Carpenter Technology Corporation $CRS Shares Bought by Truist Financial Corp

Truist Financial Corp grew its holdings in Carpenter Technology Corporation (NYSE:CRS) by 153.4% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,421 shares of the basic materials company’s stock after buying an additional 3,282 shares during the period. Truist Financial Corp’s holdings in Carpenter Technology were worth $1,331,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Woodline Partners LP purchased a new stake in Carpenter Technology during the 1st quarter valued at about $4,050,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Carpenter Technology by 1.7% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 104,785 shares of the basic materials company’s stock worth $18,985,000 after purchasing an additional 1,701 shares during the last quarter. Focus Partners Wealth grew its position in shares of Carpenter Technology by 7.3% in the first quarter. Focus Partners Wealth now owns 4,615 shares of the basic materials company’s stock valued at $836,000 after purchasing an additional 314 shares in the last quarter. KLP Kapitalforvaltning AS increased its holdings in shares of Carpenter Technology by 7.3% in the second quarter. KLP Kapitalforvaltning AS now owns 10,300 shares of the basic materials company’s stock valued at $2,847,000 after purchasing an additional 700 shares during the last quarter. Finally, Maryland State Retirement & Pension System purchased a new position in Carpenter Technology during the second quarter worth approximately $646,000. 92.03% of the stock is owned by hedge funds and other institutional investors.

Carpenter Technology Stock Up 4.9%

Shares of NYSE:CRS opened at $365.85 on Monday. The company has a market capitalization 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 12-month low of $138.61 and a 12-month high of $370.59. The business has a 50-day moving average price of $326.86 and a 200 day moving average price of $288.97. The company has a current ratio of 4.25, a quick ratio of 2.26 and a debt-to-equity ratio of 0.35.

Carpenter Technology (NYSE:CRS) last posted its earnings results on Thursday, January 29th. The basic materials company reported $2.33 EPS for the quarter, beating analysts’ consensus estimates of $2.20 by $0.13. Carpenter Technology had a net margin of 14.77% and a return on equity of 23.63%. The company had revenue of $589.10 million for the quarter, compared to analysts’ expectations of $733.76 million. During the same quarter in the prior year, the company posted $1.66 earnings per share. Carpenter Technology’s revenue for the quarter was up 7.5% compared to the same quarter last year. Sell-side analysts expect that Carpenter Technology Corporation will post 6.83 EPS for the current year.

Carpenter Technology Announces Dividend

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

Wall Street Analysts Forecast Growth

CRS has been the subject of several analyst reports. BTIG Research upped their target price on Carpenter Technology from $365.00 to $375.00 and gave the company a “buy” rating in a report on Friday, January 30th. Wall Street Zen raised shares of Carpenter Technology from a “hold” rating to a “buy” rating in a research report on Saturday, January 31st. TD Cowen restated a “buy” rating on shares of Carpenter Technology in a research report on Friday, November 14th. Jones Trading initiated coverage on shares of Carpenter Technology in a research note on Wednesday, October 22nd. They set a “buy” rating and a $400.00 target price on the stock. Finally, JPMorgan Chase & Co. increased their price target on shares of Carpenter Technology from $388.00 to $394.00 and gave the company an “overweight” rating in a research note on Friday, January 30th. Eight analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, Carpenter Technology currently has a consensus rating of “Moderate Buy” and an average target price of $373.43.

Insider Activity at Carpenter Technology

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

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.