Principal Financial Group Inc. Boosts Stock Position in Carpenter Technology Corporation $CRS

Principal Financial Group Inc. increased its holdings in Carpenter Technology Corporation (NYSE:CRS) by 4.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 111,289 shares of the basic materials company’s stock after purchasing an additional 4,252 shares during the quarter. Principal Financial Group Inc.’s holdings in Carpenter Technology were worth $43,865,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of CRS. Meeder Advisory Services Inc. raised its position in Carpenter Technology by 3.7% during the 4th quarter. Meeder Advisory Services Inc. now owns 889 shares of the basic materials company’s stock valued at $280,000 after purchasing an additional 32 shares during the last quarter. Abel Hall LLC lifted its holdings in Carpenter Technology by 3.2% in the 4th quarter. Abel Hall LLC now owns 1,019 shares of the basic materials company’s stock worth $321,000 after buying an additional 32 shares during the period. Brown Miller Wealth Management LLC grew its position in shares of Carpenter Technology by 2.4% in the 4th quarter. Brown Miller Wealth Management LLC now owns 1,411 shares of the basic materials company’s stock worth $444,000 after buying an additional 33 shares during the last quarter. Northwestern Mutual Investment Management Company LLC grew its position in shares of Carpenter Technology by 0.3% in the 4th quarter. Northwestern Mutual Investment Management Company LLC now owns 11,146 shares of the basic materials company’s stock worth $3,509,000 after buying an additional 34 shares during the last quarter. Finally, SJS Investment Consulting Inc. grew its position in shares of Carpenter Technology by 81.8% in the 1st 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 during the last quarter. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Insider Buying and Selling at Carpenter Technology

In other Carpenter Technology news, Director Anastasios John Hart sold 750 shares of the firm’s stock in a transaction on Monday, May 4th. The stock was sold at an average price of $423.86, for a total transaction of $317,895.00. Following the completion of the transaction, the director owned 750 shares of the company’s stock, valued at approximately $317,895. This trade represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Marshall D. Akins sold 11,815 shares of the business’s 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 sale, the vice president owned 18,344 shares in the company, valued at approximately $8,096,307.84. This trade represents a 39.18% decrease in their position. The disclosure for this sale is available in the SEC filing. 2.90% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on CRS. Weiss Ratings downgraded Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a report on Wednesday, June 3rd. JPMorgan Chase & Co. lifted their price target on shares of Carpenter Technology from $470.00 to $705.00 and gave the company an “overweight” rating in a report on Tuesday. Zacks Research raised shares of Carpenter Technology from a “hold” rating to a “strong-buy” rating in a research report on Wednesday. Susquehanna boosted their price objective 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. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $500.00 price objective on shares of Carpenter Technology in a report on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Buy” and an average price target of $556.75.

Carpenter Technology Stock Performance

Carpenter Technology stock opened at $556.52 on Friday. Carpenter Technology Corporation has a fifty-two week low of $228.00 and a fifty-two week high of $625.98. The stock’s 50 day simple moving average is $525.05 and its two-hundred day simple moving average is $430.40. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.08 and a current ratio of 3.73. The stock has a market cap of $27.65 billion, a price-to-earnings ratio of 58.58, a PEG ratio of 1.56 and a beta of 1.22.

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

Carpenter Technology Company 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.