KBC Group NV Buys 11,976 Shares of Carpenter Technology Corporation $CRS

KBC Group NV raised its stake in shares of Carpenter Technology Corporation (NYSE:CRS) by 784.8% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 13,502 shares of the basic materials company’s stock after purchasing an additional 11,976 shares during the quarter. KBC Group NV’s holdings in Carpenter Technology were worth $5,322,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. Hanseatic Management Services Inc. purchased a new stake in shares of Carpenter Technology in the 1st quarter worth about $2,020,000. Jennison Associates LLC purchased a new position in shares of Carpenter Technology during the first quarter valued at about $317,411,000. Dorsey Wright & Associates raised its stake in Carpenter Technology by 53.6% in the first quarter. Dorsey Wright & Associates now owns 59,932 shares of the basic materials company’s stock worth $23,622,000 after buying an additional 20,920 shares in the last quarter. California Public Employees Retirement System raised its stake in Carpenter Technology by 3.1% in the first quarter. California Public Employees Retirement System now owns 100,658 shares of the basic materials company’s stock worth $39,674,000 after buying an additional 2,988 shares in the last quarter. Finally, Future Fund LLC lifted its holdings in Carpenter Technology by 50.5% in the first quarter. Future Fund LLC now owns 8,253 shares of the basic materials company’s stock worth $3,253,000 after buying an additional 2,769 shares during the period. 92.03% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

CRS has been the topic of a number of research analyst reports. TD Cowen upped their target price on Carpenter Technology from $470.00 to $650.00 and gave the stock a “buy” rating in a report on Monday, July 13th. BTIG Research raised their target price on Carpenter Technology from $375.00 to $450.00 and gave the company a “buy” rating in a research note on Thursday, April 30th. Susquehanna upped their price target on 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 increased their price objective on Carpenter Technology from $400.00 to $425.00 and gave the stock an “equal weight” rating in a report on Monday, May 4th. Finally, Weiss Ratings lowered Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a research report on Wednesday, June 3rd. One investment 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. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $556.75.

Insider Activity at Carpenter Technology

In other Carpenter Technology news, VP Marshall D. Akins sold 11,815 shares of the business’s stock in a transaction dated Tuesday, May 5th. The stock was 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 owned 18,344 shares of the company’s stock, valued at approximately $8,096,307.84. The trade was a 39.18% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Anastasios John Hart sold 750 shares of the company’s stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $423.86, for a total transaction of $317,895.00. Following the transaction, the director owned 750 shares in the company, valued at $317,895. This represents a 50.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 2.90% of the company’s stock.

Carpenter Technology Price Performance

Shares of CRS opened at $600.28 on Friday. The stock has a market cap of $29.83 billion, a PE ratio of 63.19, a price-to-earnings-growth ratio of 1.65 and a beta of 1.22. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.08 and a current ratio of 3.73. Carpenter Technology Corporation has a fifty-two week low of $228.00 and a fifty-two week high of $625.98. The firm’s 50-day simple moving average is $537.28 and its two-hundred day simple moving average is $438.51.

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

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.