Entropy Technologies LP Purchases Shares of 11,631 Carpenter Technology Corporation (NYSE:CRS)

Entropy Technologies LP purchased a new stake in Carpenter Technology Corporation (NYSE:CRS) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 11,631 shares of the basic materials company’s stock, valued at approximately $2,107,000.

Several other institutional investors have also recently bought and sold shares of CRS. Wells Fargo & Company MN raised its position in Carpenter Technology by 37.4% in the 4th quarter. Wells Fargo & Company MN now owns 46,454 shares of the basic materials company’s stock valued at $7,884,000 after purchasing an additional 12,643 shares during the last quarter. Federated Hermes Inc. bought a new position in Carpenter Technology in the 4th quarter valued at $796,000. Raymond James Financial Inc. bought a new position in Carpenter Technology in the 4th quarter valued at $18,731,000. Optimize Financial Inc bought a new position in Carpenter Technology in the 4th quarter valued at $321,000. Finally, Summit Investment Advisors Inc. raised its position in Carpenter Technology by 215.1% in the 4th quarter. Summit Investment Advisors Inc. now owns 14,914 shares of the basic materials company’s stock valued at $2,531,000 after purchasing an additional 10,181 shares during the last quarter. Institutional investors own 92.03% of the company’s stock.

Insider Buying and Selling at Carpenter Technology

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

Carpenter Technology Stock Performance

Shares of CRS stock opened at $248.62 on Monday. The company’s fifty day simple moving average is $264.76 and its 200-day simple moving average is $219.74. The company has a quick ratio of 2.01, a current ratio of 3.65 and a debt-to-equity ratio of 0.37. The firm has a market cap of $12.38 billion, a PE ratio of 33.51, a P/E/G ratio of 1.15 and a beta of 1.44. Carpenter Technology Corporation has a 12 month low of $129.57 and a 12 month high of $290.84.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings data on Thursday, July 31st. The basic materials company reported $2.21 EPS for the quarter, topping analysts’ consensus estimates of $2.03 by $0.18. The business had revenue of $755.60 million for the quarter, compared to analyst estimates of $790.73 million. Carpenter Technology had a net margin of 13.07% and a return on equity of 21.50%. The firm’s revenue for the quarter was down 5.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.82 earnings per share. Equities research analysts expect that Carpenter Technology Corporation will post 6.83 EPS for the current fiscal year.

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on CRS. Cowen reiterated a “buy” rating on shares of Carpenter Technology in a research report on Thursday, June 12th. JPMorgan Chase & Co. increased their price objective on Carpenter Technology from $245.00 to $305.00 and gave the company an “overweight” rating in a research report on Tuesday, June 17th. Benchmark increased their price objective on Carpenter Technology from $250.00 to $300.00 and gave the company a “buy” rating in a research report on Monday, June 9th. Finally, BTIG Research reiterated a “buy” rating on shares of Carpenter Technology in a research report on Monday, August 4th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $278.33.

Carpenter Technology Company 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.