Jennison Associates LLC Purchases New Holdings in Carpenter Technology Corporation $CRS

Key Points

• Jennison Associates LLC opened a new position in Carpenter Technology, buying 805,306 shares worth about $317.4 million and ending the quarter with 1.62% ownership.
• Analysts have turned more bullish on the stock, with multiple firms raising price targets and Zacks upgrading Carpenter Technology from hold to strong-buy. The consensus rating remains Buy, with an average target price of $556.75.
• The company recently reported Q4 EPS of $2.77, beating expectations, while revenue rose 11.6% year over year. Shares were trading near $556.52, close to their 52-week high of $625.98.

Jennison Associates LLC purchased a new position in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 805,306 shares of the basic materials company's stock, valued at approximately $317,411,000. Jennison Associates LLC owned 1.62% of Carpenter Technology at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Woodline Partners LP purchased a new stake in shares of Carpenter Technology during the 1st quarter valued at $4,050,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Carpenter Technology by 1.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 104,785 shares of the basic materials company's stock valued at $18,985,000 after buying an additional 1,701 shares during the period. Focus Partners Wealth grew its position in Carpenter Technology by 7.3% during the first quarter. Focus Partners Wealth now owns 4,615 shares of the basic materials company's stock valued at $836,000 after buying an additional 314 shares during the period. Quantbot Technologies LP purchased a new stake in Carpenter Technology during the second quarter worth about $80,000. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in Carpenter Technology during the second quarter worth about $533,000. Hedge funds and other institutional investors own 92.03% of the company's stock.

Analyst Ratings Changes

Several brokerages have commented on CRS. JPMorgan Chase & Co. lifted their price objective on shares of Carpenter Technology from $470.00 to $705.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 14th. KeyCorp increased their target price on shares of Carpenter Technology from $459.00 to $644.00 and gave the company an "overweight" rating in a research report on Tuesday, June 30th. TD Cowen raised their price target 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. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and issued a $500.00 price target on shares of Carpenter Technology in a report on Thursday, April 30th. Finally, BTIG Research upped their price objective on Carpenter Technology from $375.00 to $450.00 and gave the company a "buy" rating in a research note on Thursday, April 30th. One 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 company. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $556.75.

Carpenter Technology News Roundup

Here are the key news stories impacting Carpenter Technology this week:

• Positive Sentiment: Zacks Research upgraded Carpenter Technology from hold to strong-buy, signaling increased confidence in the company’s outlook. Zacks.com
• Positive Sentiment: The firm also nudged up earnings estimates across multiple periods, including Q1 2027 to $2.83 EPS, Q2 2027 to $2.85 EPS, Q4 2027 to $3.25 EPS, and FY2027 to $12.12 EPS, suggesting improving profit expectations.
• Positive Sentiment: Longer-term projections were also raised, with estimates for FY2028 EPS lifted to $14.49, reinforcing the view that earnings growth could remain strong. Tickerreport.com
• Neutral Sentiment: The consensus full-year earnings estimate remains at $10.57 per share, so the move appears driven more by analyst optimism than by a fresh company announcement.

Insider Activity at Carpenter Technology

In related news, Director Anastasios John Hart sold 750 shares of the firm's stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $423.86, for a total value of $317,895.00. Following the completion of the transaction, the director directly owned 750 shares of the company's stock, valued at approximately $317,895. This trade represents a 50.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Marshall D. Akins sold 11,815 shares of the firm's stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $441.36, for a total transaction of $5,214,668.40. Following the completion of the transaction, the vice president directly owned 18,344 shares of the company's stock, valued at approximately $8,096,307.84. This trade represents a 39.18% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 2.90% of the company's stock.

Carpenter Technology Trading Up 0.4%

Shares of CRS opened at $556.52 on Friday. The business has a 50-day moving average of $525.05 and a 200 day moving average of $430.40. Carpenter Technology Corporation has a fifty-two week low of $228.00 and a fifty-two week high of $625.98. The firm has a market cap of $27.65 billion, a P/E ratio of 58.58, a price-to-earnings-growth ratio of 1.57 and a beta of 1.22. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.08 and a current ratio of 3.73.

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

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