Cetera Investment Advisers Boosts Stock Position in Carpenter Technology Corporation $CRS

Cetera Investment Advisers raised its stake in shares of Carpenter Technology Corporation (NYSE:CRS) by 5.7% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 32,582 shares of the basic materials company’s stock after acquiring an additional 1,748 shares during the period. Cetera Investment Advisers’ holdings in Carpenter Technology were worth $12,842,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Geneos Wealth Management Inc. purchased a new position in shares of Carpenter Technology in the 2nd quarter valued at approximately $28,000. Whittier Trust Co. of Nevada Inc. purchased a new stake in shares of Carpenter Technology during the first quarter worth approximately $30,000. SJS Investment Consulting Inc. raised its stake 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. Spire Wealth Management lifted its holdings in shares of Carpenter Technology by 164.7% during the fourth quarter. Spire Wealth Management now owns 135 shares of the basic materials company’s stock worth $42,000 after purchasing an additional 84 shares during the period. Finally, Headlands Technologies LLC acquired a new stake in shares of Carpenter Technology during the second quarter worth $43,000. 92.03% of the stock is owned by institutional investors and hedge funds.

Carpenter Technology Stock Performance

Shares of CRS stock opened at $529.94 on Thursday. The company has a market cap of $26.33 billion, a price-to-earnings ratio of 55.78, a price-to-earnings-growth ratio of 1.58 and a beta of 1.22. The stock has a 50 day simple moving average of $549.95 and a 200-day simple moving average of $445.10. 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) last posted its quarterly earnings results on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $797.00 million. During the same period in the previous year, the business earned $1.88 earnings per share. The company’s revenue for the quarter was up 11.6% compared to the same quarter last year. On average, equities analysts forecast that Carpenter Technology Corporation will post 10.58 EPS for the current year.

Analysts Set New Price Targets

A number of research firms recently weighed in on CRS. 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. KeyCorp upped their price objective on shares of Carpenter Technology from $459.00 to $644.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 30th. Susquehanna raised their target price 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. Wells Fargo & Company lifted their target price on shares of Carpenter Technology from $400.00 to $425.00 and gave the company an “equal weight” rating in a report on Monday, May 4th. Finally, Zacks Research upgraded shares of Carpenter Technology from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 15th. One equities research 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. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $556.75.

Insiders Place Their Bets

In other Carpenter Technology news, Director Anastasios John Hart sold 750 shares of the firm’s stock in a transaction on Monday, May 4th. The stock was 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 of the company’s stock, valued at approximately $317,895. This trade represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Marshall D. Akins sold 11,815 shares of the business’s stock in a transaction 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 sale, the vice president owned 18,344 shares in the company, valued at $8,096,307.84. The trade was a 39.18% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 2.90% of the company’s stock.

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.