Cullen Frost Bankers Inc. Boosts Stock Holdings in Carpenter Technology Corporation $CRS

Cullen Frost Bankers Inc. increased its position in Carpenter Technology Corporation (NYSE:CRS) by 1,626.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,796 shares of the basic materials company’s stock after buying an additional 1,692 shares during the period. Cullen Frost Bankers Inc.’s holdings in Carpenter Technology were worth $441,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CRS. Allspring Global Investments Holdings LLC boosted its holdings in shares of Carpenter Technology by 15.0% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 550,055 shares of the basic materials company’s stock worth $138,328,000 after purchasing an additional 71,872 shares during the period. William Blair Investment Management LLC purchased a new position in Carpenter Technology during the second quarter worth $134,790,000. Raymond James Financial Inc. increased its position in Carpenter Technology by 244.3% during the second quarter. Raymond James Financial Inc. now owns 411,277 shares of the basic materials company’s stock valued at $113,669,000 after acquiring an additional 291,829 shares during the last quarter. Franklin Resources Inc. increased its position in Carpenter Technology by 10.9% during the second quarter. Franklin Resources Inc. now owns 393,039 shares of the basic materials company’s stock valued at $108,628,000 after acquiring an additional 38,699 shares during the last quarter. Finally, TOMS Capital Investment Management LP bought a new position in Carpenter Technology during the second quarter valued at $106,683,000. 92.03% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Zacks Research downgraded shares of Carpenter Technology from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 1st. Weiss Ratings restated a “buy (b)” rating on shares of Carpenter Technology in a report on Thursday, October 30th. Deutsche Bank Aktiengesellschaft set a $425.00 price objective on Carpenter Technology and gave the company a “buy” rating in a research report on Friday, October 24th. JPMorgan Chase & Co. lifted their target price on Carpenter Technology from $305.00 to $388.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 29th. Finally, KeyCorp upgraded shares of Carpenter Technology from a “sector weight” rating to an “overweight” rating and set a $380.00 price target on the stock in a report on Thursday, November 13th. Eight equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $371.14.

Carpenter Technology Stock Performance

Shares of CRS stock opened at $347.14 on Wednesday. Carpenter Technology Corporation has a 12-month low of $138.61 and a 12-month high of $355.00. The business’s fifty day simple moving average is $324.21 and its 200-day simple moving average is $286.04. The company has a current ratio of 4.44, a quick ratio of 2.37 and a debt-to-equity ratio of 0.36. The company has a market cap of $17.29 billion, a PE ratio of 42.44, a PEG ratio of 1.46 and a beta of 1.29.

Carpenter Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 5th. Stockholders of record on Tuesday, January 27th will be paid a $0.20 dividend. The ex-dividend date is Tuesday, January 27th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.2%. Carpenter Technology’s dividend payout ratio is presently 9.78%.

Insider Activity

In other news, COO Brian J. Malloy sold 4,130 shares of the firm’s stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $303.52, for a total transaction of $1,253,537.60. Following the sale, the chief operating officer owned 78,875 shares of the company’s stock, valued at $23,940,140. This trade represents a 4.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Elizabeth A. Socci sold 3,900 shares of the business’s stock in a transaction on Wednesday, November 26th. The stock was sold at an average price of $321.25, for a total transaction of $1,252,875.00. Following the completion of the sale, the vice president directly owned 9,594 shares of the company’s stock, valued at approximately $3,082,072.50. The trade was a 28.90% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 79,358 shares of company stock worth $24,254,008. 2.90% of the stock is owned by corporate insiders.

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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.