Citizens Financial Group Inc. RI Invests $1.22 Million in Carpenter Technology Corporation $CRS

Key Points

• Citizens Financial Group bought 1,975 shares of Carpenter Technology worth approximately $1.22 million, while institutional investors collectively own 92.03% of the company.
• Analyst sentiment remains positive, with a consensus “Buy” rating and a price target of $577.25; recent targets range from $500 to $700.
• Carpenter Technology reported quarterly EPS of $3.23, exceeding expectations of $3.09, while revenue reached $679.7 million. The company also announced a quarterly dividend of $0.20 per share, equal to a 0.2% yield.

Citizens Financial Group Inc. RI bought a new stake in Carpenter Technology Corporation (NYSE:CRS - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 1,975 shares of the basic materials company's stock, valued at approximately $1,218,000.

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

Wall Street Analyst Weigh In

CRS has been the subject of a number of research reports. KeyCorp reduced their target price on shares of Carpenter Technology from $644.00 to $608.00 and set an "overweight" rating for the company in a research report on Monday, August 3rd. JPMorgan Chase & Co. dropped their price objective on Carpenter Technology from $705.00 to $700.00 and set an "overweight" rating on the stock in a research note on Friday, July 31st. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and set a $500.00 price objective on shares of Carpenter Technology in a report on Thursday, April 30th. Wells Fargo & Company raised their target price on 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, Zacks Research upgraded Carpenter Technology from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $577.25.

Carpenter Technology Price Performance

CRS opened at $531.25 on Wednesday. The company has a market capitalization of $26.33 billion, a price-to-earnings ratio of 50.50, a PEG ratio of 1.98 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 firm has a 50-day moving average price of $569.98 and a 200-day moving average price of $465.82. Carpenter Technology Corporation has a twelve month low of $228.00 and a twelve month high of $625.98.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The basic materials company reported $3.23 EPS for the quarter, beating analysts' consensus estimates of $3.09 by $0.14. Carpenter Technology had a net margin of 16.96% and a return on equity of 26.46%. The company had revenue of $679.70 million for the quarter, compared to analysts' expectations of $863.33 million. During the same period in the prior year, the company posted $2.21 EPS. Carpenter Technology's revenue was up 12.6% compared to the same quarter last year. Equities analysts expect that Carpenter Technology Corporation will post 12.92 EPS for the current year.

Carpenter Technology Dividend Announcement

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

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.

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