Mutual of America Capital Management LLC Sells 623 Shares of Carpenter Technology Corporation (NYSE:CRS)

Mutual of America Capital Management LLC cut its stake in shares of Carpenter Technology Corporation (NYSE:CRS) by 2.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 25,707 shares of the basic materials company’s stock after selling 623 shares during the quarter. Mutual of America Capital Management LLC owned approximately 0.05% of Carpenter Technology worth $4,658,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of CRS. Orion Portfolio Solutions LLC bought a new position in Carpenter Technology during the fourth quarter worth $215,000. Wells Fargo & Company MN boosted its stake in Carpenter Technology by 37.4% during the fourth quarter. Wells Fargo & Company MN now owns 46,454 shares of the basic materials company’s stock worth $7,884,000 after acquiring an additional 12,643 shares in the last quarter. Federated Hermes Inc. bought a new position in Carpenter Technology during the fourth quarter worth $796,000. Invesco Ltd. boosted its stake in Carpenter Technology by 30.3% during the fourth quarter. Invesco Ltd. now owns 1,537,235 shares of the basic materials company’s stock worth $260,884,000 after acquiring an additional 357,417 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new position in shares of Carpenter Technology in the fourth quarter valued at $18,731,000. 92.03% of the stock is owned by institutional investors.

Carpenter Technology Stock Down 2.3%

Carpenter Technology stock opened at $248.62 on Friday. The company has a current ratio of 3.65, a quick ratio of 2.01 and a debt-to-equity ratio of 0.37. The firm’s fifty day moving average price is $264.76 and its two-hundred day moving average price is $219.60. Carpenter Technology Corporation has a 1-year low of $129.57 and a 1-year high of $290.84. The firm has a market capitalization of $12.38 billion, a price-to-earnings ratio of 33.51, a price-to-earnings-growth ratio of 1.18 and a beta of 1.44.

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. Carpenter Technology had a net margin of 13.07% and a return on equity of 21.50%. The company had revenue of $755.60 million for the quarter, compared to analyst estimates of $790.73 million. During the same period last year, the firm earned $1.82 earnings per share. The firm’s revenue was down 5.4% on a year-over-year basis. On average, equities research analysts predict that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

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

Insider Buying and Selling at Carpenter Technology

In related news, Director Anastasios John Hart sold 1,000 shares of the firm’s stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $243.72, for a total transaction of $243,720.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.90% of the stock is owned by insiders.

Wall Street Analyst Weigh In

CRS has been the topic of a number of recent research reports. Benchmark raised their price objective on shares of Carpenter Technology from $250.00 to $300.00 and gave the company a “buy” rating in a research note on Monday, June 9th. Cowen reaffirmed a “buy” rating on shares of Carpenter Technology in a research note on Thursday, June 12th. 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 note on Tuesday, June 17th. Finally, BTIG Research reaffirmed a “buy” rating on shares of Carpenter Technology in a research note on Monday. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, Carpenter Technology currently has a consensus rating of “Moderate Buy” and an average price target 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.