Seven Eight Capital LP Takes Position in Carpenter Technology Co. (NYSE:CRS)

Seven Eight Capital LP acquired a new position in Carpenter Technology Co. (NYSE:CRS) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 18,867 shares of the basic materials company’s stock, valued at approximately $1,347,000.

Several other hedge funds have also recently bought and sold shares of CRS. Covestor Ltd raised its holdings in shares of Carpenter Technology by 469.2% during the first quarter. Covestor Ltd now owns 831 shares of the basic materials company’s stock valued at $59,000 after buying an additional 685 shares during the last quarter. Edgestream Partners L.P. bought a new stake in Carpenter Technology during the 1st quarter valued at $1,736,000. Vanguard Group Inc. boosted its position in Carpenter Technology by 0.3% during the 1st quarter. Vanguard Group Inc. now owns 5,686,022 shares of the basic materials company’s stock worth $406,096,000 after acquiring an additional 15,564 shares during the period. Blair William & Co. IL bought a new position in shares of Carpenter Technology in the first quarter worth $307,000. Finally, First Eagle Investment Management LLC increased its holdings in shares of Carpenter Technology by 13.2% during the first quarter. First Eagle Investment Management LLC now owns 149,354 shares of the basic materials company’s stock valued at $10,667,000 after purchasing an additional 17,400 shares during the period. 92.03% of the stock is currently owned by institutional investors.

Carpenter Technology Price Performance

Shares of NYSE:CRS traded down $3.38 on Wednesday, reaching $121.50. 1,156,133 shares of the company traded hands, compared to its average volume of 592,230. The stock has a market capitalization of $6.03 billion, a PE ratio of 46.59 and a beta of 1.44. The company has a debt-to-equity ratio of 0.46, a current ratio of 3.20 and a quick ratio of 1.45. The company’s 50 day moving average is $108.33 and its 200-day moving average is $85.22. Carpenter Technology Co. has a fifty-two week low of $55.92 and a fifty-two week high of $126.36.

Carpenter Technology (NYSE:CRS) last announced its earnings results on Wednesday, May 1st. The basic materials company reported $1.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.94 by $0.25. The company had revenue of $684.90 million for the quarter, compared to analyst estimates of $707.73 million. Carpenter Technology had a return on equity of 12.75% and a net margin of 4.83%. Carpenter Technology’s revenue for the quarter was down .8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.38 earnings per share. As a group, analysts anticipate that Carpenter Technology Co. will post 4.44 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Steven E. Karol sold 31,000 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $100.57, for a total transaction of $3,117,670.00. Following the sale, the director now owns 244,126 shares in the company, valued at $24,551,751.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Steven E. Karol sold 31,000 shares of Carpenter Technology stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $100.57, for a total transaction of $3,117,670.00. Following the transaction, the director now owns 244,126 shares in the company, valued at $24,551,751.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Elizabeth A. Socci sold 802 shares of the stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $102.11, for a total value of $81,892.22. Following the completion of the sale, the vice president now directly owns 11,509 shares of the company’s stock, valued at $1,175,183.99. The disclosure for this sale can be found here. Insiders sold a total of 59,678 shares of company stock worth $6,261,693 over the last ninety days. 3.40% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

CRS has been the subject of a number of recent analyst reports. BTIG Research started coverage on shares of Carpenter Technology in a research report on Wednesday, June 26th. They issued a “buy” rating and a $120.00 target price for the company. TD Cowen boosted their target price on Carpenter Technology from $116.00 to $125.00 and gave the stock a “buy” rating in a report on Monday, June 10th. Deutsche Bank Aktiengesellschaft started coverage on Carpenter Technology in a research report on Tuesday, June 25th. They issued a “buy” rating and a $144.00 target price for the company. Benchmark reiterated a “buy” rating and set a $140.00 price target on shares of Carpenter Technology in a research report on Tuesday, May 28th. Finally, Northcoast Research reaffirmed a “sell” rating and set a $89.00 target price on shares of Carpenter Technology in a research note on Friday, June 14th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, Carpenter Technology has a consensus rating of “Moderate Buy” and a consensus target price of $123.60.

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.