SteelPeak Wealth LLC Acquires New Holdings in Carpenter Technology Corporation $CRS

SteelPeak Wealth LLC bought a new stake in Carpenter Technology Corporation (NYSE:CRS) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 6,579 shares of the basic materials company’s stock, valued at approximately $2,593,000.

Several other hedge funds also recently bought and sold shares of CRS. Sands Capital Management LLC bought a new position in shares of Carpenter Technology during the fourth quarter worth $195,731,000. Norges Bank bought a new stake in shares of Carpenter Technology in the 4th quarter valued at $195,254,000. TOMS Capital Investment Management LP bought a new stake in shares of Carpenter Technology in the 2nd quarter valued at $106,683,000. UBS Group AG raised its stake in Carpenter Technology by 171.2% during the 4th quarter. UBS Group AG now owns 606,501 shares of the basic materials company’s stock worth $190,951,000 after buying an additional 382,865 shares during the period. Finally, Invesco Ltd. raised its stake 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. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, VP Marshall D. Akins sold 11,815 shares of the stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $441.36, for a total value of $5,214,668.40. Following the sale, the vice president owned 18,344 shares in the company, valued at approximately $8,096,307.84. This represents a 39.18% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Anastasios John Hart sold 750 shares of the firm’s stock in a transaction on Monday, May 4th. The shares were sold at an average price of $423.86, for a total value of $317,895.00. Following the sale, the director directly owned 750 shares of the company’s stock, valued at $317,895. This represents a 50.00% decrease in their position. The SEC filing for this sale provides additional information. 2.90% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Susquehanna boosted their target price on Carpenter Technology from $495.00 to $680.00 and gave the company a “positive” rating in a research note on Thursday, July 9th. Zacks Research raised Carpenter Technology from a “hold” rating to a “strong-buy” rating in a research report on Wednesday. KeyCorp lifted their price objective on Carpenter Technology from $459.00 to $644.00 and gave the company an “overweight” rating in a report on Tuesday, June 30th. Wells Fargo & Company boosted their price objective on Carpenter Technology from $400.00 to $425.00 and gave the company an “equal weight” rating in a research report on Monday, May 4th. Finally, TD Cowen increased their target price on Carpenter Technology from $470.00 to $650.00 and gave the stock a “buy” rating in a research note on Monday. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $556.75.

Carpenter Technology Trading Up 0.4%

Shares of Carpenter Technology stock opened at $556.52 on Friday. The stock has a market cap of $27.65 billion, a P/E ratio of 58.58, a P/E/G ratio of 1.56 and a beta of 1.22. The company has a quick ratio of 2.08, a current ratio of 3.73 and a debt-to-equity ratio of 0.33. The business’s 50 day moving average is $525.05 and its 200-day moving average is $430.40. Carpenter Technology Corporation has a 12-month low of $228.00 and a 12-month high of $625.98.

Carpenter Technology (NYSE:CRS) last issued its earnings results on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.59 by $0.18. The company had revenue of $655.60 million for the quarter, compared to analysts’ expectations of $797.00 million. Carpenter Technology had a net margin of 15.82% and a return on equity of 25.02%. Carpenter Technology’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.88 EPS. Equities research analysts predict that Carpenter Technology Corporation will post 10.57 earnings per share for the current fiscal 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.