Lombard Odier Asset Management Europe Ltd Takes Position in Carpenter Technology Corporation $CRS

Key Points

• Lombard Odier Asset Management Europe Ltd opened a new position in Carpenter Technology during the first quarter, buying 9,738 shares valued at about $3.84 million.
• Insider activity was mixed: VP Marshall D. Akins sold 11,815 shares and Director Anastasios John Hart sold 750 shares, while insiders still own about 2.90% of the company.
• Carpenter Technology reported better-than-expected EPS of $2.77, but revenue of $655.6 million came in below estimates; meanwhile, analysts remain largely bullish with an average Buy rating and a consensus price target of $556.75.

Lombard Odier Asset Management Europe Ltd bought a new stake in Carpenter Technology Corporation (NYSE:CRS - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 9,738 shares of the basic materials company's stock, valued at approximately $3,838,000.

Other hedge funds have also modified their holdings of the company. Geneos Wealth Management Inc. acquired a new stake in Carpenter Technology during the second quarter worth approximately $28,000. Whittier Trust Co. of Nevada Inc. acquired a new stake in Carpenter Technology during the 1st quarter worth approximately $30,000. SJS Investment Consulting Inc. lifted its holdings 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 acquiring an additional 36 shares in the last quarter. Spire Wealth Management raised its position in Carpenter Technology by 164.7% in 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 during the period. Finally, Headlands Technologies LLC acquired a new position in Carpenter Technology during the 2nd quarter worth approximately $43,000. 92.03% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, VP Marshall D. Akins sold 11,815 shares of the stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $441.36, for a total value 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 $8,096,307.84. This represents a 39.18% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, 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 sale, the director owned 750 shares in the company, valued at approximately $317,895. This represents a 50.00% 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 Stock Performance

Shares of CRS opened at $603.70 on Friday. Carpenter Technology Corporation has a 1 year low of $228.00 and a 1 year high of $625.98. The company has a market cap of $30.00 billion, a price-to-earnings ratio of 63.55, a price-to-earnings-growth ratio of 1.70 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. The firm has a fifty day moving average of $541.18 and a 200-day moving average of $439.66.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its quarterly earnings data on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share for the quarter, topping 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 net margin of 15.82% and a return on equity of 25.02%. The company's revenue for the quarter was up 11.6% compared to the same quarter last year. During the same quarter last year, the company earned $1.88 EPS. As a group, equities analysts anticipate that Carpenter Technology Corporation will post 10.58 earnings per share for the current year.

Analyst Upgrades and Downgrades

CRS has been the subject of several recent research reports. KeyCorp boosted their target price on shares of Carpenter Technology from $459.00 to $644.00 and gave the company an "overweight" rating in a research note on Tuesday, June 30th. JPMorgan Chase & Co. raised their price target 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. TD Cowen boosted their price objective on shares of Carpenter Technology from $470.00 to $650.00 and gave the company a "buy" rating in a research report on Monday, July 13th. Susquehanna increased their price objective on shares of Carpenter Technology from $495.00 to $680.00 and gave the stock a "positive" rating in a research note on Thursday, July 9th. Finally, Weiss Ratings downgraded Carpenter Technology from a "buy (b+)" rating to a "buy (b)" rating in a research note on Wednesday, June 3rd. 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 company presently has an average rating of "Buy" and a consensus price target of $556.75.

Carpenter Technology 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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