Carpenter Technology Corporation $CRS Shares Sold by Granahan Investment Management LLC

Granahan Investment Management LLC trimmed its stake in shares of Carpenter Technology Corporation (NYSE:CRS) by 10.4% during the first quarter, Holdings Channel reports. The firm owned 239,469 shares of the basic materials company’s stock after selling 27,706 shares during the period. Carpenter Technology comprises about 4.6% of Granahan Investment Management LLC’s holdings, making the stock its largest position. Granahan Investment Management LLC’s holdings in Carpenter Technology were worth $94,387,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Gabelli Funds LLC boosted its position in Carpenter Technology by 3.0% during the 1st quarter. Gabelli Funds LLC now owns 10,759 shares of the basic materials company’s stock valued at $4,241,000 after purchasing an additional 315 shares during the period. Compound Planning Inc. increased its position in Carpenter Technology by 5.2% in the first quarter. Compound Planning Inc. now owns 1,782 shares of the basic materials company’s stock worth $702,000 after buying an additional 88 shares during the period. Caxton Associates LLP increased its position in Carpenter Technology by 13.9% in the first quarter. Caxton Associates LLP now owns 2,357 shares of the basic materials company’s stock worth $929,000 after buying an additional 287 shares during the period. Gibbs Wealth Management bought a new stake in Carpenter Technology in the first quarter valued at $583,000. Finally, Sei Investments Co. lifted its stake in Carpenter Technology by 8.8% in the first quarter. Sei Investments Co. now owns 89,835 shares of the basic materials company’s stock valued at $35,408,000 after buying an additional 7,252 shares during the last quarter. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, VP Marshall D. Akins sold 11,815 shares of the business’s stock in a transaction on 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 sale, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Anastasios John Hart sold 750 shares of the company’s stock in a transaction on Monday, May 4th. The shares were sold at an average price of $423.86, for a total value of $317,895.00. Following the completion of the sale, the director owned 750 shares of the company’s stock, valued at approximately $317,895. This trade represents a 50.00% decrease in their position. The SEC filing for this sale provides additional information. 2.90% of the stock is currently owned by insiders.

Carpenter Technology Price Performance

Shares of NYSE:CRS opened at $603.70 on Friday. Carpenter Technology Corporation has a 12 month low of $228.00 and a 12 month high of $625.98. The stock has a market cap of $30.00 billion, a price-to-earnings ratio of 63.55, a PEG ratio of 1.69 and a beta of 1.22. The stock’s 50 day moving average price is $541.18 and its 200 day moving average price is $439.66. 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 released its earnings results on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share for the quarter, topping analysts’ consensus estimates of $2.59 by $0.18. The firm had revenue of $655.60 million during the quarter, compared to the consensus estimate of $797.00 million. Carpenter Technology had a return on equity of 25.02% and a net margin of 15.82%.The firm’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.88 earnings per share. Equities research analysts anticipate that Carpenter Technology Corporation will post 10.58 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on CRS shares. KeyCorp boosted their price target on shares of Carpenter Technology from $459.00 to $644.00 and gave the company an “overweight” rating in a report on Tuesday, June 30th. Wells Fargo & Company increased their price objective on shares of Carpenter Technology from $400.00 to $425.00 and gave the stock an “equal weight” rating in a report on Monday, May 4th. Weiss Ratings downgraded shares of Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a research report on Wednesday, June 3rd. TD Cowen boosted their target price on shares of Carpenter Technology from $470.00 to $650.00 and gave the company a “buy” rating in a research note on Monday, July 13th. Finally, Susquehanna upped their target price on shares of Carpenter Technology from $495.00 to $680.00 and gave the stock a “positive” rating in a research report on Thursday, July 9th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $556.75.

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.