Carpenter Technology Co. (NYSE:CRS) Shares Acquired by Hsbc Holdings PLC

Hsbc Holdings PLC lifted its stake in Carpenter Technology Co. (NYSE:CRS) by 25.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 5,532 shares of the basic materials company’s stock after purchasing an additional 1,126 shares during the quarter. Hsbc Holdings PLC’s holdings in Carpenter Technology were worth $598,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Whittier Trust Co. purchased a new position in Carpenter Technology during the first quarter worth about $30,000. National Bank of Canada FI purchased a new stake in shares of Carpenter Technology during the 2nd quarter valued at approximately $49,000. Westend Capital Management LLC acquired a new position in Carpenter Technology in the first quarter valued at approximately $36,000. Covestor Ltd grew its position in Carpenter Technology by 469.2% in the first quarter. Covestor Ltd now owns 831 shares of the basic materials company’s stock worth $59,000 after acquiring an additional 685 shares during the period. Finally, CWM LLC increased its stake in Carpenter Technology by 12.6% during the second quarter. CWM LLC now owns 921 shares of the basic materials company’s stock worth $101,000 after acquiring an additional 103 shares during the last quarter. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Carpenter Technology Stock Performance

NYSE CRS opened at $159.75 on Tuesday. The company has a market cap of $7.92 billion, a P/E ratio of 60.74, a P/E/G ratio of 0.89 and a beta of 1.45. Carpenter Technology Co. has a 1-year low of $58.87 and a 1-year high of $166.51. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.41 and a quick ratio of 1.84. The stock has a 50-day moving average of $142.61 and a two-hundred day moving average of $112.23.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings data on Thursday, July 25th. The basic materials company reported $1.82 earnings per share for the quarter, beating analysts’ consensus estimates of $1.51 by $0.31. The firm had revenue of $798.70 million during the quarter, compared to analysts’ expectations of $763.76 million. Carpenter Technology had a net margin of 6.76% and a return on equity of 15.81%. The business’s quarterly revenue was up 5.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.78 earnings per share. As a group, analysts anticipate that Carpenter Technology Co. will post 6.09 EPS for the current year.

Carpenter Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Tuesday, August 27th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.50%. The ex-dividend date was Tuesday, August 27th. Carpenter Technology’s payout ratio is currently 30.42%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on CRS. Northcoast Research reaffirmed a “sell” rating and issued a $89.00 price target on shares of Carpenter Technology in a research note on Friday, June 14th. Benchmark upped their target price on shares of Carpenter Technology from $140.00 to $175.00 and gave the company a “buy” rating in a research report on Friday, July 26th. BTIG Research lifted their price target on shares of Carpenter Technology from $120.00 to $165.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. 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 objective on the stock. Finally, TD Cowen increased their price objective on shares of Carpenter Technology from $116.00 to $125.00 and gave the stock a “buy” rating in a research report on Monday, June 10th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $139.60.

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.