Future Fund LLC Increases Stake in Carpenter Technology Corporation $CRS

Key Points

• Future Fund LLC increased its stake in Carpenter Technology by 50.5% in the first quarter, adding 2,769 shares to bring its total holding to 8,253 shares worth about $3.25 million.
• Carpenter Technology reported strong quarterly earnings, with EPS of $2.77 beating estimates, though revenue of $655.6 million came in below forecasts despite still rising 11.6% year over year.
• Wall Street sentiment remains positive, with several analysts raising price targets and the stock holding an average “Buy” rating and average target price of about $556.75.

Future Fund LLC grew its stake in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 50.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,253 shares of the basic materials company's stock after buying an additional 2,769 shares during the period. Future Fund LLC's holdings in Carpenter Technology were worth $3,253,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Geneos Wealth Management Inc. purchased a new position in Carpenter Technology during the second quarter valued at $28,000. Whittier Trust Co. of Nevada Inc. purchased a new stake in Carpenter Technology in the 1st quarter worth $30,000. SJS Investment Consulting Inc. lifted its stake in Carpenter Technology by 81.8% in the 1st quarter. SJS Investment Consulting Inc. now owns 80 shares of the basic materials company's stock worth $32,000 after purchasing an additional 36 shares in the last quarter. Armstrong Advisory Group Inc. boosted its holdings in shares of Carpenter Technology by 57.3% during the 4th quarter. Armstrong Advisory Group Inc. now owns 118 shares of the basic materials company's stock valued at $37,000 after purchasing an additional 43 shares during the last quarter. Finally, Spire Wealth Management grew its position in shares of Carpenter Technology by 164.7% during the fourth quarter. Spire Wealth Management now owns 135 shares of the basic materials company's stock valued at $42,000 after purchasing an additional 84 shares in the last quarter. Hedge funds and other institutional investors own 92.03% of the company's stock.

Carpenter Technology Price Performance

NYSE:CRS opened at $556.52 on Friday. The firm has a market capitalization of $27.65 billion, a price-to-earnings ratio of 58.58, a PEG ratio of 1.56 and a beta of 1.22. Carpenter Technology Corporation has a 1 year low of $228.00 and a 1 year high of $625.98. The business has a 50 day simple moving average of $525.05 and a 200-day simple moving average of $430.40. 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 released its earnings results on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share for the quarter, beating 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 firm had revenue of $655.60 million for the quarter, compared to the consensus estimate of $797.00 million. During the same quarter in the previous year, the company posted $1.88 EPS. The company's revenue for the quarter was up 11.6% compared to the same quarter last year. Equities analysts forecast that Carpenter Technology Corporation will post 10.57 EPS for the current year.

Analyst Ratings Changes

CRS has been the topic of several research reports. JPMorgan Chase & Co. lifted their target price on Carpenter Technology from $470.00 to $705.00 and gave the stock an "overweight" rating in a report on Tuesday. Wells Fargo & Company lifted their price objective on Carpenter Technology from $400.00 to $425.00 and gave the stock an "equal weight" rating in a research note on Monday, May 4th. Weiss Ratings downgraded Carpenter Technology from a "buy (b+)" rating to a "buy (b)" rating in a research report on Wednesday, June 3rd. KeyCorp boosted their price target on shares of Carpenter Technology from $459.00 to $644.00 and gave the stock an "overweight" rating in a research report on Tuesday, June 30th. Finally, TD Cowen upped their price target on shares of Carpenter Technology from $470.00 to $650.00 and gave the company a "buy" rating in a research note on Monday. One investment 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. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $556.75.

Insiders Place Their Bets

In other news, 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 completion of the sale, the vice president owned 18,344 shares in the company, valued at approximately $8,096,307.84. This trade represents a 39.18% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Anastasios John Hart sold 750 shares of the firm's 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 completion of the sale, the director owned 750 shares of the company's stock, valued at $317,895. This trade 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.

About Carpenter Technology

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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