Fifth Third Bancorp Purchases 78 Shares of Carpenter Technology Corporation (NYSE:CRS)

Fifth Third Bancorp increased its stake in shares of Carpenter Technology Corporation (NYSE:CRS) by 13.6% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 651 shares of the basic materials company’s stock after acquiring an additional 78 shares during the period. Fifth Third Bancorp’s holdings in Carpenter Technology were worth $118,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. Kestra Investment Management LLC bought a new stake in Carpenter Technology during the fourth quarter worth about $25,000. Ameriflex Group Inc. bought a new stake in Carpenter Technology during the fourth quarter worth about $44,000. CIBC Private Wealth Group LLC raised its holdings in Carpenter Technology by 109.5% during the fourth quarter. CIBC Private Wealth Group LLC now owns 243 shares of the basic materials company’s stock worth $45,000 after acquiring an additional 127 shares in the last quarter. Versant Capital Management Inc increased its position in Carpenter Technology by 27.3% during the first quarter. Versant Capital Management Inc now owns 359 shares of the basic materials company’s stock worth $65,000 after buying an additional 77 shares during the last quarter. Finally, UMB Bank n.a. increased its position in Carpenter Technology by 54.9% during the first quarter. UMB Bank n.a. now owns 471 shares of the basic materials company’s stock worth $85,000 after buying an additional 167 shares during the last quarter. Institutional investors own 92.03% of the company’s stock.

Wall Street Analyst Weigh In

CRS has been the topic of a number of recent analyst reports. Cowen reissued a “buy” rating on shares of Carpenter Technology in a research report on Thursday, June 12th. JPMorgan Chase & Co. upped their target price on Carpenter Technology from $245.00 to $305.00 and gave the company an “overweight” rating in a research report on Tuesday. Benchmark upped their target price on Carpenter Technology from $250.00 to $300.00 and gave the company a “buy” rating in a research report on Monday, June 9th. Finally, Northcoast Research raised Carpenter Technology from a “sell” rating to a “neutral” rating in a research report on Wednesday, April 9th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, Carpenter Technology currently has an average rating of “Moderate Buy” and a consensus target price of $244.75.

Insider Activity

In other news, Director I Martin Inglis sold 3,433 shares of the stock in a transaction on Tuesday, April 29th. The stock was sold at an average price of $197.66, for a total value of $678,566.78. Following the completion of the transaction, the director now directly owns 6,732 shares in the company, valued at approximately $1,330,647.12. This represents a 33.77% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Anastasios John Hart sold 1,000 shares of the stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $243.72, for a total value of $243,720.00. The disclosure for this sale can be found here. 2.90% of the stock is owned by corporate insiders.

Carpenter Technology Stock Down 1.0%

NYSE CRS opened at $250.59 on Friday. The business has a fifty day moving average price of $219.17 and a two-hundred day moving average price of $197.70. The company has a debt-to-equity ratio of 0.39, a current ratio of 3.75 and a quick ratio of 1.89. Carpenter Technology Corporation has a fifty-two week low of $95.70 and a fifty-two week high of $256.52. The stock has a market capitalization of $12.47 billion, a PE ratio of 35.49, a PEG ratio of 1.05 and a beta of 1.37.

Carpenter Technology (NYSE:CRS) last released its earnings results on Thursday, April 24th. The basic materials company reported $1.88 earnings per share for the quarter, topping the consensus estimate of $1.74 by $0.14. Carpenter Technology had a return on equity of 21.16% and a net margin of 12.26%. The firm had revenue of $727.00 million during the quarter, compared to analysts’ expectations of $729.67 million. During the same period in the prior year, the company earned $1.19 earnings per share. The company’s quarterly revenue was up 6.1% on a year-over-year basis. Equities analysts expect that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Tuesday, April 22nd were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.32%. The ex-dividend date was Tuesday, April 22nd. Carpenter Technology’s payout ratio is 11.33%.

Carpenter Technology announced that its board has authorized a share buyback plan on Thursday, April 24th that authorizes the company to repurchase $400.00 million in shares. This repurchase authorization authorizes the basic materials company to repurchase up to 4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its stock is undervalued.

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.