Bank of America Corp DE Buys Shares of 300,227 Carpenter Technology Corporation $CRS

Key Points

• Bank of America acquired 300,227 shares of Carpenter Technology in the second quarter, worth approximately $185.2 million and representing a 0.61% stake. Institutional investors collectively own 92.03% of the company.
• Carpenter Technology reported quarterly EPS of $3.23, exceeding analysts’ $3.09 estimate, while revenue rose 12.6% year over year to $679.7 million, below the $863.3 million consensus forecast.
• Analysts maintain a favorable outlook, with eight Buy ratings and two Holds, a “Moderate Buy” consensus, and an average price target of $577.25. The company also pays a quarterly dividend of $0.20, yielding about 0.2%.

Bank of America Corp DE purchased a new stake in Carpenter Technology Corporation (NYSE:CRS - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 300,227 shares of the basic materials company's stock, valued at approximately $185,192,000. Bank of America Corp DE owned 0.61% of Carpenter Technology at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in CRS. Wealthcare Advisory Partners LLC raised its position in Carpenter Technology by 1.7% in the second quarter. Wealthcare Advisory Partners LLC now owns 1,148 shares of the basic materials company's stock valued at $708,000 after purchasing an additional 19 shares during the period. Essential Partners LLC raised its holdings in Carpenter Technology by 9.9% in the 1st quarter. Essential Partners LLC now owns 378 shares of the basic materials company's stock valued at $149,000 after buying an additional 34 shares during the period. SJS Investment Consulting Inc. raised its holdings in Carpenter Technology by 81.8% in the 1st quarter. SJS Investment Consulting Inc. now owns 80 shares of the basic materials company's stock valued at $32,000 after buying an additional 36 shares during the period. TrueWealth Advisors LLC lifted its position in Carpenter Technology by 1.3% in the second quarter. TrueWealth Advisors LLC now owns 2,789 shares of the basic materials company's stock valued at $1,720,000 after buying an additional 36 shares during the last quarter. Finally, Severin Investments LLC lifted its position in Carpenter Technology by 1.8% in the first quarter. Severin Investments LLC now owns 2,190 shares of the basic materials company's stock valued at $863,000 after buying an additional 39 shares during the last quarter. Institutional investors and hedge funds own 92.03% of the company's stock.

Carpenter Technology Stock Down 1.2%

Shares of NYSE:CRS opened at $406.91 on Friday. The firm has a market capitalization of $20.17 billion, a PE ratio of 38.68, a price-to-earnings-growth ratio of 1.46 and a beta of 1.26. Carpenter Technology Corporation has a 1 year low of $228.00 and a 1 year high of $625.98. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.81 and a quick ratio of 2.23. The firm's 50-day moving average is $516.52 and its two-hundred day moving average is $481.03.

Carpenter Technology (NYSE:CRS - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The basic materials company reported $3.23 EPS for the quarter, beating the consensus estimate of $3.09 by $0.14. The business had revenue of $679.70 million during the quarter, compared to analyst estimates of $863.33 million. Carpenter Technology had a net margin of 16.96% and a return on equity of 26.46%. The business's revenue for the quarter was up 12.6% compared to the same quarter last year. During the same quarter last year, the firm posted $2.21 earnings per share. Analysts predict that Carpenter Technology Corporation will post 13.28 EPS for the current year.

Carpenter Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 3rd. Shareholders of record on Tuesday, August 25th were paid a $0.20 dividend. The ex-dividend date was Tuesday, August 25th. This represents a $0.80 annualized dividend and a dividend yield of 0.2%. Carpenter Technology's payout ratio is 7.60%.

Analysts Set New Price Targets

Several research analysts have weighed in on CRS shares. JPMorgan Chase & Co. lowered their target price on shares of Carpenter Technology from $705.00 to $700.00 and set an "overweight" rating for the company in a research note on Friday, July 31st. KeyCorp reduced their price target on shares of Carpenter Technology from $644.00 to $608.00 and set an "overweight" rating on the stock in a research note on Monday, August 3rd. BTIG Research upped their price objective on shares of Carpenter Technology from $450.00 to $620.00 and gave the stock a "buy" rating in a report on Friday, July 31st. Wells Fargo & Company increased their price objective on shares of Carpenter Technology from $425.00 to $540.00 and gave the stock an "equal weight" rating in a research report on Tuesday, August 4th. Finally, Wall Street Zen upgraded shares of Carpenter Technology from a "hold" rating to a "buy" rating in a report on Saturday, September 12th. Eight analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $577.25.

Insider Transactions at Carpenter Technology

In other news, Director Steven Karol sold 3,275 shares of the company's stock in a transaction on Friday, September 4th. The stock was sold at an average price of $474.08, for a total transaction of $1,552,612.00. Following the sale, the director owned 177,000 shares of the company's stock, valued at approximately $83,912,160. This represents a 1.82% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ramin Younessi sold 438 shares of the stock in a transaction on Friday, August 21st. The shares were sold at an average price of $493.15, for a total value of $215,999.70. Following the completion of the sale, the director owned 1,953 shares in the company, valued at approximately $963,121.95. The trade was a 18.32% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 112,996 shares of company stock valued at $54,644,436. 2.90% of the stock is currently owned by company insiders.

Carpenter Technology Profile

Carpenter Technology Corporation is a manufacturer of premium specialty alloys and engineered materials for demanding applications. The company develops and produces stainless steels, nickel- and cobalt-based alloys, titanium, powder metals, and other high-performance materials designed to withstand extreme temperatures, corrosion, wear, and stress.

Its products are used in the aerospace and defense, medical, energy, transportation, industrial, and consumer sectors. Carpenter also provides specialty manufacturing capabilities, including additive manufacturing powders, precision-engineered components, and materials tailored to specific customer requirements.

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