Temasek Holdings Private Ltd Sells 30,169 Shares of Carpenter Technology Corporation $CRS

Key Points

• Temasek Holdings cut its stake in Carpenter Technology by 73.6% in the first quarter, selling 30,169 shares and leaving it with 10,833 shares worth about $4.27 million.
• Carpenter Technology’s stock has risen sharply, opening at $587.97, near its 12-month high of $625.98, with a market cap of about $29.22 billion.
• The company beat quarterly EPS estimates at $2.77, and analysts remain upbeat overall, with a Buy consensus and an average price target of $556.75.

Temasek Holdings Private Ltd decreased its position in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 73.6% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 10,833 shares of the basic materials company's stock after selling 30,169 shares during the quarter. Temasek Holdings Private Ltd's holdings in Carpenter Technology were worth $4,270,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of CRS. Jennison Associates LLC acquired a new stake in shares of Carpenter Technology in the 1st quarter valued at $317,411,000. Sands Capital Management LLC acquired a new position in shares of Carpenter Technology during the fourth quarter valued at $195,731,000. Norges Bank acquired a new position in shares of Carpenter Technology during the fourth quarter valued at $195,254,000. TOMS Capital Investment Management LP bought a new position in Carpenter Technology in the second quarter valued at about $106,683,000. Finally, UBS Group AG boosted its holdings in Carpenter Technology by 171.2% in the fourth 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 last quarter. 92.03% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director Anastasios John Hart sold 750 shares of the 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 sale, the director directly owned 750 shares in the company, 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 at 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 transaction, the vice president directly owned 18,344 shares in the company, valued at $8,096,307.84. The trade was a 39.18% decrease in their position. The disclosure for this sale is available in the SEC filing. 2.90% of the stock is currently owned by insiders.

Carpenter Technology Stock Up 5.9%

Shares of Carpenter Technology stock opened at $587.97 on Wednesday. The company has a quick ratio of 2.08, a current ratio of 3.73 and a debt-to-equity ratio of 0.33. Carpenter Technology Corporation has a 12 month low of $228.00 and a 12 month high of $625.98. The business has a fifty day simple moving average of $530.80 and a 200 day simple moving average of $434.74. The stock has a market cap of $29.22 billion, a PE ratio of 61.89, a price-to-earnings-growth ratio of 1.56 and a beta of 1.22.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its earnings results on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share for the quarter, beating 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 firm had revenue of $655.60 million for the quarter, compared to analyst estimates of $797.00 million. During the same quarter in the prior year, the firm posted $1.88 earnings per share. The company's quarterly revenue was up 11.6% on a year-over-year basis. Research analysts predict that Carpenter Technology Corporation will post 10.58 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on CRS shares. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $500.00 price objective on shares of Carpenter Technology in a research report on Thursday, April 30th. 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. KeyCorp raised 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. BTIG Research lifted their price target on shares of Carpenter Technology from $375.00 to $450.00 and gave the stock a "buy" rating in a research report on Thursday, April 30th. Finally, Wells Fargo & Company boosted their price target on shares of Carpenter Technology from $400.00 to $425.00 and gave the stock an "equal weight" rating in a research note on Monday, May 4th. One investment 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. According to MarketBeat, Carpenter Technology presently has an average rating of "Buy" and a consensus target price of $556.75.

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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