Bank of America Corp DE Purchases 262,701 Shares of Carpenter Technology Corporation $CRS

Key Points

• Bank of America more than doubled its Carpenter Technology stake in the first quarter, acquiring 262,701 additional shares for a total of 520,392 shares valued at approximately $205.1 million.
• Institutional ownership remains substantial, with hedge funds and other institutional investors holding 92.03% of CRS shares; several major funds also increased their positions.
• Carpenter Technology reported quarterly EPS of $3.23, exceeding estimates of $3.09, while revenue rose 12.6% year over year. Analysts maintain a consensus “Buy” rating with an average price target of $577.25.

Bank of America Corp DE increased its position in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 101.9% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 520,392 shares of the basic materials company's stock after acquiring an additional 262,701 shares during the period. Bank of America Corp DE owned about 1.05% of Carpenter Technology worth $205,113,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in CRS. State Street Corp raised its stake in shares of Carpenter Technology by 10.1% in the third quarter. State Street Corp now owns 2,096,145 shares of the basic materials company's stock worth $514,687,000 after purchasing an additional 192,533 shares during the last quarter. Invesco Ltd. raised its position in Carpenter Technology by 18.8% in 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 last quarter. Egerton Capital UK LLP lifted its stake in Carpenter Technology by 13.0% during the 4th quarter. Egerton Capital UK LLP now owns 1,553,012 shares of the basic materials company's stock valued at $488,950,000 after acquiring an additional 178,679 shares during the period. SurgoCap Partners LP lifted its stake in Carpenter Technology by 29.5% during the 3rd quarter. SurgoCap Partners LP now owns 1,198,895 shares of the basic materials company's stock valued at $294,377,000 after acquiring an additional 272,896 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in shares of Carpenter Technology by 8.8% during the 4th quarter. Geode Capital Management LLC now owns 975,960 shares of the basic materials company's stock valued at $307,333,000 after acquiring an additional 78,588 shares during the last quarter. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Carpenter Technology Price Performance

Shares of NYSE:CRS opened at $571.30 on Wednesday. The company has a quick ratio of 2.23, a current ratio of 3.81 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $28.39 billion, a PE ratio of 54.31, a price-to-earnings-growth ratio of 1.97 and a beta of 1.25. The firm's 50 day moving average price is $557.48 and its 200-day moving average price is $451.03. Carpenter Technology Corporation has a twelve month low of $228.00 and a twelve month high of $625.98.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its earnings results on Thursday, July 30th. The basic materials company reported $3.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.09 by $0.14. The company had revenue of $679.70 million during the quarter, compared to analyst estimates of $863.33 million. Carpenter Technology had a net margin of 16.96% and a return on equity of 26.46%. The firm's quarterly revenue was up 12.6% compared to the same quarter last year. During the same period in the previous year, the business posted $2.21 earnings per share. Equities research analysts expect that Carpenter Technology Corporation will post 12.92 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on CRS shares. Zacks Research upgraded shares of Carpenter Technology from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 15th. Susquehanna lowered their price objective on shares of Carpenter Technology from $680.00 to $600.00 and set a "positive" rating on the stock in a research report on Friday, July 31st. JPMorgan Chase & Co. dropped their target price on shares of Carpenter Technology from $705.00 to $700.00 and set an "overweight" rating on the stock in a report on Friday, July 31st. Wells Fargo & Company lifted their target price on shares of Carpenter Technology from $425.00 to $540.00 and gave the stock an "equal weight" rating in a research report on Tuesday. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and issued a $500.00 target price on shares of Carpenter Technology in a research report on Thursday, April 30th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $577.25.

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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