Citizens Financial Group Inc. RI Acquires New Stake in Carpenter Technology Corporation $CRS

Citizens Financial Group Inc. RI acquired a new position in shares of Carpenter Technology Corporation (NYSE:CRS) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 1,028 shares of the basic materials company’s stock, valued at approximately $405,000.

Several other institutional investors have also added to or reduced their stakes in the stock. Meeder Advisory Services Inc. raised its stake in Carpenter Technology by 3.7% during the fourth quarter. Meeder Advisory Services Inc. now owns 889 shares of the basic materials company’s stock worth $280,000 after buying an additional 32 shares during the last quarter. Abel Hall LLC raised its position in shares of Carpenter Technology by 3.2% during the fourth quarter. Abel Hall LLC now owns 1,019 shares of the basic materials company’s stock worth $321,000 after purchasing an additional 32 shares during the period. Brown Miller Wealth Management LLC lifted its stake in shares of Carpenter Technology by 2.4% in the fourth quarter. Brown Miller Wealth Management LLC now owns 1,411 shares of the basic materials company’s stock valued at $444,000 after buying an additional 33 shares in the last quarter. Northwestern Mutual Investment Management Company LLC boosted its stake in Carpenter Technology by 0.3% during the 4th quarter. Northwestern Mutual Investment Management Company LLC now owns 11,146 shares of the basic materials company’s stock valued at $3,509,000 after purchasing an additional 34 shares during the last quarter. Finally, SJS Investment Consulting Inc. grew its holdings in Carpenter Technology by 81.8% during the first quarter. SJS Investment Consulting Inc. now owns 80 shares of the basic materials company’s stock worth $32,000 after buying an additional 36 shares in the last quarter. 92.03% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on CRS. JPMorgan Chase & Co. upped their target price on shares of Carpenter Technology from $470.00 to $705.00 and gave the stock an “overweight” rating in a research note on Tuesday. Susquehanna raised their price target on shares of Carpenter Technology from $495.00 to $680.00 and gave the company a “positive” rating in a research report on Thursday, July 9th. TD Cowen boosted their price target on shares of Carpenter Technology from $470.00 to $650.00 and gave the stock a “buy” rating in a report on Monday. Weiss Ratings downgraded shares of Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a research report on Wednesday, June 3rd. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $500.00 target price on shares of Carpenter Technology in a research report on Thursday, April 30th. Eight analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, Carpenter Technology currently has an average rating of “Moderate Buy” and a consensus price target of $556.75.

Insider Activity at Carpenter Technology

In other news, VP Marshall D. Akins sold 11,815 shares of Carpenter Technology stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $441.36, for a total transaction of $5,214,668.40. Following the completion of the sale, the vice president directly owned 18,344 shares of the company’s stock, valued at approximately $8,096,307.84. The trade was a 39.18% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Anastasios John Hart sold 750 shares of Carpenter Technology stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $423.86, for a total value of $317,895.00. Following the sale, the director directly owned 750 shares of the company’s stock, valued at approximately $317,895. This trade represents a 50.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 2.90% of the company’s stock.

Carpenter Technology Price Performance

Shares of NYSE:CRS opened at $576.27 on Thursday. The firm has a market capitalization of $28.63 billion, a PE ratio of 60.66, a P/E/G ratio of 1.68 and a beta of 1.22. The company has a quick ratio of 2.08, a current ratio of 3.73 and a debt-to-equity ratio of 0.33. The company has a 50-day moving average price of $520.30 and a two-hundred day moving average price of $427.97. Carpenter Technology Corporation has a twelve month low of $228.00 and a twelve month high of $625.98.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings results on Wednesday, April 29th. The basic materials company reported $2.77 EPS for the quarter, topping analysts’ consensus estimates of $2.59 by $0.18. Carpenter Technology had a return on equity of 25.02% and a net margin of 15.82%.The firm had revenue of $655.60 million during the quarter, compared to analyst estimates of $797.00 million. During the same period last year, the company earned $1.88 earnings per share. The business’s revenue for the quarter was up 11.6% on a year-over-year basis. Equities analysts forecast that Carpenter Technology Corporation will post 10.57 EPS for the current year.

Carpenter Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Tuesday, April 28th were given a dividend of $0.20 per share. The ex-dividend date was Tuesday, April 28th. This represents a $0.80 annualized dividend and a yield of 0.1%. Carpenter Technology’s payout ratio is presently 8.42%.

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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.