Bank of New York Mellon Corp Sells 4,428 Shares of Carpenter Technology Corporation $CRS

Key Points

• Bank of New York Mellon trimmed its Carpenter Technology stake by 1.1% in Q1, selling 4,428 shares and ending with 399,704 shares valued at about $157.5 million.
• Carpenter Technology recently reported better-than-expected EPS of $2.77 versus $2.59 estimated, though revenue came in below forecasts at $655.6 million.
• Wall Street remains largely bullish on the stock, with a consensus Buy rating and an average price target of $556.75, while several analysts recently raised their targets.

Bank of New York Mellon Corp decreased its position in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 1.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 399,704 shares of the basic materials company's stock after selling 4,428 shares during the quarter. Bank of New York Mellon Corp owned about 0.80% of Carpenter Technology worth $157,543,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of the company. Meeder Advisory Services Inc. grew its holdings in shares of Carpenter Technology by 3.7% during the fourth quarter. Meeder Advisory Services Inc. now owns 889 shares of the basic materials company's stock valued at $280,000 after buying an additional 32 shares during the last quarter. Abel Hall LLC raised its holdings in shares of Carpenter Technology by 3.2% in the 4th quarter. Abel Hall LLC now owns 1,019 shares of the basic materials company's stock worth $321,000 after acquiring an additional 32 shares during the last quarter. Brown Miller Wealth Management LLC lifted its position in Carpenter Technology by 2.4% in the 4th quarter. Brown Miller Wealth Management LLC now owns 1,411 shares of the basic materials company's stock valued at $444,000 after acquiring an additional 33 shares in the last quarter. Northwestern Mutual Investment Management Company LLC lifted its position in Carpenter Technology by 0.3% in the 4th quarter. Northwestern Mutual Investment Management Company LLC now owns 11,146 shares of the basic materials company's stock valued at $3,509,000 after acquiring an additional 34 shares in the last quarter. Finally, SJS Investment Consulting Inc. lifted its position 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 acquiring an additional 36 shares in the last quarter. 92.03% of the stock is owned by institutional investors and hedge funds.

Carpenter Technology Trading Down 0.2%

NYSE CRS opened at $556.52 on Monday. The stock has a market cap of $27.65 billion, a P/E ratio of 58.58, a price-to-earnings-growth ratio of 1.57 and a beta of 1.22. Carpenter Technology Corporation has a fifty-two week low of $228.00 and a fifty-two week high of $625.98. The stock has a 50 day simple moving average of $525.05 and a two-hundred day simple moving average of $431.15. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.08 and a current ratio of 3.73.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its quarterly earnings results on Wednesday, April 29th. The basic materials company reported $2.77 EPS 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 during the quarter, compared to analyst estimates of $797.00 million. During the same quarter last year, the firm posted $1.88 earnings per share. The firm's revenue was up 11.6% on a year-over-year basis. On average, analysts forecast that Carpenter Technology Corporation will post 10.58 earnings per share for the current year.

Insider Transactions at Carpenter Technology

In related news, Director Anastasios John Hart sold 750 shares of the firm's stock in a transaction that occurred on Monday, May 4th. The shares were 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 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 Securities & Exchange Commission, which is available at the SEC website. Also, VP Marshall D. Akins sold 11,815 shares of the business's stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $441.36, for a total transaction of $5,214,668.40. Following the completion of the transaction, the vice president owned 18,344 shares of the company's stock, valued at approximately $8,096,307.84. The trade was a 39.18% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 2.90% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

CRS has been the topic of a number of analyst reports. Weiss Ratings downgraded shares of Carpenter Technology from a "buy (b+)" rating to a "buy (b)" rating in a report on Wednesday, June 3rd. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $500.00 target price on shares of Carpenter Technology in a report on Thursday, April 30th. BTIG Research raised their price target on shares of Carpenter Technology from $375.00 to $450.00 and gave the company a "buy" rating in a research report on Thursday, April 30th. Susquehanna boosted their price target on shares of Carpenter Technology from $495.00 to $680.00 and gave the stock a "positive" rating in a report on Thursday, July 9th. Finally, KeyCorp upped their price objective 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. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $556.75.

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.

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