First Trust Advisors LP Purchases 9,038 Shares of Carpenter Technology Corporation $CRS

Key Points

• First Trust Advisors increased its Carpenter Technology stake by 19% in the first quarter, buying 9,038 shares to own 56,562 shares worth approximately $22.3 million. Institutional investors collectively own 92.03% of CRS.
• Wall Street sentiment remains positive, with a consensus “Buy” rating and an average price target of $556.75; Susquehanna and TD Cowen recently raised their targets to $680 and $650, respectively.
• CRS shares opened at $529.94 and have traded between $228.00 and $625.98 over the past year. Recent quarterly earnings of $2.77 per share exceeded estimates, while revenue rose 11.6% year over year despite falling short of expectations.

First Trust Advisors LP lifted its holdings in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 19.0% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 56,562 shares of the basic materials company's stock after buying an additional 9,038 shares during the period. First Trust Advisors LP owned approximately 0.11% of Carpenter Technology worth $22,294,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of CRS. Meeder Advisory Services Inc. lifted its holdings in Carpenter Technology by 3.7% during the fourth quarter. Meeder Advisory Services Inc. now owns 889 shares of the basic materials company's stock worth $280,000 after acquiring an additional 32 shares during the period. Abel Hall LLC boosted its position in Carpenter Technology by 3.2% in the fourth quarter. Abel Hall LLC now owns 1,019 shares of the basic materials company's stock worth $321,000 after purchasing an additional 32 shares during the last quarter. Brown Miller Wealth Management LLC grew its stake in Carpenter Technology by 2.4% in the 4th quarter. Brown Miller Wealth Management LLC now owns 1,411 shares of the basic materials company's stock valued at $444,000 after purchasing an additional 33 shares during the period. Northwestern Mutual Investment Management Company LLC grew its stake in Carpenter Technology by 0.3% in the 4th quarter. Northwestern Mutual Investment Management Company LLC now owns 11,146 shares of the basic materials company's stock valued at $3,509,000 after purchasing an additional 34 shares during the period. Finally, SJS Investment Consulting Inc. increased its position in shares of Carpenter Technology by 81.8% during the 1st 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 during the last quarter. 92.03% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently commented on CRS. Susquehanna lifted their target price on Carpenter Technology from $495.00 to $680.00 and gave the stock a "positive" rating in a research note on Thursday, July 9th. Weiss Ratings lowered shares of Carpenter Technology from a "buy (b+)" rating to a "buy (b)" rating in a research report on Wednesday, June 3rd. BTIG Research boosted their target price on shares of Carpenter Technology from $375.00 to $450.00 and gave the company a "buy" rating in a research note on Thursday, April 30th. TD Cowen boosted their target price on shares of Carpenter Technology from $470.00 to $650.00 and gave the company a "buy" rating in a research note on Monday, July 13th. Finally, Zacks Research raised shares of Carpenter Technology from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, July 15th. One 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 data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $556.75.

Insider Transactions at Carpenter Technology

In other Carpenter Technology news, VP Marshall D. Akins sold 11,815 shares of the company's stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $441.36, for a total transaction of $5,214,668.40. Following the sale, the vice president directly owned 18,344 shares of the company's stock, valued at $8,096,307.84. This represents a 39.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Anastasios John Hart sold 750 shares of the stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $423.86, for a total transaction 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 position. The SEC filing for this sale provides additional information. Insiders own 2.90% of the company's stock.

Carpenter Technology Stock Performance

Shares of CRS opened at $529.94 on Thursday. Carpenter Technology Corporation has a 1 year low of $228.00 and a 1 year high of $625.98. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.73 and a quick ratio of 2.08. The stock's fifty day moving average price is $549.95 and its two-hundred day moving average price is $445.10. The firm has a market cap of $26.33 billion, a PE ratio of 55.78, a PEG ratio of 1.58 and a beta of 1.22.

Carpenter Technology (NYSE:CRS - Get Free Report) last posted its quarterly earnings results on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share for the quarter, topping the consensus estimate of $2.59 by $0.18. Carpenter Technology had a return on equity of 25.02% and a net margin of 15.82%.The company had revenue of $655.60 million during the quarter, compared to the consensus estimate of $797.00 million. During the same quarter in the prior year, the company earned $1.88 EPS. The firm's quarterly revenue was up 11.6% compared to the same quarter last year. On average, equities research analysts forecast that Carpenter Technology Corporation will post 10.58 EPS 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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