WCM Investment Management LLC increased its position in shares of Carpenter Technology Corporation (NYSE:CRS – Free Report) by 10.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 478,314 shares of the basic materials company’s stock after acquiring an additional 44,400 shares during the period. WCM Investment Management LLC owned approximately 0.96% of Carpenter Technology worth $177,316,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently bought and sold shares of CRS. Balefire LLC acquired a new stake in Carpenter Technology in the 1st quarter valued at about $252,000. Parallel Advisors LLC grew its stake in shares of Carpenter Technology by 43.3% in the 1st quarter. Parallel Advisors LLC now owns 596 shares of the basic materials company’s stock worth $235,000 after purchasing an additional 180 shares during the last quarter. KBC Group NV grew its stake in shares of Carpenter Technology by 784.8% in the 1st quarter. KBC Group NV now owns 13,502 shares of the basic materials company’s stock worth $5,322,000 after purchasing an additional 11,976 shares during the last quarter. Hanseatic Management Services Inc. bought a new stake in shares of Carpenter Technology in the 1st quarter worth approximately $2,020,000. Finally, Jennison Associates LLC bought a new stake in shares of Carpenter Technology in the 1st quarter worth approximately $317,411,000. 92.03% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
Several research firms recently commented on CRS. Zacks Research raised shares of Carpenter Technology from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 15th. Susquehanna lifted their price target on shares of Carpenter Technology from $495.00 to $680.00 and gave the stock a “positive” rating in a research report on Thursday, July 9th. KeyCorp upped their price target on Carpenter Technology from $459.00 to $644.00 and gave the company an “overweight” rating in a report on Tuesday, June 30th. Weiss Ratings downgraded Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a research report on Wednesday, June 3rd. Finally, JPMorgan Chase & Co. raised their price objective on Carpenter Technology from $470.00 to $705.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $556.75.
Insider Buying and Selling
In other Carpenter Technology news, VP Marshall D. Akins sold 11,815 shares of Carpenter Technology stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $441.36, for a total transaction of $5,214,668.40. Following the transaction, the vice president directly owned 18,344 shares in the company, valued at approximately $8,096,307.84. The trade was a 39.18% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Anastasios John Hart sold 750 shares of the business’s stock in a transaction on Monday, May 4th. The shares were sold at an average price of $423.86, for a total transaction of $317,895.00. Following the sale, the director directly owned 750 shares in the company, valued at approximately $317,895. This trade represents a 50.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 2.90% of the company’s stock.
Carpenter Technology Price Performance
CRS stock opened at $556.52 on Monday. The company has a current ratio of 3.73, a quick ratio of 2.08 and a debt-to-equity ratio of 0.33. Carpenter Technology Corporation has a one year low of $228.00 and a one year high of $625.98. The firm has a market capitalization of $27.65 billion, a PE ratio of 58.58, a P/E/G ratio of 1.57 and a beta of 1.22. The firm has a 50-day moving average of $525.05 and a two-hundred day moving average of $431.15.
Carpenter Technology (NYSE:CRS – Get Free Report) last released its earnings results on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share for the quarter, topping the consensus estimate of $2.59 by $0.18. Carpenter Technology had a net margin of 15.82% and a return on equity of 25.02%. The business had revenue of $655.60 million for the quarter, compared to the consensus estimate of $797.00 million. During the same period last year, the firm posted $1.88 earnings per share. The firm’s quarterly revenue was up 11.6% compared to the same quarter last year. On average, analysts forecast that Carpenter Technology Corporation will post 10.58 earnings per share for the current year.
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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.
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