Gibbs Wealth Management Takes $583,000 Position in Carpenter Technology Corporation $CRS

Gibbs Wealth Management bought a new position in shares of Carpenter Technology Corporation (NYSE:CRS) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 1,479 shares of the basic materials company’s stock, valued at approximately $583,000.

Other hedge funds have also bought and sold shares of the company. Sei Investments Co. grew its holdings in shares of Carpenter Technology by 8.8% during the first quarter. Sei Investments Co. now owns 89,835 shares of the basic materials company’s stock valued at $35,408,000 after buying an additional 7,252 shares during the last quarter. Lido Advisors LLC raised its holdings in shares of Carpenter Technology by 48.7% in the 1st quarter. Lido Advisors LLC now owns 1,127 shares of the basic materials company’s stock worth $445,000 after acquiring an additional 369 shares during the last quarter. Globeflex Capital L P lifted its holdings in shares of Carpenter Technology by 8.5% in the first quarter. Globeflex Capital L P now owns 7,229 shares of the basic materials company’s stock valued at $2,849,000 after purchasing an additional 569 shares in the last quarter. Cetera Investment Advisers boosted its position in shares of Carpenter Technology by 5.7% during the first quarter. Cetera Investment Advisers now owns 32,582 shares of the basic materials company’s stock valued at $12,842,000 after buying an additional 1,748 shares during the last quarter. Finally, NewEdge Wealth LLC boosted its holdings in Carpenter Technology by 65.2% during the 1st quarter. NewEdge Wealth LLC now owns 1,593 shares of the basic materials company’s stock worth $628,000 after acquiring an additional 629 shares during the last quarter. Institutional investors and hedge funds own 92.03% of the company’s stock.

Insider Activity at Carpenter Technology

In related news, VP Marshall D. Akins sold 11,815 shares of the firm’s stock in a transaction that occurred on Tuesday, May 5th. The shares were 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 approximately $8,096,307.84. This trade represents a 39.18% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Anastasios John Hart sold 750 shares of Carpenter Technology stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $423.86, for a total transaction of $317,895.00. Following the completion of the transaction, the director owned 750 shares of the company’s stock, valued at $317,895. This represents a 50.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 2.90% of the stock is currently owned by company insiders.

Carpenter Technology Stock Up 0.4%

Shares of NYSE CRS opened at $603.70 on Friday. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.73 and a quick ratio of 2.08. The stock has a market capitalization of $30.00 billion, a PE ratio of 63.55, a P/E/G ratio of 1.70 and a beta of 1.22. Carpenter Technology Corporation has a one year low of $228.00 and a one year high of $625.98. The business’s fifty day moving average price is $541.18 and its 200-day moving average price is $439.66.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings data 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 company had revenue of $655.60 million during the quarter, compared to analyst estimates of $797.00 million. Carpenter Technology had a return on equity of 25.02% and a net margin of 15.82%.The firm’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same quarter last year, the firm posted $1.88 EPS. On average, equities research analysts anticipate that Carpenter Technology Corporation will post 10.58 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Susquehanna boosted their target price on Carpenter Technology from $495.00 to $680.00 and gave the stock a “positive” rating in a research note on Thursday, July 9th. BTIG Research lifted their price target on Carpenter Technology from $375.00 to $450.00 and gave the stock a “buy” rating in a report on Thursday, April 30th. JPMorgan Chase & Co. boosted their price objective on Carpenter Technology from $470.00 to $705.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 14th. Weiss Ratings cut Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a research note on Wednesday, June 3rd. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $500.00 price target on shares of Carpenter Technology in a research report on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the company currently 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.