Mackenzie Financial Corp Increases Stake in Carpenter Technology Corporation (NYSE:CRS)

Mackenzie Financial Corp boosted its position in shares of Carpenter Technology Corporation (NYSE:CRS) by 13.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,492 shares of the basic materials company’s stock after purchasing an additional 420 shares during the period. Mackenzie Financial Corp’s holdings in Carpenter Technology were worth $633,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Orion Portfolio Solutions LLC purchased a new stake in Carpenter Technology in the fourth quarter worth $215,000. CIBC Private Wealth Group LLC grew its holdings in shares of Carpenter Technology by 109.5% in the fourth 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. Alliancebernstein L.P. increased its stake in Carpenter Technology by 68.1% in the 4th quarter. Alliancebernstein L.P. now owns 100,705 shares of the basic materials company’s stock worth $17,091,000 after buying an additional 40,784 shares during the period. Wells Fargo & Company MN lifted its holdings in Carpenter Technology by 37.4% during the 4th quarter. Wells Fargo & Company MN now owns 46,454 shares of the basic materials company’s stock valued at $7,884,000 after buying an additional 12,643 shares in the last quarter. Finally, Federated Hermes Inc. purchased a new stake in Carpenter Technology in the 4th quarter valued at about $796,000. 92.03% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Anastasios John Hart sold 1,000 shares of the company’s stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $243.72, for a total transaction of $243,720.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 2.90% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on CRS shares. BTIG Research reaffirmed a “buy” rating on shares of Carpenter Technology in a research note on Monday. Benchmark lifted their target price 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. Cowen restated a “buy” rating on shares of Carpenter Technology in a research note on Thursday, June 12th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Carpenter Technology from $245.00 to $305.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 17th. 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.com, Carpenter Technology currently has an average rating of “Moderate Buy” and a consensus target price of $278.33.

Carpenter Technology Trading Down 1.7%

Shares of NYSE CRS opened at $253.55 on Thursday. Carpenter Technology Corporation has a 1-year low of $129.57 and a 1-year high of $290.84. The business has a fifty day moving average price of $264.07 and a 200 day moving average price of $219.01. The stock has a market capitalization of $12.62 billion, a P/E ratio of 34.17, a price-to-earnings-growth ratio of 1.20 and a beta of 1.44. The company has a debt-to-equity ratio of 0.37, a current ratio of 3.65 and a quick ratio of 2.01.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings results on Thursday, July 31st. The basic materials company reported $2.21 earnings per share for the quarter, beating analysts’ consensus estimates of $2.03 by $0.18. The business had revenue of $755.60 million for 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 company’s revenue was down 5.4% compared to the same quarter last year. During the same period last year, the business earned $1.82 EPS. Equities research analysts expect that Carpenter Technology Corporation will post 6.83 EPS for the current fiscal year.

Carpenter Technology announced that its Board of Directors has authorized a stock repurchase 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 reacquire up to 4% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its shares are undervalued.

Carpenter Technology 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.