Hsbc Holdings PLC Trims Stock Holdings in Carpenter Technology Corporation $CRS

Hsbc Holdings PLC reduced its holdings in shares of Carpenter Technology Corporation (NYSE:CRS) by 89.5% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 4,614 shares of the basic materials company’s stock after selling 39,193 shares during the period. Hsbc Holdings PLC’s holdings in Carpenter Technology were worth $1,465,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Geneos Wealth Management Inc. bought a new position in shares of Carpenter Technology in the second quarter worth about $28,000. Armstrong Advisory Group Inc. lifted its holdings in Carpenter Technology by 57.3% during the 4th quarter. Armstrong Advisory Group Inc. now owns 118 shares of the basic materials company’s stock valued at $37,000 after buying an additional 43 shares in the last quarter. Spire Wealth Management lifted its holdings in Carpenter Technology by 164.7% during the 4th quarter. Spire Wealth Management now owns 135 shares of the basic materials company’s stock valued at $42,000 after buying an additional 84 shares in the last quarter. Headlands Technologies LLC purchased a new stake in Carpenter Technology in the 2nd quarter valued at about $43,000. Finally, Rakuten Securities Inc. purchased a new stake in Carpenter Technology in the 2nd quarter valued at about $45,000. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Insider Activity at Carpenter Technology

In other Carpenter Technology news, Director Anastasios John Hart sold 750 shares of the company’s stock in a transaction on Monday, May 4th. The stock was sold at an average price of $423.86, for a total transaction of $317,895.00. Following the completion of the sale, the director owned 750 shares in the company, valued at $317,895. This represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Marshall D. Akins sold 11,815 shares of the 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 sale, the vice president directly owned 18,344 shares in the company, valued at $8,096,307.84. This trade represents a 39.18% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 2.90% of the company’s stock.

Carpenter Technology Stock Up 1.5%

Shares of Carpenter Technology stock opened at $615.95 on Wednesday. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.73 and a quick ratio of 2.08. The stock has a market cap of $30.61 billion, a price-to-earnings ratio of 64.84, a PEG ratio of 2.09 and a beta of 1.25. The firm’s 50-day moving average is $485.76 and its two-hundred day moving average is $407.52. Carpenter Technology Corporation has a 1 year low of $228.00 and a 1 year high of $624.50.

Carpenter Technology (NYSE:CRS) last posted 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. Carpenter Technology had a net margin of 15.82% and a return on equity of 25.02%. The business had revenue of $655.60 million during the quarter, compared to analyst estimates of $797.00 million. During the same quarter in the previous year, the business posted $1.88 EPS. The company’s quarterly revenue was up 11.6% compared to the same quarter last year. As a group, research analysts expect that Carpenter Technology Corporation will post 10.56 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Tuesday, April 28th were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.1%. The ex-dividend date of this dividend was Tuesday, April 28th. Carpenter Technology’s dividend payout ratio (DPR) is presently 8.42%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on CRS shares. BTIG Research upped their target price on shares of Carpenter Technology from $375.00 to $450.00 and gave the stock a “buy” rating in a research note on Thursday, April 30th. Susquehanna lifted their price target on shares of Carpenter Technology from $470.00 to $495.00 and gave the company a “positive” rating in a research note on Thursday, April 30th. TD Cowen boosted their price target on Carpenter Technology from $450.00 to $470.00 and gave the company a “buy” rating in a report on Friday, May 22nd. Weiss Ratings cut Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a research note on Wednesday, June 3rd. Finally, JPMorgan Chase & Co. raised their price objective on Carpenter Technology from $465.00 to $470.00 and gave the stock an “overweight” rating in a report on Thursday, April 30th. Eight analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, Carpenter Technology has an average rating of “Moderate Buy” and a consensus price target of $481.75.

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.