PNC Financial Services Group Inc. lowered its holdings in Carpenter Technology Co. (NYSE:CRS – Free Report) by 0.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 61,556 shares of the basic materials company’s stock after selling 514 shares during the quarter. PNC Financial Services Group Inc. owned 0.12% of Carpenter Technology worth $4,358,000 as of its most recent SEC filing.
Several other hedge funds also recently added to or reduced their stakes in CRS. Vanguard Group Inc. lifted its stake in Carpenter Technology by 0.9% in the 3rd quarter. Vanguard Group Inc. now owns 5,855,711 shares of the basic materials company’s stock valued at $393,562,000 after buying an additional 53,994 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Carpenter Technology by 1.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,616,808 shares of the basic materials company’s stock valued at $256,072,000 after purchasing an additional 43,589 shares in the last quarter. FMR LLC boosted its stake in Carpenter Technology by 15.9% during the 3rd quarter. FMR LLC now owns 1,545,931 shares of the basic materials company’s stock worth $103,902,000 after purchasing an additional 212,321 shares during the last quarter. Invesco Ltd. grew its holdings in shares of Carpenter Technology by 24.2% during the third quarter. Invesco Ltd. now owns 1,331,705 shares of the basic materials company’s stock worth $89,504,000 after buying an additional 259,330 shares in the last quarter. Finally, Assenagon Asset Management S.A. raised its holdings in Carpenter Technology by 172.7% in the 3rd quarter. Assenagon Asset Management S.A. now owns 406,108 shares of the basic materials company’s stock valued at $27,295,000 after acquiring an additional 257,178 shares during the last quarter. 92.03% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of equities research analysts recently issued reports on the stock. TD Cowen upped their price objective on shares of Carpenter Technology from $90.00 to $116.00 and gave the company a “buy” rating in a report on Thursday, May 2nd. Northcoast Research restated a “neutral” rating on shares of Carpenter Technology in a research note on Monday, May 6th. Finally, Benchmark boosted their price objective on Carpenter Technology from $100.00 to $140.00 and gave the company a “buy” rating in a report on Wednesday, May 8th. Two research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $109.67.
View Our Latest Report on Carpenter Technology
Carpenter Technology Price Performance
Shares of NYSE CRS opened at $109.59 on Friday. The stock has a market cap of $5.44 billion, a P/E ratio of 41.64 and a beta of 1.47. The stock has a 50 day moving average of $86.51 and a two-hundred day moving average of $73.56. The company has a current ratio of 3.20, a quick ratio of 1.45 and a debt-to-equity ratio of 0.46. Carpenter Technology Co. has a twelve month low of $44.40 and a twelve month high of $112.32.
Carpenter Technology (NYSE:CRS – Get Free Report) last released its earnings results on Wednesday, May 1st. The basic materials company reported $1.19 earnings per share for the quarter, beating the consensus estimate of $0.94 by $0.25. The firm had revenue of $684.90 million during the quarter, compared to analyst estimates of $707.73 million. Carpenter Technology had a net margin of 4.83% and a return on equity of 12.75%. The firm’s revenue for the quarter was down .8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.38 earnings per share. On average, research analysts forecast that Carpenter Technology Co. will post 4.31 earnings per share for the current year.
Carpenter Technology Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 6th. Stockholders of record on Tuesday, April 23rd will be paid a $0.20 dividend. This is a boost from Carpenter Technology’s previous quarterly dividend of $0.18. The ex-dividend date is Monday, April 22nd. This represents a $0.80 annualized dividend and a dividend yield of 0.73%. Carpenter Technology’s dividend payout ratio is presently 30.42%.
Insider Activity
In other Carpenter Technology news, Director Steven E. Karol sold 31,000 shares of the firm’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $100.57, for a total transaction of $3,117,670.00. Following the transaction, the director now owns 244,126 shares of the company’s stock, valued at approximately $24,551,751.82. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, Director Steven E. Karol sold 31,000 shares of Carpenter Technology stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $100.57, for a total value of $3,117,670.00. Following the transaction, the director now owns 244,126 shares of the company’s stock, valued at approximately $24,551,751.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP James D. Dee sold 23,518 shares of the firm’s stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $111.26, for a total transaction of $2,616,612.68. Following the completion of the transaction, the senior vice president now owns 84,798 shares of the company’s stock, valued at $9,434,625.48. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 59,678 shares of company stock valued at $6,261,693. Company insiders own 3.40% of the company’s stock.
Carpenter Technology Company Profile
(Free Report)
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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