Bank of New York Mellon Corp Sells 4,428 Shares of Carpenter Technology Corporation $CRS

Bank of New York Mellon Corp reduced its stake in shares of Carpenter Technology Corporation (NYSE:CRS) by 1.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 399,704 shares of the basic materials company’s stock after selling 4,428 shares during the quarter. Bank of New York Mellon Corp’s holdings in Carpenter Technology were worth $157,543,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Sands Capital Management LLC purchased a new position in shares of Carpenter Technology in the fourth quarter worth $195,731,000. Norges Bank purchased a new position in Carpenter Technology during the fourth quarter valued at $195,254,000. TOMS Capital Investment Management LP purchased a new stake in Carpenter Technology in the 2nd quarter worth $106,683,000. UBS Group AG lifted its stake in Carpenter Technology by 171.2% in the 4th quarter. UBS Group AG now owns 606,501 shares of the basic materials company’s stock worth $190,951,000 after purchasing an additional 382,865 shares in the last quarter. Finally, Invesco Ltd. boosted its holdings in shares of Carpenter Technology by 18.8% during the 4th quarter. Invesco Ltd. now owns 2,071,657 shares of the basic materials company’s stock valued at $652,241,000 after purchasing an additional 327,302 shares during the last quarter. Institutional investors own 92.03% of the company’s stock.

Insider Activity

In other news, Director Anastasios John Hart sold 750 shares of the stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $423.86, for a total transaction of $317,895.00. Following the transaction, the director directly owned 750 shares in the company, valued at approximately $317,895. This trade represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Marshall D. Akins sold 11,815 shares of the company’s stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $441.36, for a total value of $5,214,668.40. Following the sale, the vice president owned 18,344 shares of the company’s stock, valued at approximately $8,096,307.84. This represents a 39.18% decrease in their position. The disclosure for this sale is available in the SEC filing. 2.90% of the stock is owned by corporate insiders.

Carpenter Technology Trading Down 0.2%

CRS opened at $556.52 on Monday. The stock’s fifty day moving average is $525.05 and its two-hundred day moving average is $431.15. The company has a market capitalization of $27.65 billion, a P/E ratio of 58.58, a PEG ratio of 1.57 and a beta of 1.22. Carpenter Technology Corporation has a 52 week low of $228.00 and a 52 week high of $625.98. The company has a quick ratio of 2.08, a current ratio of 3.73 and a debt-to-equity ratio of 0.33.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings results on Wednesday, April 29th. The basic materials company reported $2.77 EPS for the quarter, beating the consensus estimate of $2.59 by $0.18. The firm had revenue of $655.60 million for the quarter, compared to analyst estimates of $797.00 million. Carpenter Technology had a return on equity of 25.02% and a net margin of 15.82%.The business’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same quarter last year, the firm posted $1.88 earnings per share. Analysts forecast that Carpenter Technology Corporation will post 10.58 earnings per share for the current year.

Wall Street Analyst Weigh In

CRS has been the subject of a number of recent research reports. KeyCorp raised their target price on shares of Carpenter Technology from $459.00 to $644.00 and gave the company an “overweight” rating in a report on Tuesday, June 30th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $500.00 price objective on shares of Carpenter Technology in a research report on Thursday, April 30th. TD Cowen boosted their target price on shares of Carpenter Technology from $470.00 to $650.00 and gave the stock a “buy” rating in a report on Monday, July 13th. Zacks Research upgraded shares of Carpenter Technology from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 15th. Finally, Susquehanna upped their target price on shares of Carpenter Technology from $495.00 to $680.00 and gave the company a “positive” rating in a research report on Thursday, July 9th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $556.75.

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