Janus Henderson Group PLC Decreases Position in Carpenter Technology Corporation $CRS

Key Points

• Janus Henderson Group reduced its Carpenter Technology stake by 37.8% in the first quarter, selling 13,652 shares and retaining 22,437 shares valued at $8.85 million. Institutional investors and hedge funds still own 92.03% of the company.
• Analyst sentiment remains positive, with one Strong Buy, eight Buy, and one Hold rating. Carpenter Technology has an average “Buy” rating and a consensus price target of $577.25, though several analysts recently adjusted their targets.
• Carpenter Technology reported quarterly EPS of $3.23, beating estimates of $3.09, while revenue rose 12.6% year over year to $679.7 million. Shares opened at $571.46, near their 52-week high of $625.98.

Janus Henderson Group PLC cut its holdings in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 37.8% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 22,437 shares of the basic materials company's stock after selling 13,652 shares during the quarter. Janus Henderson Group PLC's holdings in Carpenter Technology were worth $8,850,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in CRS. Jennison Associates LLC purchased a new stake in Carpenter Technology during the 1st quarter worth approximately $317,411,000. Sands Capital Management LLC acquired a new stake in shares of Carpenter Technology during the fourth quarter worth $195,731,000. Norges Bank purchased a new stake in shares of Carpenter Technology during the fourth quarter valued at $195,254,000. TOMS Capital Investment Management LP acquired a new position in shares of Carpenter Technology in the 2nd quarter valued at $106,683,000. Finally, UBS Group AG increased its position in shares of Carpenter Technology by 171.2% in the 4th quarter. UBS Group AG now owns 606,501 shares of the basic materials company's stock valued at $190,951,000 after acquiring an additional 382,865 shares during the period. Institutional investors and hedge funds own 92.03% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on CRS. Susquehanna lowered their price target on Carpenter Technology from $680.00 to $600.00 and set a "positive" rating for the company in a research report on Friday, July 31st. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $500.00 target price on shares of Carpenter Technology in a report on Thursday, April 30th. BTIG Research increased their price target on shares of Carpenter Technology from $450.00 to $620.00 and gave the stock a "buy" rating in a report on Friday, July 31st. TD Cowen increased their price objective on shares of Carpenter Technology from $470.00 to $650.00 and gave the stock a "buy" rating in a research note on Monday, July 13th. Finally, KeyCorp reduced their target price on shares of Carpenter Technology from $644.00 to $608.00 and set an "overweight" rating for the company in a report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, Carpenter Technology presently has an average rating of "Buy" and a consensus target price of $577.25.

Carpenter Technology Stock Up 0.2%

CRS stock opened at $571.46 on Thursday. The firm has a market cap of $28.40 billion, a PE ratio of 54.32, a P/E/G ratio of 2.07 and a beta of 1.25. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.23 and a current ratio of 3.81. The firm's fifty day moving average is $559.69 and its 200 day moving average is $452.65. Carpenter Technology Corporation has a one year low of $228.00 and a one year high of $625.98.

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

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source