Hawk Ridge Capital Management LP Cuts Stock Holdings in Carpenter Technology Corporation $CRS

Hawk Ridge Capital Management LP lowered its position in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 7.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 109,052 shares of the basic materials company's stock after selling 8,600 shares during the period. Carpenter Technology comprises about 1.6% of Hawk Ridge Capital Management LP's portfolio, making the stock its 25th largest position. Hawk Ridge Capital Management LP owned about 0.22% of Carpenter Technology worth $42,983,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Geneos Wealth Management Inc. purchased a new stake in Carpenter Technology in the 2nd quarter valued at about $28,000. Whittier Trust Co. of Nevada Inc. purchased a new position in shares of Carpenter Technology in the 1st quarter worth approximately $30,000. SJS Investment Consulting Inc. boosted its stake in shares of 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 buying an additional 36 shares during the last quarter. Spire Wealth Management boosted its stake in shares of 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 buying an additional 84 shares during the last quarter. Finally, Headlands Technologies LLC bought a new position in shares of Carpenter Technology in the second quarter valued at approximately $43,000. 92.03% of the stock is owned by institutional investors.

Analyst Ratings Changes

CRS has been the subject of a number of research analyst reports. JPMorgan Chase & Co. increased their price target on Carpenter Technology from $470.00 to $705.00 and gave the company an "overweight" rating in a research report on Tuesday, July 14th. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and issued a $500.00 price objective on shares of Carpenter Technology in a research report on Thursday, April 30th. TD Cowen raised their target price on Carpenter Technology from $470.00 to $650.00 and gave the company a "buy" rating in a research report on Monday, July 13th. Susquehanna raised their target price on Carpenter Technology from $495.00 to $680.00 and gave the company a "positive" rating in a research report on Thursday, July 9th. Finally, BTIG Research lifted their target price on Carpenter Technology from $375.00 to $450.00 and gave the stock a "buy" rating in a research note on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $556.75.

Carpenter Technology Stock Performance

Shares of CRS opened at $579.52 on Tuesday. The firm has a market cap of $28.80 billion, a PE ratio of 61.00, a PEG ratio of 1.70 and a beta of 1.22. The stock's fifty day moving average price is $544.68 and its two-hundred day moving average price is $442.08. 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 Corporation has a 1 year low of $228.00 and a 1 year high of $625.98.

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.

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 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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