Sei Investments Co. Purchases 7,252 Shares of Carpenter Technology Corporation $CRS

Key Points

• Sei Investments increased its Carpenter Technology position by 8.8% in the first quarter, adding 7,252 shares and bringing its holdings to 89,835 shares worth approximately $35.4 million. Institutional investors collectively own 92.03% of the company.
• Carpenter Technology reported quarterly EPS of $2.77, exceeding estimates of $2.59, while revenue rose 11.6% year over year to $655.6 million but fell short of the $797 million consensus forecast.
• Analyst sentiment remains positive, with the stock carrying an average “Buy” rating and an average price target of $556.75; several firms recently raised targets as high as $705. Shares opened at $603.70, near their 12-month high of $625.98.

Sei Investments Co. grew its position in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 8.8% during the first quarter, according to its most recent filing with the SEC. The firm owned 89,835 shares of the basic materials company's stock after acquiring an additional 7,252 shares during the period. Sei Investments Co. owned about 0.18% of Carpenter Technology worth $35,408,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Geneos Wealth Management Inc. purchased a new stake in Carpenter Technology in the second quarter worth $28,000. Whittier Trust Co. of Nevada Inc. purchased a new position in Carpenter Technology during the first quarter valued at $30,000. SJS Investment Consulting Inc. boosted 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 buying an additional 36 shares in the last quarter. Spire Wealth Management boosted its holdings in shares of Carpenter Technology by 164.7% during the 4th quarter. Spire Wealth Management now owns 135 shares of the basic materials company's stock valued at $42,000 after buying an additional 84 shares in the last quarter. Finally, Headlands Technologies LLC purchased a new stake in shares of Carpenter Technology in the 2nd quarter worth about $43,000. Institutional investors own 92.03% of the company's stock.

Insider Activity

In other news, Director Anastasios John Hart sold 750 shares of the firm's stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $423.86, for a total transaction of $317,895.00. Following 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 sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Marshall D. Akins sold 11,815 shares of Carpenter Technology 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 sale, the vice president 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 SEC filing for this sale provides additional information. 2.90% of the stock is currently owned by company insiders.

Carpenter Technology Stock Performance

Shares of CRS opened at $603.70 on Monday. The company has a market cap of $30.00 billion, a price-to-earnings ratio of 63.55, a P/E/G ratio of 1.70 and a beta of 1.22. The business's fifty day simple moving average is $541.18 and its two-hundred day simple moving average is $440.36. Carpenter Technology Corporation has a 12 month low of $228.00 and a 12 month high of $625.98. The company has a current ratio of 3.73, a quick ratio of 2.08 and a debt-to-equity ratio of 0.33.

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. The firm had revenue of $655.60 million during 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 company's revenue was up 11.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.88 earnings per share. Research analysts anticipate that Carpenter Technology Corporation will post 10.58 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Susquehanna lifted their price target on shares of Carpenter Technology from $495.00 to $680.00 and gave the company a "positive" rating in a research report on Thursday, July 9th. Wells Fargo & Company upped their price objective on shares of Carpenter Technology from $400.00 to $425.00 and gave the stock an "equal weight" rating in a report on Monday, May 4th. JPMorgan Chase & Co. raised their target price on shares of Carpenter Technology from $470.00 to $705.00 and gave the company an "overweight" rating in a research note on Tuesday, July 14th. TD Cowen upped their price target on Carpenter Technology from $470.00 to $650.00 and gave the stock a "buy" rating in a research note on Monday, July 13th. Finally, Zacks Research upgraded Carpenter Technology from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $556.75.

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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