Gibbs Wealth Management Makes New $583,000 Investment in Carpenter Technology Corporation $CRS

Gibbs Wealth Management bought a new position in shares of Carpenter Technology Corporation (NYSE:CRS) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 1,479 shares of the basic materials company’s stock, valued at approximately $583,000.

Other institutional investors also recently modified their holdings of the company. Sei Investments Co. raised its stake in Carpenter Technology by 8.8% in the 1st quarter. Sei Investments Co. now owns 89,835 shares of the basic materials company’s stock worth $35,408,000 after purchasing an additional 7,252 shares in the last quarter. Lido Advisors LLC grew its position in shares of Carpenter Technology by 48.7% during the 1st quarter. Lido Advisors LLC now owns 1,127 shares of the basic materials company’s stock worth $445,000 after purchasing an additional 369 shares in the last quarter. Globeflex Capital L P grew its position in shares of Carpenter Technology by 8.5% during the 1st quarter. Globeflex Capital L P now owns 7,229 shares of the basic materials company’s stock worth $2,849,000 after purchasing an additional 569 shares in the last quarter. Cetera Investment Advisers increased its holdings in shares of Carpenter Technology by 5.7% during the first quarter. Cetera Investment Advisers now owns 32,582 shares of the basic materials company’s stock worth $12,842,000 after purchasing an additional 1,748 shares during the period. Finally, NewEdge Wealth LLC increased its holdings in shares of Carpenter Technology by 65.2% during the first quarter. NewEdge Wealth LLC now owns 1,593 shares of the basic materials company’s stock worth $628,000 after purchasing an additional 629 shares during the period. Institutional investors own 92.03% of the company’s stock.

Insiders Place Their Bets

In other news, VP Marshall D. Akins sold 11,815 shares of the 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 completion of the transaction, the vice president directly owned 18,344 shares in the company, valued at approximately $8,096,307.84. This represents a 39.18% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Anastasios John Hart sold 750 shares of the firm’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 sale, the director directly owned 750 shares in the company, 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 corporate insiders.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Susquehanna boosted their price target on Carpenter Technology from $495.00 to $680.00 and gave the company a “positive” rating in a research note on Thursday, July 9th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $500.00 price objective on shares of Carpenter Technology in a research note on Thursday, April 30th. Wells Fargo & Company lifted their price objective on Carpenter Technology from $400.00 to $425.00 and gave the company an “equal weight” rating in a report on Monday, May 4th. JPMorgan Chase & Co. raised their price target on Carpenter Technology from $470.00 to $705.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 14th. Finally, BTIG Research boosted their price target on Carpenter Technology from $375.00 to $450.00 and gave the company a “buy” rating in a research note on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $556.75.

Carpenter Technology Stock Up 0.4%

CRS stock opened at $603.70 on Friday. The firm has a 50-day moving average price of $541.18 and a 200-day moving average price of $439.66. Carpenter Technology Corporation has a 12 month low of $228.00 and a 12 month high of $625.98. The company has a current ratio of 3.73, a quick ratio of 2.08 and a debt-to-equity ratio of 0.33. The stock has a market capitalization of $30.00 billion, a P/E ratio of 63.55, a price-to-earnings-growth ratio of 1.70 and a beta of 1.22.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings data on Wednesday, April 29th. The basic materials company reported $2.77 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 business had revenue of $655.60 million during the quarter, compared to the consensus estimate of $797.00 million. During the same quarter in the prior year, the firm earned $1.88 EPS. The firm’s revenue was up 11.6% compared to the same quarter last year. As a group, equities research analysts anticipate that Carpenter Technology Corporation will post 10.58 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.