Carpenter Technology Corporation $CRS Shares Sold by Hsbc Holdings PLC

Hsbc Holdings PLC reduced its position in Carpenter Technology Corporation (NYSE:CRS) by 89.5% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 4,614 shares of the basic materials company’s stock after selling 39,193 shares during the period. Hsbc Holdings PLC’s holdings in Carpenter Technology were worth $1,465,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Meeder Advisory Services Inc. increased its position 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 worth $280,000 after purchasing an additional 32 shares in the last quarter. Abel Hall LLC boosted its position in Carpenter Technology by 3.2% during the 4th quarter. Abel Hall LLC now owns 1,019 shares of the basic materials company’s stock worth $321,000 after purchasing an additional 32 shares during the period. Brown Miller Wealth Management LLC increased its holdings in 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 valued at $444,000 after purchasing an additional 33 shares in the last quarter. Northwestern Mutual Investment Management Company LLC increased its holdings in Carpenter Technology by 0.3% in the 4th 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, Armstrong Advisory Group Inc. raised its position in Carpenter Technology by 57.3% in the fourth quarter. Armstrong Advisory Group Inc. now owns 118 shares of the basic materials company’s stock valued at $37,000 after purchasing an additional 43 shares during the period. Institutional investors and hedge funds own 92.03% of the company’s stock.

Carpenter Technology Stock Down 2.1%

CRS stock traded down $12.16 during midday trading on Friday, hitting $578.78. 515,330 shares of the company’s stock were exchanged, compared to its average volume of 862,748. 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. The firm has a 50 day moving average price of $512.58 and a 200-day moving average price of $422.29. The stock has a market capitalization of $28.76 billion, a price-to-earnings ratio of 60.92, a price-to-earnings-growth ratio of 1.68 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 the consensus estimate 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 analysts’ expectations of $797.00 million. During the same period in the prior year, the business posted $1.88 EPS. The business’s revenue was up 11.6% on a year-over-year basis. On average, analysts anticipate that Carpenter Technology Corporation will post 10.56 EPS for the current year.

Carpenter Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Tuesday, April 28th were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.1%. The ex-dividend date was Tuesday, April 28th. Carpenter Technology’s dividend payout ratio is 8.42%.

Insiders Place Their Bets

In other Carpenter Technology news, VP Marshall D. Akins sold 11,815 shares of the firm’s stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $441.36, for a total transaction of $5,214,668.40. Following the completion of the transaction, the vice president directly owned 18,344 shares of the company’s stock, valued at $8,096,307.84. This trade represents a 39.18% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Anastasios John Hart sold 750 shares of the business’s stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $423.86, for a total transaction of $317,895.00. Following the completion of the sale, the director directly owned 750 shares of the company’s stock, valued at $317,895. The trade was a 50.00% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 2.90% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on CRS shares. Susquehanna boosted their price objective on Carpenter Technology from $495.00 to $680.00 and gave the stock a “positive” rating in a research note on Thursday. JPMorgan Chase & Co. raised their target price on Carpenter Technology from $465.00 to $470.00 and gave the company an “overweight” rating in a report on Thursday, April 30th. Weiss Ratings lowered Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a research report on Wednesday, June 3rd. Wells Fargo & Company boosted their price target on Carpenter Technology from $400.00 to $425.00 and gave the stock an “equal weight” rating in a research report on Monday, May 4th. Finally, KeyCorp upped their price target on Carpenter Technology from $459.00 to $644.00 and gave the stock an “overweight” rating in a report on Tuesday, June 30th. Eight investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, Carpenter Technology presently has an average rating of “Moderate Buy” and a consensus price target of $504.88.

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.