First Trust Advisors LP Increases Position in Carpenter Technology Corporation $CRS

First Trust Advisors LP lifted its position in Carpenter Technology Corporation (NYSE:CRS) by 19.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 56,562 shares of the basic materials company’s stock after purchasing an additional 9,038 shares during the quarter. First Trust Advisors LP’s holdings in Carpenter Technology were worth $22,294,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of CRS. Covestor Ltd raised its stake in shares of Carpenter Technology by 334.3% during the fourth quarter. Covestor Ltd now owns 3,492 shares of the basic materials company’s stock worth $1,099,000 after acquiring an additional 2,688 shares in the last quarter. Peregrine Asset Advisers Inc. purchased a new stake in shares of Carpenter Technology in the 4th quarter valued at $4,062,000. Concurrent Investment Advisors LLC grew its holdings in shares of Carpenter Technology by 127.7% during the 4th quarter. Concurrent Investment Advisors LLC now owns 5,141 shares of the basic materials company’s stock valued at $1,619,000 after purchasing an additional 2,883 shares during the last quarter. Fiducient Advisors LLC bought a new position in shares of Carpenter Technology during the 4th quarter valued at $916,000. Finally, Brookstone Capital Management purchased a new position in Carpenter Technology in the 1st quarter worth $2,876,000. 92.03% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have weighed in on CRS shares. BTIG Research boosted their price target on shares of Carpenter Technology from $375.00 to $450.00 and gave the stock a “buy” rating in a research note on Thursday, April 30th. TD Cowen raised their price objective on Carpenter Technology from $470.00 to $650.00 and gave the company a “buy” rating in a research note on Monday, July 13th. Weiss Ratings downgraded Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a report on Wednesday, June 3rd. Zacks Research raised Carpenter Technology from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 15th. Finally, Wells Fargo & Company boosted their target price on Carpenter Technology from $400.00 to $425.00 and gave the company an “equal weight” rating in a research note on Monday, May 4th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $556.75.

Carpenter Technology Stock Down 5.4%

Shares of NYSE CRS opened at $529.94 on Thursday. The company has a quick ratio of 2.08, a current ratio of 3.73 and a debt-to-equity ratio of 0.33. Carpenter Technology Corporation has a 52 week low of $228.00 and a 52 week high of $625.98. The firm’s fifty day moving average is $549.95 and its 200 day moving average is $445.10. The company has a market cap of $26.33 billion, a price-to-earnings ratio of 55.78, a PEG ratio of 1.58 and a beta of 1.22.

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

Insiders Place Their Bets

In other Carpenter Technology news, VP Marshall D. Akins sold 11,815 shares of the business’s stock in a transaction dated 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 transaction, the vice president owned 18,344 shares in the company, valued at approximately $8,096,307.84. The trade was a 39.18% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Anastasios John Hart sold 750 shares of the company’s stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $423.86, for a total transaction of $317,895.00. Following the transaction, the director directly owned 750 shares of the company’s stock, valued at approximately $317,895. This trade represents a 50.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 2.90% of the stock is owned by company insiders.

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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.