PNC Financial Services Group Inc. Has $4.36 Million Stock Position in Carpenter Technology Co. (NYSE:CRS)

PNC Financial Services Group Inc. lowered its stake in shares of Carpenter Technology Co. (NYSE:CRS) by 0.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 61,556 shares of the basic materials company’s stock after selling 514 shares during the period. PNC Financial Services Group Inc. owned approximately 0.12% of Carpenter Technology worth $4,358,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in CRS. Hawk Ridge Capital Management LP raised its holdings in shares of Carpenter Technology by 199.1% during the fourth quarter. Hawk Ridge Capital Management LP now owns 688,427 shares of the basic materials company’s stock valued at $48,741,000 after purchasing an additional 458,227 shares during the period. Goldman Sachs Group Inc. increased its position in shares of Carpenter Technology by 82.3% during the fourth quarter. Goldman Sachs Group Inc. now owns 972,222 shares of the basic materials company’s stock worth $68,833,000 after acquiring an additional 438,781 shares in the last quarter. Hennessy Advisors Inc. bought a new stake in shares of Carpenter Technology during the fourth quarter worth about $27,407,000. Norges Bank bought a new stake in shares of Carpenter Technology during the fourth quarter worth about $22,901,000. Finally, Invesco Ltd. increased its position in shares of Carpenter Technology by 24.2% during the third quarter. Invesco Ltd. now owns 1,331,705 shares of the basic materials company’s stock worth $89,504,000 after acquiring an additional 259,330 shares in the last quarter. Institutional investors and hedge funds own 92.03% of the company’s stock.

Insiders Place Their Bets

In other news, VP Elizabeth A. Socci sold 802 shares of the stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $102.11, for a total transaction of $81,892.22. Following the completion of the transaction, the vice president now directly owns 11,509 shares of the company’s stock, valued at approximately $1,175,183.99. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, SVP James D. Dee sold 23,518 shares of the stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $111.26, for a total transaction of $2,616,612.68. Following the completion of the transaction, the senior vice president now directly owns 84,798 shares of the company’s stock, valued at approximately $9,434,625.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Elizabeth A. Socci sold 802 shares of the stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $102.11, for a total transaction of $81,892.22. Following the transaction, the vice president now directly owns 11,509 shares of the company’s stock, valued at $1,175,183.99. The disclosure for this sale can be found here. In the last ninety days, insiders sold 59,678 shares of company stock valued at $6,261,693. Corporate insiders own 3.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on CRS. TD Cowen boosted their target price on shares of Carpenter Technology from $116.00 to $125.00 and gave the stock a “buy” rating in a research report on Monday, June 10th. Benchmark reissued a “buy” rating and set a $140.00 target price on shares of Carpenter Technology in a research report on Tuesday, May 28th. Finally, Northcoast Research reissued a “sell” rating and set a $89.00 target price on shares of Carpenter Technology in a research report on Friday, June 14th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, Carpenter Technology currently has a consensus rating of “Hold” and an average target price of $118.00.

Carpenter Technology Trading Down 0.9 %

Shares of CRS stock opened at $100.52 on Wednesday. Carpenter Technology Co. has a 52-week low of $50.61 and a 52-week high of $112.75. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.45 and a current ratio of 3.20. The company has a 50-day simple moving average of $98.18 and a two-hundred day simple moving average of $78.12. The company has a market capitalization of $4.99 billion, a price-to-earnings ratio of 38.22 and a beta of 1.47.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings data on Wednesday, May 1st. The basic materials company reported $1.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.94 by $0.25. Carpenter Technology had a net margin of 4.83% and a return on equity of 12.75%. The business had revenue of $684.90 million during the quarter, compared to the consensus estimate of $707.73 million. During the same period in the prior year, the firm posted $0.38 EPS. The firm’s quarterly revenue was down .8% compared to the same quarter last year. Research analysts anticipate that Carpenter Technology Co. will post 4.31 EPS for the current fiscal year.

Carpenter Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 6th. Shareholders of record on Tuesday, April 23rd were given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.80%. This is an increase from Carpenter Technology’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend was Monday, April 22nd. Carpenter Technology’s dividend payout ratio is presently 30.42%.

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.