Meeder Asset Management Inc. Reduces Stock Holdings in Carpenter Technology Corporation $CRS

Meeder Asset Management Inc. lowered its stake in Carpenter Technology Corporation (NYSE:CRS) by 80.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 423 shares of the basic materials company’s stock after selling 1,751 shares during the period. Meeder Asset Management Inc.’s holdings in Carpenter Technology were worth $167,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. State Street Corp lifted its position in shares of Carpenter Technology by 10.1% in the 3rd quarter. State Street Corp now owns 2,096,145 shares of the basic materials company’s stock worth $514,687,000 after purchasing an additional 192,533 shares during the period. Invesco Ltd. increased its position in shares of Carpenter Technology by 18.8% during the fourth quarter. Invesco Ltd. now owns 2,071,657 shares of the basic materials company’s stock valued at $652,241,000 after buying an additional 327,302 shares during the period. Egerton Capital UK LLP raised its stake in Carpenter Technology by 13.0% in the fourth quarter. Egerton Capital UK LLP now owns 1,553,012 shares of the basic materials company’s stock worth $488,950,000 after buying an additional 178,679 shares in the last quarter. SurgoCap Partners LP raised its stake in Carpenter Technology by 29.5% in the third quarter. SurgoCap Partners LP now owns 1,198,895 shares of the basic materials company’s stock worth $294,377,000 after buying an additional 272,896 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in Carpenter Technology by 8.8% in the fourth quarter. Geode Capital Management LLC now owns 975,960 shares of the basic materials company’s stock worth $307,333,000 after buying an additional 78,588 shares in the last quarter. 92.03% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Carpenter Technology

In other news, VP Marshall D. Akins sold 11,815 shares of Carpenter Technology stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $441.36, for a total transaction of $5,214,668.40. Following the completion of the transaction, the vice president directly owned 18,344 shares in the company, valued at approximately $8,096,307.84. This trade represents a 39.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Anastasios John Hart sold 750 shares of the business’s stock in a transaction that occurred 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 directly owned 750 shares in the company, valued at approximately $317,895. This represents a 50.00% 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.

Wall Street Analysts Forecast Growth

CRS has been the topic of several research reports. Zacks Research raised Carpenter Technology from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 15th. JPMorgan Chase & Co. upped their target price on Carpenter Technology from $470.00 to $705.00 and gave the stock an “overweight” rating in a report on Tuesday, July 14th. KeyCorp increased their target price on 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 Carpenter Technology from $495.00 to $680.00 and gave the company a “positive” rating in a research note on Thursday, July 9th. Finally, BTIG Research lifted their price target on Carpenter Technology from $375.00 to $450.00 and gave the company a “buy” rating 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 given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $556.75.

Carpenter Technology Stock Up 5.9%

Shares of Carpenter Technology stock opened at $587.97 on Wednesday. Carpenter Technology Corporation has a 1 year low of $228.00 and a 1 year high of $625.98. The firm has a market cap of $29.22 billion, a price-to-earnings ratio of 61.89, a PEG ratio of 1.56 and a beta of 1.22. The company has a 50-day moving average of $530.80 and a 200 day moving average of $434.74. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.73 and a quick ratio of 2.08.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings data on Wednesday, April 29th. The basic materials company reported $2.77 EPS for the quarter, topping the consensus estimate of $2.59 by $0.18. The business had revenue of $655.60 million for the quarter, compared to analyst estimates of $797.00 million. Carpenter Technology had a net margin of 15.82% and a return on equity of 25.02%. Carpenter Technology’s quarterly revenue was up 11.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.88 earnings per share. As a group, sell-side analysts anticipate that Carpenter Technology Corporation will post 10.58 earnings per share for the current fiscal year.

Carpenter Technology 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.