Citizens Financial Group Inc. RI Buys Shares of 1,028 Carpenter Technology Corporation $CRS

Citizens Financial Group Inc. RI bought a new position in shares of Carpenter Technology Corporation (NYSE:CRS) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 1,028 shares of the basic materials company’s stock, valued at approximately $405,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CRS. Dorsey Wright & Associates bought a new position in Carpenter Technology during the 3rd quarter worth about $9,280,000. Covestor Ltd lifted its holdings in shares of Carpenter Technology by 334.3% in the fourth quarter. Covestor Ltd now owns 3,492 shares of the basic materials company’s stock valued at $1,099,000 after purchasing an additional 2,688 shares in the last quarter. Concurrent Investment Advisors LLC lifted its holdings in shares of Carpenter Technology by 127.7% in the fourth quarter. Concurrent Investment Advisors LLC now owns 5,141 shares of the basic materials company’s stock valued at $1,619,000 after purchasing an additional 2,883 shares in the last quarter. Peregrine Asset Advisers Inc. bought a new stake in shares of Carpenter Technology in the fourth quarter valued at about $4,062,000. Finally, Renaissance Investment Group LLC acquired a new position in shares of Carpenter Technology during the fourth quarter worth about $8,141,000. 92.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CRS has been the topic of a number of recent research reports. Susquehanna lifted their price objective 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. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $500.00 target price on shares of Carpenter Technology in a research report on Thursday, April 30th. KeyCorp boosted their price target on shares of Carpenter Technology from $459.00 to $644.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 30th. BTIG Research increased their price objective 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. Finally, TD Cowen raised their price objective on Carpenter Technology from $470.00 to $650.00 and gave the company a “buy” rating in a report on Monday. Eight equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, Carpenter Technology has an average rating of “Moderate Buy” and an average target price of $556.75.

Insider Activity

In related news, Director Anastasios John Hart sold 750 shares of Carpenter Technology stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $423.86, for a total value of $317,895.00. Following the transaction, the director directly owned 750 shares of the company’s stock, valued at $317,895. This trade represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Marshall D. Akins sold 11,815 shares of Carpenter Technology 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 completion of the transaction, the vice president owned 18,344 shares in the company, valued at approximately $8,096,307.84. The trade was a 39.18% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 2.90% of the stock is owned by company insiders.

Carpenter Technology Stock Performance

NYSE CRS opened at $576.27 on Thursday. The stock has a market cap of $28.63 billion, a PE ratio of 60.66, a P/E/G ratio of 1.68 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. The firm has a 50-day moving average of $520.30 and a 200-day moving average of $427.97. Carpenter Technology Corporation has a 52-week low of $228.00 and a 52-week high of $625.98.

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

Carpenter Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Tuesday, April 28th were issued a $0.20 dividend. 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 currently 8.42%.

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.