Research analysts expect that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

Carpenter Technology announced that its board has initiated a stock repurchase plan on Thursday, April 24th that authorizes the company to repurchase $400.00 million in shares. This repurchase authorization authorizes the basic materials company to repurchase up to 4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other news, Director Anastasios John Hart sold 1,000 shares of the business’s 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 transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director I Martin Inglis sold 3,433 shares of the business’s stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $197.66, for a total transaction of $678,566.78. Following the completion of the sale, the director owned 6,732 shares in the company, valued at approximately $1,330,647.12. This trade represents a 33.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.90% of the company’s stock.

About Carpenter Technology

(Free Report)

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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Institutional Ownership by Quarter for Carpenter Technology (NYSE:CRS)

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