Tlwm Trims Position in Carpenter Technology Corporation $CRS

Key Points

• Tlwm reduced its Carpenter Technology position by 40% in the second quarter, selling 2,890 shares and retaining 4,338 shares valued at approximately $2.68 million. Institutional investors and hedge funds collectively own 92.03% of the stock.
• 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, below the $863.3 million consensus estimate.
• Analysts maintain a broadly positive outlook, with the stock carrying a consensus “Buy” rating and a $577.25 price target; shares recently traded at $571.46, near their 52-week high of $625.98.

Tlwm trimmed its holdings in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 40.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,338 shares of the basic materials company's stock after selling 2,890 shares during the period. Carpenter Technology makes up about 0.4% of Tlwm's portfolio, making the stock its 17th biggest position. Tlwm's holdings in Carpenter Technology were worth $2,676,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Whittier Trust Co. of Nevada Inc. acquired a new stake in shares of Carpenter Technology in the first quarter worth $30,000. SJS Investment Consulting Inc. raised its holdings in shares of Carpenter Technology by 81.8% during the first quarter. SJS Investment Consulting Inc. now owns 80 shares of the basic materials company's stock worth $32,000 after purchasing an additional 36 shares during the last quarter. Geneos Wealth Management Inc. acquired a new position in Carpenter Technology during the second quarter valued at $28,000. Hollencrest Capital Management acquired a new position in Carpenter Technology during the first quarter valued at $52,000. Finally, Longview Financial Advisors Inc. purchased a new stake in Carpenter Technology in the first quarter valued at $55,000. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Carpenter Technology Stock Performance

CRS opened at $571.46 on Thursday. The firm has a fifty day moving average price of $559.69 and a 200 day moving average price of $452.65. Carpenter Technology Corporation has a 1 year low of $228.00 and a 1 year high of $625.98. The stock has a market cap of $28.40 billion, a P/E 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 current ratio of 3.81 and a quick ratio of 2.23.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The basic materials company reported $3.23 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $863.33 million. During the same quarter last year, the business earned $2.21 earnings per share. The firm's revenue was up 12.6% on a year-over-year basis. Equities research analysts anticipate that Carpenter Technology Corporation will post 12.92 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. JPMorgan Chase & Co. cut their price target on Carpenter Technology from $705.00 to $700.00 and set an "overweight" rating on the stock in a research report on Friday, July 31st. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and issued a $500.00 price objective on shares of Carpenter Technology in a report on Thursday, April 30th. Zacks Research upgraded Carpenter Technology from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 15th. Wells Fargo & Company upped their target price on Carpenter Technology from $425.00 to $540.00 and gave the stock an "equal weight" rating in a research note on Tuesday. Finally, Weiss Ratings lowered Carpenter Technology from a "buy (b+)" rating to a "buy (b)" rating in a report on Wednesday, June 3rd. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $577.25.

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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