US Bancorp DE Trims Stock Position in Carpenter Technology Corporation $CRS

US Bancorp DE cut its position in shares of Carpenter Technology Corporation (NYSE:CRS) by 18.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,035 shares of the basic materials company’s stock after selling 926 shares during the period. US Bancorp DE’s holdings in Carpenter Technology were worth $1,115,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Rise Advisors LLC purchased a new position in Carpenter Technology during the first quarter worth about $31,000. IMA Advisory Services Inc. acquired a new stake in shares of Carpenter Technology during the first quarter valued at about $36,000. Bessemer Group Inc. increased its position in shares of Carpenter Technology by 50.3% during the first quarter. Bessemer Group Inc. now owns 230 shares of the basic materials company’s stock valued at $42,000 after acquiring an additional 77 shares during the last quarter. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Carpenter Technology during the first quarter valued at about $49,000. Finally, Banque Cantonale Vaudoise acquired a new stake in shares of Carpenter Technology during the first quarter valued at about $71,000. 92.03% of the stock is owned by hedge funds and other institutional investors.

Carpenter Technology Trading Down 0.0%

Shares of CRS stock opened at $238.04 on Friday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.01 and a current ratio of 3.65. The stock has a market capitalization of $11.87 billion, a P/E ratio of 32.08, a price-to-earnings-growth ratio of 1.08 and a beta of 1.46. The company has a 50 day moving average price of $244.05 and a 200 day moving average price of $237.23. Carpenter Technology Corporation has a fifty-two week low of $138.61 and a fifty-two week high of $290.84.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings data on Thursday, July 31st. The basic materials company reported $2.21 earnings per share for the quarter, beating analysts’ consensus estimates of $2.03 by $0.18. The firm had revenue of $755.60 million during the quarter, compared to analysts’ expectations of $790.73 million. Carpenter Technology had a net margin of 13.07% and a return on equity of 21.50%. The business’s quarterly revenue was down 5.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.82 earnings per share. Equities research analysts predict that Carpenter Technology Corporation will post 6.83 EPS for the current fiscal year.

Carpenter Technology Announces Dividend

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

Insiders Place Their Bets

In other Carpenter Technology news, CEO Tony R. Thene sold 19,000 shares of the business’s stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $244.99, for a total transaction of $4,654,810.00. Following the completion of the transaction, the chief executive officer owned 535,019 shares in the company, valued at $131,074,304.81. The trade was a 3.43% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director I Martin Inglis sold 5,691 shares of the business’s stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $244.54, for a total transaction of $1,391,677.14. Following the transaction, the director owned 6,732 shares of the company’s stock, valued at $1,646,243.28. This trade represents a 45.81% decrease in their position. The disclosure for this sale can be found here. Insiders sold 28,124 shares of company stock worth $6,890,250 in the last 90 days. Corporate insiders own 2.90% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Zacks Research cut shares of Carpenter Technology from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 1st. Weiss Ratings reiterated a “buy (b+)” rating on shares of Carpenter Technology in a research report on Wednesday, October 8th. Finally, BTIG Research reiterated a “buy” rating on shares of Carpenter Technology in a research report on Monday, August 4th. Five investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $278.33.

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.