Horizon Family Wealth Inc. Invests $212,000 in Carpenter Technology Corporation (NYSE:CRS)

Horizon Family Wealth Inc. acquired a new position in Carpenter Technology Corporation (NYSE:CRS) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 1,170 shares of the basic materials company’s stock, valued at approximately $212,000.

A number of other institutional investors have also made changes to their positions in the business. FMR LLC lifted its position in shares of Carpenter Technology by 28.3% in the fourth quarter. FMR LLC now owns 4,444,608 shares of the basic materials company’s stock worth $754,295,000 after purchasing an additional 979,313 shares in the last quarter. Egerton Capital UK LLP bought a new stake in shares of Carpenter Technology in the first quarter worth $329,727,000. Invesco Ltd. lifted its position in shares of Carpenter Technology by 30.3% in the fourth quarter. Invesco Ltd. now owns 1,537,235 shares of the basic materials company’s stock worth $260,884,000 after purchasing an additional 357,417 shares in the last quarter. SurgoCap Partners LP lifted its position in shares of Carpenter Technology by 117.6% in the fourth quarter. SurgoCap Partners LP now owns 1,442,069 shares of the basic materials company’s stock worth $244,734,000 after purchasing an additional 779,357 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Carpenter Technology by 3.5% in the fourth quarter. Geode Capital Management LLC now owns 1,138,615 shares of the basic materials company’s stock worth $193,279,000 after purchasing an additional 38,411 shares in the last quarter. Institutional investors own 92.03% of the company’s stock.

Insiders Place Their Bets

In related news, Director Anastasios John Hart sold 1,000 shares of the company’s stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $243.72, for a total transaction of $243,720.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 2.90% of the stock is owned by corporate insiders.

Carpenter Technology Price Performance

Shares of CRS opened at $252.97 on Tuesday. Carpenter Technology Corporation has a 1-year low of $119.69 and a 1-year high of $290.84. The company has a market cap of $12.59 billion, a price-to-earnings ratio of 34.09, a PEG ratio of 0.85 and a beta of 1.44. The company’s fifty day simple moving average is $263.32 and its 200 day simple moving average is $218.50. The company has a current ratio of 3.65, a quick ratio of 2.01 and a debt-to-equity ratio of 0.37.

Carpenter Technology (NYSE:CRS) last announced 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 company 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%. Carpenter Technology’s quarterly revenue was down 5.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.82 earnings per share. On average, research analysts forecast that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology declared that its board has approved a share repurchase program on Thursday, April 24th that authorizes the company to repurchase $400.00 million in shares. This repurchase authorization authorizes the basic materials company to reacquire up to 4% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

CRS has been the topic of a number of research reports. Cowen reissued a “buy” rating on shares of Carpenter Technology in a research report on Thursday, June 12th. Benchmark boosted their target price on shares of Carpenter Technology from $250.00 to $300.00 and gave the stock a “buy” rating in a report on Monday, June 9th. Northcoast Research upgraded shares of Carpenter Technology from a “sell” rating to a “neutral” rating in a report on Wednesday, April 9th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Carpenter Technology from $245.00 to $305.00 and gave the stock an “overweight” rating in a report on Tuesday, June 17th.

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.