Hawk Ridge Capital Management LP Reduces Stock Position in Carpenter Technology Corporation $CRS

Hawk Ridge Capital Management LP reduced its stake in Carpenter Technology Corporation (NYSE:CRS) by 7.3% in the first quarter, Holdings Channel.com reports. The fund owned 109,052 shares of the basic materials company’s stock after selling 8,600 shares during the period. Carpenter Technology makes up approximately 1.6% of Hawk Ridge Capital Management LP’s portfolio, making the stock its 25th biggest position. Hawk Ridge Capital Management LP’s holdings in Carpenter Technology were worth $42,983,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in CRS. Quantinno Capital Management LP grew its position in shares of Carpenter Technology by 29.1% in the first quarter. Quantinno Capital Management LP now owns 9,213 shares of the basic materials company’s stock valued at $3,631,000 after purchasing an additional 2,074 shares in the last quarter. Lazard Asset Management LLC lifted its holdings in Carpenter Technology by 190.3% during the 1st quarter. Lazard Asset Management LLC now owns 7,152 shares of the basic materials company’s stock worth $2,819,000 after purchasing an additional 4,688 shares in the last quarter. Gateway Wealth Partners LLC purchased a new stake in Carpenter Technology during the 1st quarter worth about $385,000. Lombard Odier Asset Management Europe Ltd bought a new position in Carpenter Technology in the 1st quarter worth about $3,838,000. Finally, Waverly Advisors LLC bought a new position in Carpenter Technology in the 1st quarter worth about $506,000. 92.03% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on CRS shares. Wells Fargo & Company upped their price target 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. Weiss Ratings cut shares of Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a research note on Wednesday, June 3rd. JPMorgan Chase & Co. upped their target price on shares of Carpenter Technology from $470.00 to $705.00 and gave the stock an “overweight” rating in a report on Tuesday, July 14th. KeyCorp increased their target price on shares of Carpenter Technology from $459.00 to $644.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 30th. Finally, BTIG Research raised their price target on shares of Carpenter Technology from $375.00 to $450.00 and gave the company a “buy” rating in a report on Thursday, April 30th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $556.75.

Carpenter Technology Stock Performance

Shares of CRS opened at $579.52 on Tuesday. The company has a market cap of $28.80 billion, a PE ratio of 61.00, a price-to-earnings-growth ratio of 1.70 and a beta of 1.22. The company has a current ratio of 3.73, a quick ratio of 2.08 and a debt-to-equity ratio of 0.33. The stock has a 50-day moving average price of $544.68 and a 200-day moving average price of $442.08. 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 quarterly earnings data on Wednesday, April 29th. The basic materials company reported $2.77 EPS for the quarter, topping the consensus estimate 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 return on equity of 25.02% and a net margin of 15.82%.Carpenter Technology’s revenue was up 11.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.88 earnings per share. As a group, equities analysts forecast that Carpenter Technology Corporation will post 10.58 earnings per share for the current fiscal year.

Insider Buying and Selling

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