Is Carpenter Technology Corporation (NYSE:CRS) a healthy stock for your portfolio? The smart money is taking a bullish view. The number of long hedge fund positions increased by 1 recently.
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Just as important, bullish insider trading activity is another way to parse down the investments you’re interested in. As the old adage goes: there are a number of stimuli for a bullish insider to cut shares of his or her company, but only one, very simple reason why they would initiate a purchase. Various academic studies have demonstrated the impressive potential of this tactic if investors understand what to do (learn more here).
With these “truths” under our belt, we’re going to take a look at the key action regarding Carpenter Technology Corporation (NYSE:CRS).
What have hedge funds been doing with Carpenter Technology Corporation (NYSE:CRS)?
At the end of the fourth quarter, a total of 18 of the hedge funds we track held long positions in this stock, a change of 6% from the third quarter. With hedge funds’ sentiment swirling, there exists a few noteworthy hedge fund managers who were increasing their stakes significantly.
According to our comprehensive database, Citadel Investment Group, managed by Ken Griffin, holds the most valuable position in Carpenter Technology Corporation (NYSE:CRS). Citadel Investment Group has a $45 million position in the stock, comprising 0.1% of its 13F portfolio. On Citadel Investment Group’s heels is Royce & Associates, managed by Chuck Royce, which held a $27 million position; 0.1% of its 13F portfolio is allocated to the company. Remaining hedgies that hold long positions include John Burbank’s Passport Capital, Richard Driehaus’s Driehaus Capital and Jim Simons’s Renaissance Technologies.
Consequently, key money managers have been driving this bullishness. Carlson Capital, managed by Clint Carlson, created the most valuable position in Carpenter Technology Corporation (NYSE:CRS). Carlson Capital had 8 million invested in the company at the end of the quarter. David Costen Haley’s HBK Investments also initiated a $1 million position during the quarter. The other funds with brand new CRS positions are Ken Gray and Steve Walsh’s Bryn Mawr Capital, Glenn Russell Dubin’s Highbridge Capital Management, and SAC Subsidiary’s Sigma Capital Management.
How are insiders trading Carpenter Technology Corporation (NYSE:CRS)?
Insider trading activity, especially when it’s bullish, is particularly usable when the primary stock in question has experienced transactions within the past six months. Over the last six-month time frame, Carpenter Technology Corporation (NYSE:CRS) has experienced 1 unique insiders purchasing, and 7 insider sales (see the details of insider trades here).
With the results shown by the aforementioned tactics, retail investors must always pay attention to hedge fund and insider trading sentiment, and Carpenter Technology Corporation (NYSE:CRS) is no exception.
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