Principal Financial Group Inc. Buys 4,252 Shares of Carpenter Technology Corporation $CRS

Principal Financial Group Inc. grew its stake in Carpenter Technology Corporation (NYSE:CRS) by 4.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 111,289 shares of the basic materials company’s stock after buying an additional 4,252 shares during the period. Principal Financial Group Inc. owned approximately 0.22% of Carpenter Technology worth $43,865,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in CRS. Meeder Advisory Services Inc. lifted its holdings in shares of Carpenter Technology by 3.7% during the 4th quarter. Meeder Advisory Services Inc. now owns 889 shares of the basic materials company’s stock worth $280,000 after acquiring an additional 32 shares during the last quarter. Abel Hall LLC increased its stake in Carpenter Technology by 3.2% in the fourth quarter. Abel Hall LLC now owns 1,019 shares of the basic materials company’s stock valued at $321,000 after acquiring an additional 32 shares during the last quarter. Brown Miller Wealth Management LLC increased its stake in Carpenter Technology by 2.4% in the fourth quarter. Brown Miller Wealth Management LLC now owns 1,411 shares of the basic materials company’s stock valued at $444,000 after acquiring an additional 33 shares during the last quarter. Northwestern Mutual Investment Management Company LLC raised its position in 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 purchasing an additional 34 shares in the last quarter. Finally, SJS Investment Consulting Inc. raised its position in 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 purchasing an additional 36 shares in the last quarter. Institutional investors own 92.03% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Susquehanna upped their price objective on Carpenter Technology from $495.00 to $680.00 and gave the stock a “positive” rating in a report on Thursday, July 9th. TD Cowen raised their price objective on Carpenter Technology from $470.00 to $650.00 and gave the company a “buy” rating in a report on Monday. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $500.00 target price on shares of Carpenter Technology in a research report on Thursday, April 30th. Wells Fargo & Company upped their target price on Carpenter Technology from $400.00 to $425.00 and gave the stock an “equal weight” rating in a research note on Monday, May 4th. Finally, JPMorgan Chase & Co. increased their price target on shares of Carpenter Technology from $470.00 to $705.00 and gave the company an “overweight” rating in a research report on Tuesday. One 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. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $556.75.

Insider Activity at Carpenter Technology

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

Carpenter Technology Stock Up 0.4%

CRS opened at $556.52 on Friday. The company has a market cap of $27.65 billion, a P/E ratio of 58.58, a P/E/G ratio of 1.56 and a beta of 1.22. The business’s 50-day moving average price is $525.05 and its 200-day moving average price is $430.40. The company has a current ratio of 3.73, a quick ratio of 2.08 and a debt-to-equity ratio of 0.33. Carpenter Technology Corporation has a 12 month low of $228.00 and a 12 month high of $625.98.

Carpenter Technology (NYSE:CRS) last released its earnings results on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share for the quarter, beating analysts’ consensus estimates of $2.59 by $0.18. Carpenter Technology had a return on equity of 25.02% and a net margin of 15.82%.The company had revenue of $655.60 million during the quarter, compared to analyst estimates of $797.00 million. During the same quarter in the previous year, the company posted $1.88 EPS. Carpenter Technology’s revenue for the quarter was up 11.6% on a year-over-year basis. On average, equities analysts expect that Carpenter Technology Corporation will post 10.57 EPS for the current 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.