Hedge funds abandon Carpenter Technology Corporation (CRS)


The more than 800 famous hedge funds and fund managers tracked by Insider Monkey have already compiled and submitted their 13F files for the second quarter, which disclose their positions in equities as of June 30. We went through these documents, corrected typos and other larger errors, and identified changes in hedge fund portfolios. Our in-depth review of these public documents is finally complete, so this article is intended to reveal the feeling of smart money towards Carpenter Technology Corporation (NYSE:SCR).

Carpenter Technology Corporation (NYSE:SCR) has seen a decrease in enthusiasm for smart money lately. Carpenter Technology Corporation (NYSE:SCR) was in 10 hedge fund portfolios at the end of the second quarter of 2021. The all-time high for this statistic is 16. Our calculations have also shown that CRS is not among the 30 most popular stocks among hedge funds (click for Q2 ranking).

In the financial world, there are a number of tools available to investors for valuing stocks. A pair of the lesser-known tools are the hedge fund and insider trading indicators. We have shown that historically those who follow the best picks of the best fund managers can outperform larger indices by a solid amount. Insider Monkey’s monthly stock picks have returned 185.4% since March 2017 and have outperformed S&P 500 ETFs by more than 79 percentage points (see details here). This is why we believe hedge fund sentiment is a useful indicator that investors should pay attention to.


Ken Fisher of Fisher Asset Management

At Insider Monkey, we scour multiple sources to uncover the next big investing idea. We go through lists like the 10 best EV stocks to choose the next Tesla which will offer a 10x return. Even though we only recommend positions in a tiny fraction of the companies we analyze, we check as many stocks as possible. We read letters from hedge fund investors and listen to equity pitches at hedge fund conferences. You can subscribe to our free daily newsletter at our home page. Now let’s take a look at the new hedge fund action on Carpenter Technology Corporation (NYSE:SCR).

Do hedge funds think CRS is a good stock to buy now?

As we approach the third quarter of 2021, a total of 10 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of -29% from the first quarter of 2020. Below, you can see the development hedge fund sentiment toward CRS over the past 24 quarters. So let’s see which hedge funds were among the top stock holders and which hedge funds were making big moves.

Looking at the institutional investors tracked by Insider Monkey, Ken Fisher’s Fisher Asset Management holds the most valuable position in Carpenter Technology Corporation (NYSE: CRS), worth nearly $ 22.9 million, representing less than $ 0. , 1 %% of its total portfolio 13F. The second most optimistic fund manager is Royce & Associates, managed by Chuck Royce, who has a position of $ 21.9 million; the fund has 0.2% of its 13F portfolio invested in the stock. Other bullish hedge funds and institutional investors include DE Shaw from DE Shaw, John Overdeck and David Siegel Two Sigma advisors and the management of the millennium of Israel Englander. In terms of the portfolio weights assigned to each position, Royce & Associates assigned the largest weight to Carpenter Technology Corporation (NYSE: CRS), approximately 0.15% of its 13F portfolio. Gotham Asset Management is also relatively very bullish on the stock, designating 0.03% of its 13F equity portfolio to CRS.

Judging by the fact that Carpenter Technology Corporation (NYSE: CRS) saw a drop in interest from all of the hedge funds we track, it’s easy to see that there was a specific group of hedge funds that decided to sell all of their holdings at the end of the second quarter. Interestingly, Peter Muller PDT Partners sold the biggest investment of all blankets, followed by Insider Monkey, valued at around $ 0.5 million in inventory. the Greg Eisner fund, Gate Manager Engineers, also sold its shares, valued at approximately $ 0.4 million. These transactions are interesting because the cumulative interest of hedge funds fell by 4 funds at the end of the second quarter.

Let’s review hedge fund activity in other stocks – not necessarily in the same industry as Carpenter Technology Corporation (NYSE: CRS) but of similar value. These shares are Palomar Holdings, Inc. (NASDAQ:PLMR), Docebo Inc. (NASDAQ:DCBO), Nexgen Energy Ltd. (NYSE:NXE), NMI Holdings Inc (NASDAQ:NMIH), Janus International Group Inc (NYSE:JBI), GCM Grosvenor Inc. (NASDAQ:GCMG) and Park National Corporation (NYSE:PRK). All market capitalizations of these stocks are similar to the market capitalization of CRS.

[table] Ticker, number of HF with positions, total value of HF positions (x1000), change of HF position PLMR, 6.8596, -5 DCBO, 6.283168, -4 NXE, 11.41335, -2 NMIH, 21.200981 , -4 JBI, 23.362844, -4 GCMG, 24.212751.7 PRK, 6.3844.1 Medium, 13.9.159074, -1.6 [/table]

See the table here if you have formatting problems.

As you can see, these stocks had an average of 13.9 hedge funds with bullish positions and the average amount invested in these stocks was $ 159 million. That figure was $ 67 million in the case of CRS. GCM Grosvenor Inc. (NASDAQ:GCMG) is the most popular action in this table. On the other hand, Palomar Holdings, Inc. (NASDAQ:PLMR) is the least popular with only 6 bullish hedge fund positions. Carpenter Technology Corporation (NYSE: CRS) isn’t the least popular stock in this group, but hedge fund interest is still below average. Our overall hedge fund sentiment score for CRS is 30.9. Stocks with a higher number of hedge fund positions relative to other stocks as well as relative to their historical range receive a higher sentiment score. This is a slightly negative signal and we prefer to spend our time researching the stocks that hedge funds are accumulating on. Our calculations have shown that top 5 most popular stocks among hedge funds, returned 95.8% in 2019 and 2020 and outperformed the S&P 500 ETF (SPY) by 40 percentage points. These stocks gained 25.7% in 2021 through September 27 and again topped the market by 6.2 percentage points. Unfortunately, CRS was not as popular as these 5 stocks (hedge fund sentiment was rather bearish); CRS investors were disappointed as the stock has returned -15.1% since the end of June (through 9/27) and has underperformed the market. If you want to invest in large cap stocks with huge upside potential, you should check out the top 5 most popular stocks among hedge funds, as most of these stocks have already outperformed the market in 2021.

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Disclosure: none. This article originally appeared on Monkey initiate.

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