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Entropy Technologies LP Invests $2.11 Million in Carpenter Technology Corporation (NYSE:CRS)

Carpenter Technology logo with Basic Materials background

Key Points

  • Entropy Technologies LP has invested approximately $2.11 million in Carpenter Technology Corporation by acquiring 11,631 shares, as reported in their latest SEC filing.
  • Several institutional investors have significantly increased their stakes in Carpenter Technology, with ownership now at 92.03% among institutional investors and hedge funds.
  • Analysts have raised their price targets for Carpenter Technology, with JPMorgan Chase setting a target of $305.00, reflecting a positive outlook on the stock.
  • Want stock alerts on Carpenter Technology? Get 5 Weeks of MarketBeat All Access for $5. Get My Stock Alerts.

Entropy Technologies LP acquired a new position in Carpenter Technology Corporation (NYSE:CRS - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 11,631 shares of the basic materials company's stock, valued at approximately $2,107,000.

A number of other institutional investors and hedge funds have also modified their holdings of CRS. Egerton Capital UK LLP acquired a new stake in shares of Carpenter Technology in the first quarter worth $329,727,000. SurgoCap Partners LP lifted its stake in shares of Carpenter Technology by 117.6% in the fourth quarter. SurgoCap Partners LP now owns 1,442,069 shares of the basic materials company's stock worth $244,734,000 after buying an additional 779,357 shares during the last quarter. Invesco Ltd. grew its stake in shares of Carpenter Technology by 37.1% in the first quarter. Invesco Ltd. now owns 2,107,676 shares of the basic materials company's stock worth $381,869,000 after acquiring an additional 570,441 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Carpenter Technology by 19,404.3% in the first quarter. GAMMA Investing LLC now owns 479,221 shares of the basic materials company's stock worth $86,825,000 after acquiring an additional 476,764 shares during the last quarter. Finally, Freestone Grove Partners LP acquired a new stake in shares of Carpenter Technology in the fourth quarter worth $69,285,000. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Carpenter Technology

In related news, Director Anastasios John Hart sold 1,000 shares of the business's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $243.72, for a total value of $243,720.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 2.90% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. raised their price objective on shares of Carpenter Technology from $245.00 to $305.00 and gave the stock an "overweight" rating in a research note on Tuesday, June 17th. Benchmark raised their price objective on shares of Carpenter Technology from $250.00 to $300.00 and gave the stock a "buy" rating in a research note on Monday, June 9th. Cowen restated a "buy" rating on shares of Carpenter Technology in a research note on Thursday, June 12th. Finally, BTIG Research restated a "buy" rating on shares of Carpenter Technology in a research note on Monday, August 4th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $278.33.

Get Our Latest Analysis on CRS

Carpenter Technology Stock Performance

Shares of NYSE CRS opened at $248.62 on Monday. The business has a fifty day simple moving average of $264.76 and a 200 day simple moving average of $219.74. The company has a current ratio of 3.65, a quick ratio of 2.01 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $12.38 billion, a price-to-earnings ratio of 33.51, a PEG ratio of 1.15 and a beta of 1.44. Carpenter Technology Corporation has a one year low of $129.57 and a one year high of $290.84.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued its earnings results on Thursday, July 31st. The basic materials company reported $2.21 EPS for the quarter, beating analysts' consensus estimates of $2.03 by $0.18. The business had revenue of $755.60 million during the quarter, compared to analyst estimates of $790.73 million. Carpenter Technology had a return on equity of 21.50% and a net margin of 13.07%. Carpenter Technology's revenue was down 5.4% on a year-over-year basis. During the same period in the prior year, the company posted $1.82 earnings per share. Sell-side analysts expect that Carpenter Technology Corporation will post 6.83 EPS for the current year.

Carpenter Technology announced that its Board of Directors has authorized a share repurchase plan on Thursday, April 24th that authorizes the company to repurchase $400.00 million in outstanding shares. This repurchase authorization authorizes the basic materials company to repurchase up to 4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board of directors believes its stock is undervalued.

Carpenter Technology Profile

(Free Report)

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.

See Also

Want to see what other hedge funds are holding CRS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Carpenter Technology Corporation (NYSE:CRS - Free Report).

Institutional Ownership by Quarter for Carpenter Technology (NYSE:CRS)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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