Carpenter Technology Corporation $CRS Shares Acquired by Truist Financial Corp

Truist Financial Corp lifted its holdings in Carpenter Technology Corporation (NYSE:CRS) by 153.4% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 5,421 shares of the basic materials company’s stock after purchasing an additional 3,282 shares during the period. Truist Financial Corp’s holdings in Carpenter Technology were worth $1,331,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in CRS. William Blair Investment Management LLC purchased a new position in Carpenter Technology in the 2nd quarter valued at approximately $134,790,000. TOMS Capital Investment Management LP purchased a new position in Carpenter Technology in the second quarter valued at $106,683,000. Qube Research & Technologies Ltd purchased a new position in Carpenter Technology in the second quarter valued at $80,711,000. Raymond James Financial Inc. grew its stake in Carpenter Technology by 244.3% during the 2nd quarter. Raymond James Financial Inc. now owns 411,277 shares of the basic materials company’s stock worth $113,669,000 after purchasing an additional 291,829 shares in the last quarter. Finally, HRT Financial LP purchased a new stake in Carpenter Technology during the 2nd quarter worth about $49,629,000. 92.03% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Carpenter Technology

In related news, VP Elizabeth A. Socci sold 3,900 shares of the company’s stock in a transaction on Wednesday, November 26th. The shares were sold at an average price of $321.25, for a total value of $1,252,875.00. Following the completion of the sale, the vice president owned 9,594 shares in the company, valued at $3,082,072.50. This represents a 28.90% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Brian J. Malloy sold 4,130 shares of the stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $303.52, for a total transaction of $1,253,537.60. Following the sale, the chief operating officer owned 78,875 shares of the company’s stock, valued at approximately $23,940,140. This represents a 4.98% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 79,358 shares of company stock valued at $24,254,008 over the last three months. Corporate insiders own 2.90% of the company’s stock.

Carpenter Technology Stock Performance

Shares of CRS stock opened at $365.85 on Monday. The stock’s 50-day moving average is $326.86 and its two-hundred day moving average is $288.97. The firm has a market cap of $18.22 billion, a price-to-earnings ratio of 42.49, a PEG ratio of 1.44 and a beta of 1.30. Carpenter Technology Corporation has a 1 year low of $138.61 and a 1 year high of $370.59. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.26 and a current ratio of 4.25.

Carpenter Technology (NYSE:CRS) last posted its earnings results on Thursday, January 29th. The basic materials company reported $2.33 earnings per share for the quarter, beating the consensus estimate of $2.20 by $0.13. The business had revenue of $589.10 million during the quarter, compared to the consensus estimate of $733.76 million. Carpenter Technology had a return on equity of 23.63% and a net margin of 14.77%.The business’s quarterly revenue was up 7.5% on a year-over-year basis. During the same period in the previous year, the business earned $1.66 EPS. Analysts predict that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

Carpenter Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 5th. Stockholders of record on Tuesday, January 27th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend is Tuesday, January 27th. Carpenter Technology’s dividend payout ratio is presently 9.29%.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft set a $425.00 target price on shares of Carpenter Technology and gave the company a “buy” rating in a report on Friday, October 24th. JPMorgan Chase & Co. upped their price objective on Carpenter Technology from $388.00 to $394.00 and gave the stock an “overweight” rating in a research report on Friday, January 30th. Wall Street Zen raised Carpenter Technology from a “hold” rating to a “buy” rating in a research report on Saturday, January 31st. Jones Trading started coverage on Carpenter Technology in a research note on Wednesday, October 22nd. They set a “buy” rating and a $400.00 target price for the company. Finally, BTIG Research upped their price target on Carpenter Technology from $365.00 to $375.00 and gave the company a “buy” rating in a report on Friday, January 30th. Eight research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, Carpenter Technology has an average rating of “Moderate Buy” and an average price target of $373.43.

About Carpenter Technology

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.