JPMorgan Chase & Co. Cuts Stock Holdings in Carpenter Technology Co. (NYSE:CRS)

JPMorgan Chase & Co. lowered its position in Carpenter Technology Co. (NYSE:CRS) by 10.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 150,557 shares of the basic materials company’s stock after selling 17,725 shares during the period. JPMorgan Chase & Co. owned about 0.30% of Carpenter Technology worth $24,026,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the company. FMR LLC grew its stake in Carpenter Technology by 47.1% in the 3rd quarter. FMR LLC now owns 3,465,295 shares of the basic materials company’s stock valued at $552,992,000 after purchasing an additional 1,108,963 shares during the period. Wolf Hill Capital Management LP purchased a new stake in Carpenter Technology during the second quarter worth about $73,850,000. American Century Companies Inc. raised its position in Carpenter Technology by 129.5% in the second quarter. American Century Companies Inc. now owns 849,097 shares of the basic materials company’s stock worth $93,044,000 after acquiring an additional 479,047 shares during the period. Assenagon Asset Management S.A. boosted its stake in Carpenter Technology by 1,538.1% in the third quarter. Assenagon Asset Management S.A. now owns 213,391 shares of the basic materials company’s stock valued at $34,053,000 after acquiring an additional 200,364 shares during the last quarter. Finally, Forest Avenue Capital Management LP bought a new position in shares of Carpenter Technology during the 3rd quarter valued at approximately $25,262,000. 92.03% of the stock is owned by institutional investors.

Carpenter Technology Price Performance

CRS stock opened at $183.60 on Thursday. The firm has a 50 day moving average of $178.44 and a 200-day moving average of $152.89. The firm has a market capitalization of $9.15 billion, a P/E ratio of 40.89, a price-to-earnings-growth ratio of 0.90 and a beta of 1.55. Carpenter Technology Co. has a 12 month low of $58.87 and a 12 month high of $198.24. The company has a current ratio of 3.84, a quick ratio of 2.00 and a debt-to-equity ratio of 0.42.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings results on Thursday, October 24th. The basic materials company reported $1.73 EPS for the quarter, beating the consensus estimate of $1.58 by $0.15. The firm had revenue of $717.60 million during the quarter, compared to the consensus estimate of $742.96 million. Carpenter Technology had a net margin of 8.05% and a return on equity of 18.01%. The business’s quarterly revenue was up 10.1% compared to the same quarter last year. During the same period last year, the firm earned $0.88 EPS. As a group, sell-side analysts predict that Carpenter Technology Co. will post 6.74 earnings per share for the current fiscal year.

Analysts Set New Price Targets

CRS has been the subject of a number of recent research reports. JPMorgan Chase & Co. started coverage on Carpenter Technology in a research report on Friday, November 22nd. They issued an “overweight” rating and a $220.00 target price for the company. Benchmark reissued a “buy” rating and issued a $175.00 price objective on shares of Carpenter Technology in a report on Friday, October 25th. One analyst has rated the stock with a sell rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $153.00.

Carpenter Technology 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.