Hennion & Walsh Asset Management Inc. Raises Position in Carpenter Technology Corporation $CRS

Hennion & Walsh Asset Management Inc. increased its stake in Carpenter Technology Corporation (NYSE:CRS) by 30.6% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 5,008 shares of the basic materials company’s stock after buying an additional 1,173 shares during the quarter. Hennion & Walsh Asset Management Inc.’s holdings in Carpenter Technology were worth $3,089,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of CRS. Thurston Springer Miller Herd & Titak Inc. lifted its position in Carpenter Technology by 1,228.6% during the 2nd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 93 shares of the basic materials company’s stock worth $57,000 after acquiring an additional 86 shares in the last quarter. Quantum Financial Advisors LLC acquired a new stake in Carpenter Technology in the second quarter valued at approximately $227,000. TrueWealth Advisors LLC raised its stake in shares of Carpenter Technology by 1.3% during the second quarter. TrueWealth Advisors LLC now owns 2,789 shares of the basic materials company’s stock valued at $1,720,000 after purchasing an additional 36 shares during the period. LifeGoal Investments LLC purchased a new stake in shares of Carpenter Technology during the second quarter valued at approximately $235,000. Finally, Renaissance Investment Group LLC lifted its position in shares of Carpenter Technology by 0.3% during the second quarter. Renaissance Investment Group LLC now owns 27,296 shares of the basic materials company’s stock worth $16,837,000 after purchasing an additional 78 shares in the last quarter. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on CRS shares. Wells Fargo & Company upped their target price on shares of Carpenter Technology from $425.00 to $540.00 and gave the company an “equal weight” rating in a research note on Tuesday, August 4th. BTIG Research lifted their price target on shares of Carpenter Technology from $450.00 to $620.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. KeyCorp cut their price objective on shares of Carpenter Technology from $644.00 to $608.00 and set an “overweight” rating on the stock in a report on Monday, August 3rd. Weiss Ratings cut shares of Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a research report on Wednesday, June 3rd. Finally, JPMorgan Chase & Co. lowered their target price on Carpenter Technology from $705.00 to $700.00 and set an “overweight” rating for the company in a research note on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, Carpenter Technology presently has a consensus rating of “Buy” and an average price target of $577.25.

Carpenter Technology Price Performance

CRS opened at $561.14 on Tuesday. The company has a 50-day moving average of $565.09 and a 200-day moving average of $457.48. The company has a market capitalization of $27.88 billion, a P/E ratio of 53.34, a PEG ratio of 2.07 and a beta of 1.25. Carpenter Technology Corporation has a 1-year low of $228.00 and a 1-year high of $625.98. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.23 and a current ratio of 3.81.

Carpenter Technology (NYSE:CRS) last issued its earnings results on Thursday, July 30th. The basic materials company reported $3.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.09 by $0.14. Carpenter Technology had a net margin of 16.96% and a return on equity of 26.46%. The business had revenue of $679.70 million for the quarter, compared to analyst estimates of $863.33 million. During the same quarter in the prior year, the business posted $2.21 EPS. The company’s revenue for the quarter was up 12.6% on a year-over-year basis. Equities analysts expect that Carpenter Technology Corporation will post 12.92 EPS for the current fiscal year.

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.