6,579 Shares in Carpenter Technology Corporation $CRS Purchased by SteelPeak Wealth LLC

Key Points

• SteelPeak Wealth LLC opened a new position in Carpenter Technology, buying 6,579 shares valued at about $2.59 million in the first quarter.
• Analyst sentiment remains upbeat: Carpenter Technology now has a consensus Buy rating with an average price target of $556.75, and Zacks recently upgraded the stock to Strong Buy.
• The company reported Q1 EPS of $2.77, beating estimates, while revenue rose 11.6% year over year; however, revenue still came in below analyst expectations.

SteelPeak Wealth LLC purchased a new position in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 6,579 shares of the basic materials company's stock, valued at approximately $2,593,000.

A number of other hedge funds have also recently added to or reduced their stakes in CRS. Geneos Wealth Management Inc. acquired a new position in shares of Carpenter Technology during the second quarter worth approximately $28,000. Whittier Trust Co. of Nevada Inc. acquired a new stake in shares of Carpenter Technology in the first quarter valued at approximately $30,000. SJS Investment Consulting Inc. increased its holdings in shares of Carpenter Technology by 81.8% in the first quarter. SJS Investment Consulting Inc. now owns 80 shares of the basic materials company's stock valued at $32,000 after purchasing an additional 36 shares in the last quarter. Armstrong Advisory Group Inc. raised its position in Carpenter Technology by 57.3% in the 4th quarter. Armstrong Advisory Group Inc. now owns 118 shares of the basic materials company's stock worth $37,000 after purchasing an additional 43 shares during the last quarter. Finally, Spire Wealth Management raised its position in Carpenter Technology by 164.7% in the 4th quarter. Spire Wealth Management now owns 135 shares of the basic materials company's stock worth $42,000 after purchasing an additional 84 shares during the last quarter. Institutional investors own 92.03% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Zacks Research raised Carpenter Technology from a "hold" rating to a "strong-buy" rating in a report on Wednesday. KeyCorp lifted their target price on Carpenter Technology from $459.00 to $644.00 and gave the company an "overweight" rating in a research note on Tuesday, June 30th. Wells Fargo & Company boosted their target price on Carpenter Technology from $400.00 to $425.00 and gave the stock an "equal weight" rating in a research report on Monday, May 4th. BTIG Research upped their price target on Carpenter Technology from $375.00 to $450.00 and gave the company a "buy" rating in a research note on Thursday, April 30th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $500.00 price target on shares of Carpenter Technology in a research note on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat, Carpenter Technology presently has a consensus rating of "Buy" and an average price target of $556.75.

Insiders Place Their Bets

In related news, VP Marshall D. Akins sold 11,815 shares of Carpenter Technology stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $441.36, for a total transaction of $5,214,668.40. Following the completion of the sale, the vice president directly owned 18,344 shares of the company's stock, valued at $8,096,307.84. The trade was a 39.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 value of $317,895.00. Following the completion of the sale, the director 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. Corporate insiders own 2.90% of the company's stock.

Carpenter Technology Trading Up 0.4%

CRS opened at $556.52 on Friday. The firm has a 50 day simple moving average of $525.05 and a 200 day simple moving average of $430.40. Carpenter Technology Corporation has a fifty-two week low of $228.00 and a fifty-two week high of $625.98. The company has a market cap of $27.65 billion, a price-to-earnings ratio of 58.58, a price-to-earnings-growth ratio of 1.56 and a beta of 1.22. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.73 and a quick ratio of 2.08.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its quarterly earnings data 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. Carpenter Technology had a net margin of 15.82% and a return on equity of 25.02%. The firm had revenue of $655.60 million for the quarter, compared to analysts' expectations of $797.00 million. During the same period last year, the firm earned $1.88 earnings per share. The business's revenue for the quarter was up 11.6% on a year-over-year basis. On average, sell-side analysts anticipate that Carpenter Technology Corporation will post 10.57 earnings per share for the current year.

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.

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