Bull Harbor Capital LLC Purchases Shares of 1,405 Carpenter Technology Corporation $CRS

Bull Harbor Capital LLC purchased a new stake in Carpenter Technology Corporation (NYSE:CRS) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 1,405 shares of the basic materials company’s stock, valued at approximately $554,000.

A number of other hedge funds also recently made changes to their positions in CRS. State Street Corp boosted its holdings in Carpenter Technology by 10.1% in the third quarter. State Street Corp now owns 2,096,145 shares of the basic materials company’s stock valued at $514,687,000 after acquiring an additional 192,533 shares during the last quarter. Invesco Ltd. raised its holdings in Carpenter Technology by 18.8% during the 4th quarter. Invesco Ltd. now owns 2,071,657 shares of the basic materials company’s stock worth $652,241,000 after purchasing an additional 327,302 shares during the last quarter. Egerton Capital UK LLP lifted its position in shares of Carpenter Technology by 13.0% in the 4th quarter. Egerton Capital UK LLP now owns 1,553,012 shares of the basic materials company’s stock worth $488,950,000 after purchasing an additional 178,679 shares during the period. SurgoCap Partners LP lifted its position in shares of Carpenter Technology by 29.5% in the 3rd quarter. SurgoCap Partners LP now owns 1,198,895 shares of the basic materials company’s stock worth $294,377,000 after purchasing an additional 272,896 shares during the period. Finally, Geode Capital Management LLC boosted its stake in shares of Carpenter Technology by 8.8% in the 4th quarter. Geode Capital Management LLC now owns 975,960 shares of the basic materials company’s stock valued at $307,333,000 after purchasing an additional 78,588 shares during the last quarter. 92.03% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CRS. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $500.00 price objective on shares of Carpenter Technology in a research report on Thursday, April 30th. Susquehanna upped their price target on shares of Carpenter Technology from $495.00 to $680.00 and gave the company a “positive” rating in a research report on Thursday, July 9th. TD Cowen increased their price target on Carpenter Technology from $470.00 to $650.00 and gave the stock a “buy” rating in a report on Monday, July 13th. Wells Fargo & Company lifted their price objective on Carpenter Technology from $400.00 to $425.00 and gave the stock an “equal weight” rating in a research report on Monday, May 4th. Finally, Weiss Ratings downgraded Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a research note on Wednesday, June 3rd. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, Carpenter Technology presently has an average rating of “Buy” and a consensus price target of $556.75.

Carpenter Technology Trading Down 5.4%

Shares of Carpenter Technology stock opened at $501.80 on Friday. The stock has a market capitalization of $24.93 billion, a PE ratio of 52.82, a price-to-earnings-growth ratio of 1.49 and a beta of 1.22. The stock has a 50 day moving average price of $551.23 and a two-hundred day moving average price of $446.32. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.08 and a current ratio of 3.73. Carpenter Technology Corporation has a 52 week low of $228.00 and a 52 week high of $625.98.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings data on Thursday, July 30th. The basic materials company reported $3.23 earnings per share for the quarter, topping the consensus estimate of $3.09 by $0.14. The firm had revenue of $679.70 million for the quarter, compared to the consensus estimate of $863.33 million. Carpenter Technology had a net margin of 15.82% and a return on equity of 25.02%. The business’s revenue was up 12.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.21 earnings per share. As a group, equities analysts anticipate that Carpenter Technology Corporation will post 10.58 earnings per share for the current fiscal year.

Insider Activity at Carpenter Technology

In related news, VP Marshall D. Akins sold 11,815 shares of the stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $441.36, for a total value of $5,214,668.40. Following the completion of the sale, the vice president directly owned 18,344 shares of the company’s stock, valued at approximately $8,096,307.84. This represents a 39.18% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Anastasios John Hart sold 750 shares of the business’s stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $423.86, for a total transaction of $317,895.00. Following the transaction, the director 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. Corporate insiders own 2.90% of the company’s stock.

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.