Avantax Advisory Services Inc. Buys 989 Shares of Carpenter Technology Corporation (NYSE:CRS)

Avantax Advisory Services Inc. grew its stake in shares of Carpenter Technology Corporation (NYSE:CRS) by 15.6% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 7,339 shares of the basic materials company’s stock after buying an additional 989 shares during the period. Avantax Advisory Services Inc.’s holdings in Carpenter Technology were worth $1,330,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in CRS. IMA Advisory Services Inc. acquired a new position in Carpenter Technology in the first quarter valued at about $36,000. Bessemer Group Inc. increased its holdings in shares of Carpenter Technology by 50.3% during the first quarter. Bessemer Group Inc. now owns 230 shares of the basic materials company’s stock worth $42,000 after buying an additional 77 shares in the last quarter. Ameriflex Group Inc. bought a new position in shares of Carpenter Technology in the fourth quarter valued at approximately $44,000. CIBC Private Wealth Group LLC boosted its holdings in shares of 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 acquiring an additional 127 shares in the last quarter. Finally, Versant Capital Management Inc grew its position 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 acquiring an additional 77 shares during the last quarter. Institutional investors own 92.03% of the company’s stock.

Carpenter Technology Trading Up 3.4%

Shares of NYSE:CRS opened at $257.87 on Friday. The firm has a market cap of $12.84 billion, a price-to-earnings ratio of 34.75, a PEG ratio of 0.82 and a beta of 1.44. The company has a quick ratio of 1.89, a current ratio of 3.65 and a debt-to-equity ratio of 0.37. Carpenter Technology Corporation has a 12 month low of $119.69 and a 12 month high of $290.84. The company’s fifty day simple moving average is $262.86 and its 200 day simple moving average is $217.92.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings results on Thursday, July 31st. The basic materials company reported $2.21 earnings per share for the quarter, topping the consensus estimate of $2.03 by $0.18. The company had revenue of $755.60 million during the quarter, compared to analysts’ expectations of $790.73 million. Carpenter Technology had a net margin of 13.07% and a return on equity of 21.50%. The business’s quarterly revenue was down 5.4% on a year-over-year basis. During the same period last year, the business earned $1.82 EPS. As a group, research analysts forecast that Carpenter Technology Corporation will post 6.83 EPS for the current fiscal year.

Carpenter Technology announced that its Board of Directors has initiated a share buyback plan on Thursday, April 24th that permits the company to repurchase $400.00 million in outstanding shares. This repurchase authorization permits the basic materials company to purchase up to 4% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the company. Northcoast Research raised Carpenter Technology from a “sell” rating to a “neutral” rating in a research note on Wednesday, April 9th. Benchmark lifted their price target on Carpenter Technology from $250.00 to $300.00 and gave the company a “buy” rating in a report on Monday, June 9th. Cowen reissued a “buy” rating on shares of Carpenter Technology in a report on Thursday, June 12th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Carpenter Technology from $245.00 to $305.00 and gave the company an “overweight” rating in a research report on Tuesday, June 17th.

Insiders Place Their Bets

In other Carpenter Technology news, Director Anastasios John Hart sold 1,000 shares of the stock in a transaction on 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 legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 2.90% of the company’s stock.

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.