Carpenter Technology Corporation (NYSE:CRS) Stock Holdings Decreased by Charles Schwab Investment Management Inc.

Charles Schwab Investment Management Inc. reduced its position in Carpenter Technology Corporation (NYSE:CRS) by 5.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 666,571 shares of the basic materials company’s stock after selling 37,881 shares during the period. Charles Schwab Investment Management Inc.’s holdings in Carpenter Technology were worth $120,769,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the company. Horizon Family Wealth Inc. purchased a new position in shares of Carpenter Technology in the first quarter worth approximately $212,000. Strategic Investment Solutions Inc. IL purchased a new position in Carpenter Technology during the first quarter valued at approximately $49,000. Blair William & Co. IL grew its position in Carpenter Technology by 7.9% during the first quarter. Blair William & Co. IL now owns 4,100 shares of the basic materials company’s stock valued at $743,000 after purchasing an additional 300 shares in the last quarter. Alberta Investment Management Corp grew its position in Carpenter Technology by 16.8% during the first quarter. Alberta Investment Management Corp now owns 31,586 shares of the basic materials company’s stock valued at $5,723,000 after purchasing an additional 4,537 shares in the last quarter. Finally, Natixis Advisors LLC grew its position in Carpenter Technology by 36.5% during the first quarter. Natixis Advisors LLC now owns 22,333 shares of the basic materials company’s stock valued at $4,046,000 after purchasing an additional 5,969 shares in the last quarter. 92.03% of the stock is owned by hedge funds and other institutional investors.

Carpenter Technology Price Performance

NYSE CRS opened at $248.17 on Tuesday. The company has a quick ratio of 2.01, a current ratio of 3.65 and a debt-to-equity ratio of 0.37. The stock has a market capitalization of $12.35 billion, a PE ratio of 33.45, a price-to-earnings-growth ratio of 1.15 and a beta of 1.44. The company has a 50 day moving average price of $264.92 and a two-hundred day moving average price of $220.00. Carpenter Technology Corporation has a 12-month low of $129.57 and a 12-month high of $290.84.

Carpenter Technology (NYSE:CRS) last posted its earnings results on Thursday, July 31st. The basic materials company reported $2.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.03 by $0.18. The firm 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 company’s revenue was down 5.4% compared to the same quarter last year. During the same period in the previous year, the company earned $1.82 earnings per share. As a group, equities analysts predict that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology announced that its Board of Directors has authorized a share buyback program on Thursday, April 24th that permits the company to repurchase $400.00 million in shares. This repurchase authorization permits the basic materials company to repurchase up to 4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Insider Transactions at Carpenter Technology

In other Carpenter Technology news, Director Anastasios John Hart sold 1,000 shares of Carpenter Technology stock in a transaction that occurred on 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.90% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on CRS. Cowen reaffirmed a “buy” rating on shares of Carpenter Technology in a research report on Thursday, June 12th. BTIG Research reaffirmed a “buy” rating on shares of Carpenter Technology in a research report on Monday, August 4th. JPMorgan Chase & Co. boosted 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. Finally, Benchmark boosted their price objective on shares of Carpenter Technology from $250.00 to $300.00 and gave the company a “buy” rating in a research report on Monday, June 9th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price 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.