Interval Partners LP Grows Position in Carpenter Technology Co. (NYSE:CRS)

Interval Partners LP boosted its holdings in Carpenter Technology Co. (NYSE:CRS) by 48.0% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 99,488 shares of the basic materials company’s stock after buying an additional 32,288 shares during the quarter. Interval Partners LP’s holdings in Carpenter Technology were worth $7,105,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in CRS. Cape Investment Advisory Inc. purchased a new position in Carpenter Technology in the fourth quarter worth about $29,000. Whittier Trust Co. purchased a new position in shares of Carpenter Technology in the first quarter worth approximately $30,000. Johnson Financial Group Inc. bought a new stake in Carpenter Technology during the fourth quarter valued at approximately $31,000. Westend Capital Management LLC bought a new stake in shares of Carpenter Technology during the first quarter valued at approximately $36,000. Finally, Covestor Ltd boosted its position 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 worth $59,000 after acquiring an additional 685 shares during the last quarter. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, SVP James D. Dee sold 23,518 shares of the stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $111.26, for a total value of $2,616,612.68. Following the sale, the senior vice president now owns 84,798 shares in the company, valued at $9,434,625.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Carpenter Technology news, VP Marshall D. Akins sold 4,358 shares of the business’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $102.23, for a total value of $445,518.34. Following the completion of the transaction, the vice president now directly owns 23,014 shares of the company’s stock, valued at $2,352,721.22. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP James D. Dee sold 23,518 shares of the firm’s stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $111.26, for a total transaction of $2,616,612.68. Following the sale, the senior vice president now directly owns 84,798 shares in the company, valued at approximately $9,434,625.48. The disclosure for this sale can be found here. Insiders sold 59,678 shares of company stock valued at $6,261,693 over the last quarter. 3.40% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

CRS has been the topic of a number of research analyst reports. Benchmark upped their target price on shares of Carpenter Technology from $140.00 to $175.00 and gave the stock a “buy” rating in a research note on Friday. BTIG Research raised their price objective on Carpenter Technology from $120.00 to $165.00 and gave the stock a “buy” rating in a report on Tuesday. Northcoast Research reiterated a “sell” rating and issued a $89.00 target price on shares of Carpenter Technology in a report on Friday, June 14th. TD Cowen raised their price target on Carpenter Technology from $116.00 to $125.00 and gave the company a “buy” rating in a research note on Monday, June 10th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Carpenter Technology in a research note on Tuesday, June 25th. They issued a “buy” rating and a $144.00 price objective for the company. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, Carpenter Technology has a consensus rating of “Moderate Buy” and an average target price of $139.60.

Carpenter Technology Stock Up 0.5 %

NYSE CRS traded up $0.74 during midday trading on Tuesday, hitting $141.49. 496,659 shares of the company traded hands, compared to its average volume of 606,925. The company’s 50-day simple moving average is $110.88 and its 200-day simple moving average is $87.67. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.41 and a quick ratio of 1.84. Carpenter Technology Co. has a 52 week low of $56.42 and a 52 week high of $144.40. The company has a market cap of $7.02 billion, a PE ratio of 53.80 and a beta of 1.44.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings results on Thursday, July 25th. The basic materials company reported $1.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.51 by $0.31. Carpenter Technology had a net margin of 6.76% and a return on equity of 15.81%. The business had revenue of $798.70 million for the quarter, compared to analyst estimates of $763.76 million. During the same quarter in the prior year, the business posted $0.78 EPS. Carpenter Technology’s revenue for the quarter was up 5.4% compared to the same quarter last year. As a group, equities research analysts forecast that Carpenter Technology Co. will post 5.69 earnings per share for the current 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.