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

PNC Financial Services Group Inc. increased its holdings in Carpenter Technology Corporation (NYSE:CRS) by 4.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 138,876 shares of the basic materials company’s stock after purchasing an additional 5,461 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Carpenter Technology were worth $54,738,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the business. Meeder Advisory Services Inc. increased its holdings 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 period. 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 increased its stake in shares of Carpenter Technology by 0.3% during the fourth 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 buying an additional 34 shares during the period. Finally, SJS Investment Consulting Inc. increased its stake in shares of Carpenter Technology by 81.8% during the first quarter. SJS Investment Consulting Inc. now owns 80 shares of the basic materials company’s stock valued at $32,000 after buying an additional 36 shares during the period. 92.03% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts recently commented on CRS shares. TD Cowen raised their price target on Carpenter Technology from $470.00 to $650.00 and gave the stock a “buy” rating in a research note on Monday, July 13th. BTIG Research boosted their price objective on shares of Carpenter Technology from $375.00 to $450.00 and gave the company a “buy” rating in a research report on Thursday, April 30th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $500.00 price objective on shares of Carpenter Technology in a research report on Thursday, April 30th. Zacks Research raised shares of Carpenter Technology from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 15th. Finally, Wells Fargo & Company raised their target price on shares of Carpenter Technology from $400.00 to $425.00 and gave the stock an “equal weight” rating in a research report on Monday, May 4th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, Carpenter Technology has a consensus rating of “Buy” and a consensus target price of $556.75.

Carpenter Technology Stock Up 2.1%

CRS stock opened at $600.28 on Friday. Carpenter Technology Corporation has a fifty-two week low of $228.00 and a fifty-two week high of $625.98. The business’s 50 day moving average price is $537.28 and its two-hundred day moving average price is $438.51. 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 company has a market capitalization of $29.83 billion, a price-to-earnings ratio of 63.19, a price-to-earnings-growth ratio of 1.65 and a beta of 1.22.

Carpenter Technology (NYSE:CRS) last released its earnings results on Wednesday, April 29th. The basic materials company reported $2.77 EPS for the quarter, beating analysts’ consensus estimates of $2.59 by $0.18. The company had revenue of $655.60 million during the quarter, compared to analysts’ expectations of $797.00 million. Carpenter Technology had a return on equity of 25.02% and a net margin of 15.82%.The firm’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same quarter last year, the business posted $1.88 EPS. As a group, analysts forecast that Carpenter Technology Corporation will post 10.58 earnings per share for the current fiscal year.

Insider Buying and Selling at Carpenter Technology

In other Carpenter Technology news, VP Marshall D. Akins sold 11,815 shares of the stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $441.36, for a total value of $5,214,668.40. Following the completion of the transaction, the vice president owned 18,344 shares in the company, valued at approximately $8,096,307.84. This represents a 39.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Anastasios John Hart sold 750 shares of the firm’s stock in a transaction on Monday, May 4th. The shares were sold at an average price of $423.86, for a total value of $317,895.00. Following the transaction, the director directly owned 750 shares of the company’s stock, valued at $317,895. This represents a 50.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 2.90% of the stock is owned by corporate insiders.

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.