Whitaker Myers Wealth Managers LTD. Trims Position in Carpenter Technology Corporation $CRS

Whitaker Myers Wealth Managers LTD. decreased its position in shares of Carpenter Technology Corporation (NYSE:CRS) by 20.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,166 shares of the basic materials company’s stock after selling 1,077 shares during the quarter. Whitaker Myers Wealth Managers LTD.’s holdings in Carpenter Technology were worth $2,570,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently modified their holdings of the company. Geneos Wealth Management Inc. purchased a new stake in shares of Carpenter Technology in the 2nd quarter valued at approximately $28,000. Whittier Trust Co. of Nevada Inc. purchased a new stake in shares of Carpenter Technology during the 1st quarter valued at approximately $30,000. SJS Investment Consulting Inc. lifted its holdings in Carpenter Technology by 81.8% in the first quarter. SJS Investment Consulting Inc. now owns 80 shares of the basic materials company’s stock valued at $32,000 after acquiring an additional 36 shares during the last quarter. Headlands Technologies LLC acquired a new position in Carpenter Technology in the second quarter valued at approximately $43,000. Finally, Rakuten Securities Inc. purchased a new position in Carpenter Technology in the second quarter worth approximately $45,000. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Analyst Upgrades and Downgrades

CRS has been the topic of a number of research analyst reports. KeyCorp reduced their target price on Carpenter Technology from $644.00 to $608.00 and set an “overweight” rating on the stock in a research report on Monday, August 3rd. BTIG Research raised their price objective on Carpenter Technology from $450.00 to $620.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $500.00 price objective on shares of Carpenter Technology in a report on Thursday, April 30th. Wells Fargo & Company upped their target price on shares of Carpenter Technology from $425.00 to $540.00 and gave the company an “equal weight” rating in a research report on Tuesday, August 4th. Finally, TD Cowen increased their target price on shares of Carpenter Technology from $470.00 to $650.00 and gave the stock a “buy” rating in a research note on Monday, July 13th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $577.25.

Carpenter Technology Stock Up 2.3%

Shares of NYSE CRS opened at $569.98 on Friday. The company has a quick ratio of 2.23, a current ratio of 3.81 and a debt-to-equity ratio of 0.31. The business’s 50 day moving average is $563.62 and its two-hundred day moving average is $455.03. 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 $28.32 billion, a price-to-earnings ratio of 54.18, a PEG ratio of 2.07 and a beta of 1.25.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings results on Thursday, July 30th. The basic materials company reported $3.23 EPS for the quarter, topping the consensus estimate of $3.09 by $0.14. Carpenter Technology had a return on equity of 26.46% and a net margin of 16.96%.The business had revenue of $679.70 million during the quarter, compared to analyst estimates of $863.33 million. During the same period last year, the business posted $2.21 earnings per share. The company’s quarterly revenue was up 12.6% on a year-over-year basis. Research analysts predict that Carpenter Technology Corporation will post 12.92 EPS 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.