Carpenter Technology Corporation $CRS Shares Sold by Truist Financial Corp

Truist Financial Corp cut its stake in shares of Carpenter Technology Corporation (NYSE:CRS) by 25.9% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,139 shares of the basic materials company’s stock after selling 747 shares during the quarter. Truist Financial Corp’s holdings in Carpenter Technology were worth $591,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Rise Advisors LLC acquired a new position in shares of Carpenter Technology during the 1st quarter worth $31,000. IMA Advisory Services Inc. acquired a new position in shares of Carpenter Technology during the 1st quarter worth $36,000. Bessemer Group Inc. grew its stake in shares of Carpenter Technology by 50.3% during the 1st quarter. Bessemer Group Inc. now owns 230 shares of the basic materials company’s stock worth $42,000 after purchasing an additional 77 shares during the period. Strategic Investment Solutions Inc. IL acquired a new position in shares of Carpenter Technology during the 1st quarter worth $49,000. Finally, Banque Cantonale Vaudoise acquired a new position in shares of Carpenter Technology during the 1st quarter worth $71,000. 92.03% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on CRS shares. Weiss Ratings reaffirmed a “buy (b+)” rating on shares of Carpenter Technology in a research note on Wednesday, October 8th. BTIG Research reaffirmed a “buy” rating on shares of Carpenter Technology in a research note on Monday, August 4th. Finally, Zacks Research lowered shares of Carpenter Technology from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 1st. Five equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, Carpenter Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $278.33.

Insider Transactions at Carpenter Technology

In other news, Director I Martin Inglis sold 5,691 shares of the stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $244.54, for a total transaction of $1,391,677.14. Following the transaction, the director directly owned 6,732 shares in the company, valued at $1,646,243.28. This represents a 45.81% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Tony R. Thene sold 19,000 shares of the stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $244.99, for a total transaction of $4,654,810.00. Following the transaction, the chief executive officer owned 535,019 shares in the company, valued at approximately $131,074,304.81. The trade was a 3.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 28,124 shares of company stock worth $6,890,250 in the last three months. Company insiders own 2.90% of the company’s stock.

Carpenter Technology Price Performance

NYSE:CRS opened at $242.41 on Thursday. The firm has a market cap of $12.08 billion, a price-to-earnings ratio of 32.67, a price-to-earnings-growth ratio of 1.10 and a beta of 1.46. The company has a current ratio of 3.65, a quick ratio of 2.01 and a debt-to-equity ratio of 0.37. The company’s 50-day moving average is $244.60 and its two-hundred day moving average is $236.46. Carpenter Technology Corporation has a 12-month low of $138.61 and a 12-month high of $290.84.

Carpenter Technology (NYSE:CRS) last released its earnings results on Thursday, July 31st. The basic materials company reported $2.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.03 by $0.18. The company had revenue of $755.60 million for the quarter, compared to analyst estimates of $790.73 million. Carpenter Technology had a net margin of 13.07% and a return on equity of 21.50%. The firm’s quarterly revenue was down 5.4% on a year-over-year basis. During the same period in the prior year, the firm earned $1.82 EPS. Research analysts expect that Carpenter Technology Corporation will post 6.83 EPS for the current year.

Carpenter Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 4th. Shareholders of record on Tuesday, October 21st will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date is Tuesday, October 21st. Carpenter Technology’s dividend payout ratio is 10.78%.

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.