Carpenter Technology Co. (NYSE:CRS) Shares Sold by Truist Financial Corp

Truist Financial Corp decreased its stake in Carpenter Technology Co. (NYSE:CRS) by 28.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,341 shares of the basic materials company’s stock after selling 1,716 shares during the quarter. Truist Financial Corp’s holdings in Carpenter Technology were worth $476,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CRS. First Eagle Investment Management LLC raised its stake in shares of Carpenter Technology by 13.2% in the 1st quarter. First Eagle Investment Management LLC now owns 149,354 shares of the basic materials company’s stock valued at $10,667,000 after acquiring an additional 17,400 shares during the period. Susquehanna Fundamental Investments LLC purchased a new stake in Carpenter Technology in the 1st quarter valued at $4,199,000. Comerica Bank raised its position in Carpenter Technology by 170.3% in the 1st quarter. Comerica Bank now owns 67,380 shares of the basic materials company’s stock valued at $4,812,000 after purchasing an additional 42,449 shares during the last quarter. Seven Eight Capital LP purchased a new position in Carpenter Technology during the 1st quarter worth $1,347,000. Finally, Moody National Bank Trust Division purchased a new position in Carpenter Technology during the 2nd quarter worth $1,208,000. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CRS. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Carpenter Technology in a report on Tuesday, June 25th. They issued a “buy” rating and a $144.00 price target for the company. BTIG Research increased their price objective on shares of Carpenter Technology from $120.00 to $165.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. Finally, Benchmark raised their price target on shares of Carpenter Technology from $140.00 to $175.00 and gave the company a “buy” rating in a report on Friday, July 26th. One research analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. According to MarketBeat.com, Carpenter Technology currently has an average rating of “Moderate Buy” and an average target price of $139.60.

Carpenter Technology Trading Up 2.2 %

Shares of CRS opened at $159.56 on Thursday. The company has a current ratio of 3.41, a quick ratio of 1.84 and a debt-to-equity ratio of 0.43. Carpenter Technology Co. has a 1-year low of $58.87 and a 1-year high of $166.51. The business’s 50-day moving average price is $148.14 and its 200 day moving average price is $119.53. The stock has a market capitalization of $7.92 billion, a P/E ratio of 60.67, a P/E/G ratio of 0.83 and a beta of 1.45.

Carpenter Technology (NYSE:CRS) last posted its earnings results on Thursday, July 25th. The basic materials company reported $1.82 earnings per share for the quarter, topping the consensus estimate of $1.51 by $0.31. Carpenter Technology had a return on equity of 15.81% and a net margin of 6.76%. The firm had revenue of $798.70 million during the quarter, compared to analyst estimates of $763.76 million. During the same period in the previous year, the company earned $0.78 EPS. The company’s revenue for the quarter was up 5.4% on a year-over-year basis. Analysts expect that Carpenter Technology Co. will post 6.63 earnings per share for the current year.

Carpenter Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Tuesday, October 22nd will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.50%. The ex-dividend date is Tuesday, October 22nd. Carpenter Technology’s dividend payout ratio (DPR) is 30.42%.

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.