Vanguard Group Inc. Increases Holdings in Carpenter Technology Co. (NYSE:CRS)

Vanguard Group Inc. Increases Holdings in Carpenter Technology Co.

In a recent filing with the Securities and Exchange Commission (SEC), Vanguard Group Inc. revealed that it has increased its holdings in Carpenter Technology Co. (NYSE: CRS) by 0.3% during the first quarter. The institutional investor now owns 5,686,022 shares of the basic materials company’s stock, representing about 11.46% of Carpenter Technology’s total worth.

This news comes as several other institutional investors have also been making moves with Carpenter Technology. Janney Montgomery Scott LLC saw a 91.3% growth in its position, Harvest Investment Services LLC acquired a new stake, and Phocas Financial Corp. also added to its holdings. Overall, institutional investors and hedge funds now own 92.03% of the company’s stock.

Carpenter Technology’s stock has been trading up, with a 4.5% increase. The company’s market capitalization is $6.98 billion, with a PE ratio of 53.53 and a beta of 1.44. The stock has seen a one-year low of $56.42 and a high of $144.40.

In terms of earnings, Carpenter Technology recently reported $1.82 EPS for the quarter, surpassing the consensus estimate by $0.31. The company’s revenue was $798.70 million, higher than analyst estimates. Analysts expect Carpenter Technology to post 5.69 EPS for the current year.

Wall Street analysts have weighed in on Carpenter Technology, with several brokerages giving the stock a “buy” rating. Benchmark, BTIG Research, Deutsche Bank Aktiengesellschaft, and TD Cowen are among the firms that have expressed positive outlooks on the company.

In terms of insider activity, Director Steven E. Karol and SVP James D. Dee have recently sold shares of Carpenter Technology. Karol sold 31,000 shares, while Dee sold 23,518 shares. Insiders have sold a total of 59,678 shares over the last 90 days, representing 3.40% of the company’s stock.

Carpenter Technology Corporation specializes in the manufacture, fabrication, and distribution of specialty metals. The company operates in two segments, Specialty Alloys Operations and Performance Engineered Products, offering a range of specialty alloys and metal powders.

Overall, Carpenter Technology’s stock has been on the rise, with institutional investors showing confidence in the company’s future prospects. With positive earnings results and analyst ratings, Carpenter Technology continues to be a strong player in the basic materials industry.