SummitTX Capital L.P. Has $2.34 Million Stake in Carpenter Technology Corporation $CRS

SummitTX Capital L.P. lowered its position in shares of Carpenter Technology Corporation (NYSE:CRS) by 66.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,933 shares of the basic materials company’s stock after selling 11,621 shares during the period. SummitTX Capital L.P.’s holdings in Carpenter Technology were worth $2,338,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. State Street Corp grew its holdings in Carpenter Technology by 10.1% in the 3rd quarter. State Street Corp now owns 2,096,145 shares of the basic materials company’s stock valued at $514,687,000 after buying an additional 192,533 shares in the last quarter. Invesco Ltd. increased its position 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 buying an additional 327,302 shares during the period. Egerton Capital UK LLP lifted its holdings in shares of Carpenter Technology by 13.0% during the fourth quarter. Egerton Capital UK LLP now owns 1,553,012 shares of the basic materials company’s stock worth $488,950,000 after buying an additional 178,679 shares in the last quarter. SurgoCap Partners LP lifted its holdings in shares of Carpenter Technology by 29.5% during the third quarter. SurgoCap Partners LP now owns 1,198,895 shares of the basic materials company’s stock worth $294,377,000 after buying an additional 272,896 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of Carpenter Technology by 8.8% in the fourth quarter. Geode Capital Management LLC now owns 975,960 shares of the basic materials company’s stock valued at $307,333,000 after acquiring an additional 78,588 shares during the period. 92.03% of the stock is owned by institutional investors and hedge funds.

Carpenter Technology Trading Down 3.5%

Shares of CRS opened at $559.97 on Wednesday. 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. The firm has a market cap of $27.82 billion, a price-to-earnings ratio of 58.94, a PEG ratio of 1.63 and a beta of 1.22. The business’s fifty day moving average is $547.77 and its 200-day moving average is $443.63.

Carpenter Technology (NYSE:CRS) last posted its earnings results on Wednesday, April 29th. The basic materials company reported $2.77 EPS for the quarter, beating the consensus estimate of $2.59 by $0.18. Carpenter Technology had a return on equity of 25.02% and a net margin of 15.82%.The firm had revenue of $655.60 million during the quarter, compared to the consensus estimate of $797.00 million. During the same period last year, the company earned $1.88 earnings per share. The business’s quarterly revenue was up 11.6% on a year-over-year basis. Equities analysts anticipate that Carpenter Technology Corporation will post 10.58 EPS for the current fiscal year.

Insider Activity

In related news, VP Marshall D. Akins sold 11,815 shares of the firm’s stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $441.36, for a total value of $5,214,668.40. Following the completion of the transaction, the vice president owned 18,344 shares in the company, valued at $8,096,307.84. This trade represents a 39.18% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Anastasios John Hart sold 750 shares of Carpenter Technology stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $423.86, for a total transaction of $317,895.00. Following the sale, the director owned 750 shares in the company, valued at approximately $317,895. This represents a 50.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 2.90% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on CRS. KeyCorp upped their price target on shares of Carpenter Technology from $459.00 to $644.00 and gave the company an “overweight” rating in a research note on Tuesday, June 30th. Weiss Ratings cut shares of Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a research note on Wednesday, June 3rd. Wells Fargo & Company boosted their price objective on shares of Carpenter Technology from $400.00 to $425.00 and gave the company an “equal weight” rating in a report on Monday, May 4th. JPMorgan Chase & Co. increased their target price on shares of Carpenter Technology from $470.00 to $705.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 14th. Finally, BTIG Research raised their target price on shares of Carpenter Technology from $375.00 to $450.00 and gave the stock a “buy” rating in a report on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $556.75.

About Carpenter Technology

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.