7,276 Shares in Carpenter Technology Corporation $CRS Acquired by Deutsche Bank AG

Key Points

• Deutsche Bank acquired 7,276 shares of Carpenter Technology in the second quarter, valued at approximately $4.49 million. Institutional investors collectively own 92.03% of the company.
• Analyst sentiment is broadly positive, with a consensus “Buy” rating and an average price target of $577.25. Recent target changes ranged from $540 to $700.
• Carpenter Technology exceeded quarterly EPS expectations, reporting $3.23 versus the $3.09 consensus, while revenue rose 12.6% year over year. The company also declared a quarterly dividend of $0.20 per share.

Deutsche Bank AG purchased a new position in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 7,276 shares of the basic materials company's stock, valued at approximately $4,488,000.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Geneos Wealth Management Inc. bought a new stake in shares of Carpenter Technology during the second quarter valued at about $28,000. Whittier Trust Co. of Nevada Inc. bought a new stake in shares of Carpenter Technology during the 1st quarter worth about $30,000. SJS Investment Consulting Inc. raised its position in shares of Carpenter Technology by 81.8% during the 1st quarter. SJS Investment Consulting Inc. now owns 80 shares of the basic materials company's stock worth $32,000 after buying an additional 36 shares in the last quarter. Headlands Technologies LLC acquired a new stake in shares of Carpenter Technology in the 2nd quarter worth approximately $43,000. Finally, Rakuten Securities Inc. acquired a new stake in shares of Carpenter Technology in the 2nd quarter worth approximately $45,000. Institutional investors own 92.03% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on CRS shares. Zacks Research upgraded shares of Carpenter Technology from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 15th. JPMorgan Chase & Co. lowered their price target on Carpenter Technology from $705.00 to $700.00 and set an "overweight" rating on the stock in a research report on Friday, July 31st. BTIG Research boosted their price objective on Carpenter Technology from $450.00 to $620.00 and gave the stock a "buy" rating in a research note on Friday, July 31st. Susquehanna cut their price objective on Carpenter Technology from $680.00 to $600.00 and set a "positive" rating for the company in a report on Friday, July 31st. Finally, Wells Fargo & Company raised their target price on Carpenter Technology from $425.00 to $540.00 and gave the company an "equal weight" rating in a research note on Tuesday, August 4th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $577.25.

Insiders Place Their Bets

In related news, Director Ramin Younessi sold 438 shares of the stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $493.15, for a total value of $215,999.70. Following the completion of the sale, the director directly owned 1,953 shares of the company's stock, valued at approximately $963,121.95. This represents a 18.32% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.90% of the company's stock.

Carpenter Technology Stock Up 1.6%

Shares of Carpenter Technology stock opened at $484.57 on Wednesday. Carpenter Technology Corporation has a 12-month low of $228.00 and a 12-month high of $625.98. The firm has a market capitalization of $24.02 billion, a PE ratio of 46.06, a price-to-earnings-growth ratio of 1.71 and a beta of 1.25. The company has a quick ratio of 2.23, a current ratio of 3.81 and a debt-to-equity ratio of 0.31. The stock's fifty day moving average is $563.64 and its 200-day moving average is $471.76.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The basic materials company reported $3.23 earnings per share for the quarter, topping analysts' consensus estimates of $3.09 by $0.14. Carpenter Technology had a return on equity of 26.46% and a net margin of 16.96%.The firm had revenue of $679.70 million for the quarter, compared to analysts' expectations of $863.33 million. During the same quarter last year, the business posted $2.21 EPS. Carpenter Technology's revenue was up 12.6% on a year-over-year basis. Equities analysts anticipate that Carpenter Technology Corporation will post 13.08 earnings per share for the current year.

Carpenter Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Tuesday, August 25th will be issued a dividend of $0.20 per share. The ex-dividend date is Tuesday, August 25th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.2%. Carpenter Technology's payout ratio is currently 7.60%.

Carpenter Technology 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.

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