Royal Bank of Canada Buys 6,584 Shares of Carpenter Technology Corporation $CRS

Royal Bank of Canada grew its position in shares of Carpenter Technology Corporation (NYSE:CRS) by 22.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 35,870 shares of the basic materials company’s stock after purchasing an additional 6,584 shares during the period. Royal Bank of Canada’s holdings in Carpenter Technology were worth $14,138,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in the business. State Street Corp boosted its position in Carpenter Technology by 10.1% during the third quarter. State Street Corp now owns 2,096,145 shares of the basic materials company’s stock valued at $514,687,000 after buying an additional 192,533 shares during the period. Invesco Ltd. raised its position in shares of Carpenter Technology by 18.8% in the 4th quarter. Invesco Ltd. now owns 2,071,657 shares of the basic materials company’s stock worth $652,241,000 after acquiring an additional 327,302 shares in the last quarter. Egerton Capital UK LLP raised its holdings in Carpenter Technology by 13.0% in the fourth quarter. Egerton Capital UK LLP now owns 1,553,012 shares of the basic materials company’s stock worth $488,950,000 after purchasing an additional 178,679 shares in the last quarter. SurgoCap Partners LP lifted its position in Carpenter Technology by 29.5% during the 3rd quarter. SurgoCap Partners LP now owns 1,198,895 shares of the basic materials company’s stock valued at $294,377,000 after acquiring an additional 272,896 shares during the period. Finally, Geode Capital Management LLC boosted its position in shares of Carpenter Technology by 8.8% in the 4th quarter. Geode Capital Management LLC now owns 975,960 shares of the basic materials company’s stock worth $307,333,000 after purchasing an additional 78,588 shares in the last quarter. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Carpenter Technology Price Performance

Shares of CRS opened at $569.98 on Friday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.23 and a current ratio of 3.81. The stock has a market capitalization of $28.32 billion, a PE ratio of 54.18, a PEG ratio of 2.02 and a beta of 1.25. The company has a 50 day moving average price of $563.62 and a 200-day moving average price of $455.03. Carpenter Technology Corporation has a fifty-two week low of $228.00 and a fifty-two week high of $625.98.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings results on Thursday, July 30th. The basic materials company reported $3.23 EPS for the quarter, topping the consensus estimate of $3.09 by $0.14. Carpenter Technology had a return on equity of 26.46% and a net margin of 16.96%.The firm had revenue of $679.70 million during the quarter, compared to analyst estimates of $863.33 million. During the same period in the previous year, the company posted $2.21 EPS. The business’s revenue for the quarter was up 12.6% compared to the same quarter last year. Equities analysts predict that Carpenter Technology Corporation will post 12.92 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on CRS shares. KeyCorp dropped their price target on shares of Carpenter Technology from $644.00 to $608.00 and set an “overweight” rating on the stock in a research note on Monday. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $500.00 price target on shares of Carpenter Technology in a research note on Thursday, April 30th. JPMorgan Chase & Co. cut their target price on shares of Carpenter Technology from $705.00 to $700.00 and set an “overweight” rating for the company in a research report on Friday, July 31st. Weiss Ratings downgraded shares of Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a report on Wednesday, June 3rd. Finally, Wells Fargo & Company increased their price target on Carpenter Technology from $425.00 to $540.00 and gave the company an “equal weight” rating in a research note on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, Carpenter Technology currently has an average rating of “Buy” and a consensus target price of $577.25.

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.