Summit Global Investments Acquires 2,636 Shares of Carpenter Technology Co. (NYSE:CRS)

Summit Global Investments boosted its stake in Carpenter Technology Co. (NYSE:CRS - Free Report) by 18.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 16,836 shares of the basic materials company's stock after buying an additional 2,636 shares during the period. Summit Global Investments' holdings in Carpenter Technology were worth $754,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Point72 Hong Kong Ltd bought a new stake in shares of Carpenter Technology during the 1st quarter valued at $26,000. Allspring Global Investments Holdings LLC increased its holdings in shares of Carpenter Technology by 479.4% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,489 shares of the basic materials company's stock valued at $67,000 after acquiring an additional 1,232 shares in the last quarter. Tompkins Financial Corp purchased a new position in shares of Carpenter Technology in the 1st quarter worth about $74,000. Point72 Middle East FZE purchased a new position in Carpenter Technology in the 4th quarter worth approximately $95,000. Finally, Counterpoint Mutual Funds LLC purchased a new stake in shares of Carpenter Technology during the first quarter valued at $117,000. Hedge funds and other institutional investors own 92.31% of the company's stock.

Several research firms have recently weighed in on CRS. StockNews.com assumed coverage on shares of Carpenter Technology in a report on Thursday, May 18th. They set a "hold" rating for the company. TheStreet raised Carpenter Technology from a "c+" rating to a "b" rating in a report on Tuesday, June 20th. Finally, TD Cowen lifted their price objective on Carpenter Technology from $60.00 to $72.00 and gave the stock an "outperform" rating in a report on Tuesday. One investment analyst has rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, Carpenter Technology presently has an average rating of "Moderate Buy" and a consensus target price of $57.00.

View Our Latest Research Report on CRS

NYSE:CRS opened at $58.49 on Thursday. The firm has a market capitalization of $2.84 billion, a price-to-earnings ratio of 50.86 and a beta of 1.80. The company has a debt-to-equity ratio of 0.50, a current ratio of 2.79 and a quick ratio of 1.40. The business has a fifty day moving average price of $53.56 and a 200-day moving average price of $49.25. Carpenter Technology Co. has a one year low of $31.02 and a one year high of $61.02.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its earnings results on Thursday, July 27th. The basic materials company reported $0.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.67 by $0.11. Carpenter Technology had a net margin of 2.21% and a return on equity of 4.21%. The company had revenue of $758.10 million during the quarter, compared to analyst estimates of $743.07 million. The firm's quarterly revenue was up 34.5% compared to the same quarter last year. Sell-side analysts forecast that Carpenter Technology Co. will post 3.23 EPS for the current year.

In other Carpenter Technology news, Director Steven E. Karol sold 810 shares of the firm's stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $60.55, for a total transaction of $49,045.50. Following the sale, the director now directly owns 229,733 shares of the company's stock, valued at $13,910,333.15. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Carpenter Technology news, Director Steven E. Karol sold 810 shares of Carpenter Technology stock in a transaction on Monday, July 31st. The shares were sold at an average price of $60.55, for a total value of $49,045.50. Following the sale, the director now directly owns 229,733 shares in the company, valued at approximately $13,910,333.15. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Brian J. Malloy sold 10,372 shares of the stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $59.69, for a total transaction of $619,104.68. Following the transaction, the senior vice president now directly owns 51,551 shares of the company's stock, valued at approximately $3,077,079.19. The disclosure for this sale can be found here. Insiders own 3.50% of the company's stock.

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.

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