Carpenter Technology Corporation $CRS Stock Holdings Lifted by Fifth Third Bancorp

Fifth Third Bancorp grew its stake in shares of Carpenter Technology Corporation (NYSE:CRS) by 3,058.0% in the first quarter, according to its most recent filing with the SEC. The fund owned 15,348 shares of the basic materials company’s stock after acquiring an additional 14,862 shares during the period. Fifth Third Bancorp’s holdings in Carpenter Technology were worth $6,049,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Whittier Trust Co. of Nevada Inc. acquired a new position in shares of Carpenter Technology in the 1st quarter worth $30,000. SJS Investment Consulting Inc. lifted its holdings in shares of Carpenter Technology by 81.8% during the first quarter. SJS Investment Consulting Inc. now owns 80 shares of the basic materials company’s stock valued at $32,000 after purchasing an additional 36 shares during the last quarter. Geneos Wealth Management Inc. acquired a new position in shares of Carpenter Technology in the 2nd quarter valued at $28,000. Armstrong Advisory Group Inc. boosted its position in shares of Carpenter Technology by 57.3% in the 4th quarter. Armstrong Advisory Group Inc. now owns 118 shares of the basic materials company’s stock valued at $37,000 after purchasing an additional 43 shares during the period. Finally, Spire Wealth Management boosted its position in shares of Carpenter Technology by 164.7% in the 4th quarter. Spire Wealth Management now owns 135 shares of the basic materials company’s stock valued at $42,000 after purchasing an additional 84 shares during the period. 92.03% of the stock is owned by institutional investors.

Carpenter Technology Stock Performance

CRS stock opened at $553.85 on Friday. The firm has a 50 day simple moving average of $522.47 and a 200 day simple moving average of $429.51. Carpenter Technology Corporation has a 52 week low of $228.00 and a 52 week high of $625.98. The stock has a market cap of $27.52 billion, a P/E ratio of 58.30, a P/E/G ratio of 1.62 and a beta of 1.22. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.08 and a current ratio of 3.73.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings data on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share for the quarter, beating the consensus estimate of $2.59 by $0.18. Carpenter Technology had a net margin of 15.82% and a return on equity of 25.02%. The firm had revenue of $655.60 million for the quarter, compared to analyst estimates of $797.00 million. During the same quarter in the prior year, the business earned $1.88 EPS. The company’s revenue for the quarter was up 11.6% compared to the same quarter last year. Research analysts anticipate that Carpenter Technology Corporation will post 10.57 earnings per share for the current fiscal year.

Insider Buying and Selling at Carpenter Technology

In other news, VP Marshall D. Akins sold 11,815 shares of the company’s stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $441.36, for a total value of $5,214,668.40. Following the transaction, the vice president directly owned 18,344 shares of the company’s stock, valued at approximately $8,096,307.84. This represents a 39.18% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Anastasios John Hart sold 750 shares of the stock in a transaction on Monday, May 4th. The stock was sold at an average price of $423.86, for a total value of $317,895.00. Following the sale, the director owned 750 shares of the company’s stock, valued at approximately $317,895. This represents a 50.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 2.90% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on CRS shares. Weiss Ratings downgraded Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a report on Wednesday, June 3rd. KeyCorp raised their target price on shares of Carpenter Technology from $459.00 to $644.00 and gave the stock an “overweight” rating in a report on Tuesday, June 30th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $500.00 target price on shares of Carpenter Technology in a report on Thursday, April 30th. Susquehanna boosted their price target on shares of Carpenter Technology from $495.00 to $680.00 and gave the company a “positive” rating in a report on Thursday, July 9th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Carpenter Technology from $470.00 to $705.00 and gave the company an “overweight” rating in a report on Tuesday. Eight equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Carpenter Technology has a consensus rating of “Moderate Buy” and an average target price of $556.75.

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.