Deutsche Bank AG Has $6.96 Million Holdings in Carpenter Technology Corporation $CRS

Key Points

• Deutsche Bank AG reduced its stake in Carpenter Technology Corporation by 24.0%, now holding approximately $6.96 million worth of stock after selling over 12,000 shares.
• Carpenter Technology reported earnings of $2.21 per share for the last quarter, surpassing estimates, although revenue declined year-over-year.
• The company recently announced a quarterly dividend of $0.20 per share and approved a buyback program authorizing up to $400 million in shares.

Deutsche Bank AG trimmed its holdings in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 24.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 38,396 shares of the basic materials company's stock after selling 12,144 shares during the period. Deutsche Bank AG owned approximately 0.08% of Carpenter Technology worth $6,957,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the company. Horizon Family Wealth Inc. acquired a new position in Carpenter Technology during the first quarter worth about $212,000. Strategic Investment Solutions Inc. IL acquired a new position in Carpenter Technology during the first quarter worth about $49,000. Blair William & Co. IL grew its holdings in Carpenter Technology by 7.9% during the first quarter. Blair William & Co. IL now owns 4,100 shares of the basic materials company's stock worth $743,000 after acquiring an additional 300 shares during the period. Alberta Investment Management Corp grew its holdings in Carpenter Technology by 16.8% during the first quarter. Alberta Investment Management Corp now owns 31,586 shares of the basic materials company's stock worth $5,723,000 after acquiring an additional 4,537 shares during the period. Finally, Natixis Advisors LLC grew its holdings in Carpenter Technology by 36.5% during the first quarter. Natixis Advisors LLC now owns 22,333 shares of the basic materials company's stock worth $4,046,000 after acquiring an additional 5,969 shares during the period. 92.03% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Carpenter Technology news, Director I Martin Inglis sold 5,691 shares of the firm's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $244.54, for a total transaction of $1,391,677.14. Following the completion of the sale, the director directly owned 6,732 shares in the company, valued at approximately $1,646,243.28. This trade represents a 45.81% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Tony R. Thene sold 19,000 shares of the firm's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $244.99, for a total value of $4,654,810.00. Following the sale, the chief executive officer owned 535,019 shares of the company's stock, valued at $131,074,304.81. The trade was a 3.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 25,691 shares of company stock worth $6,290,207. 2.90% of the stock is currently owned by company insiders.

Analyst Ratings Changes

CRS has been the topic of a number of research analyst reports. BTIG Research reaffirmed a "buy" rating on shares of Carpenter Technology in a report on Monday, August 4th. JPMorgan Chase & Co. lifted their target price on Carpenter Technology from $245.00 to $305.00 and gave the stock an "overweight" rating in a report on Tuesday, June 17th. Cowen reaffirmed a "buy" rating on shares of Carpenter Technology in a report on Thursday, June 12th. Finally, Benchmark lifted their target price on Carpenter Technology from $250.00 to $300.00 and gave the stock a "buy" rating in a report on Monday, June 9th. Four investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, Carpenter Technology has an average rating of "Moderate Buy" and an average price target of $278.33.

Carpenter Technology Trading Up 0.6%

CRS stock traded up $1.4160 during mid-day trading on Thursday, reaching $241.5060. 519,580 shares of the stock traded hands, compared to its average volume of 931,469. The company has a current ratio of 3.65, a quick ratio of 2.01 and a debt-to-equity ratio of 0.37. Carpenter Technology Corporation has a 52-week low of $129.57 and a 52-week high of $290.84. The company has a market cap of $12.04 billion, a P/E ratio of 32.55, a P/E/G ratio of 1.11 and a beta of 1.44. The stock's fifty day moving average is $264.61 and its 200-day moving average is $222.30.

Carpenter Technology (NYSE:CRS - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The basic materials company reported $2.21 EPS for the quarter, beating analysts' consensus estimates of $2.03 by $0.18. Carpenter Technology had a net margin of 13.07% and a return on equity of 21.50%. The company had revenue of $755.60 million during the quarter, compared to analyst estimates of $790.73 million. During the same period in the prior year, the firm earned $1.82 earnings per share. The business's quarterly revenue was down 5.4% on a year-over-year basis. As a group, sell-side analysts expect that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

Carpenter Technology announced that its Board of Directors has approved a share buyback program on Thursday, April 24th that allows the company to buyback $400.00 million in shares. This buyback authorization allows the basic materials company to purchase up to 4% of its stock through open market purchases. Stock buyback programs are often a sign that the company's management believes its stock is undervalued.

Carpenter Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Tuesday, August 26th will be given a dividend of $0.20 per share. The ex-dividend date is Tuesday, August 26th. This represents a $0.80 dividend on an annualized basis and a yield of 0.3%. Carpenter Technology's dividend payout ratio (DPR) is presently 10.78%.

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.