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Carpenter Technology Corporation $CRS Shares Bought by Hsbc Holdings PLC

Carpenter Technology logo with Basic Materials background

Key Points

  • HSBC Holdings PLC increased its stake in Carpenter Technology Corporation by 82.7% during the first quarter, owning nearly 9,000 shares worth approximately $1.62 million.
  • Carpenter Technology announced a quarterly dividend of $0.20 per share, with an annualized yield of 0.3%, to be paid on September 4th.
  • Analysts have expressed a positive outlook for Carpenter Technology, with several firms raising their price targets, one estimating a target as high as $305.
  • Five stocks we like better than Carpenter Technology.

Hsbc Holdings PLC increased its stake in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 82.7% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 8,994 shares of the basic materials company's stock after acquiring an additional 4,070 shares during the period. Hsbc Holdings PLC's holdings in Carpenter Technology were worth $1,615,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Maven Securities LTD acquired a new stake in shares of Carpenter Technology in the first quarter worth approximately $2,241,000. Fuller & Thaler Asset Management Inc. boosted its position in shares of Carpenter Technology by 29.4% in the first quarter. Fuller & Thaler Asset Management Inc. now owns 503,335 shares of the basic materials company's stock worth $91,194,000 after acquiring an additional 114,435 shares during the last quarter. Wellington Management Group LLP lifted its position in Carpenter Technology by 3.8% during the first quarter. Wellington Management Group LLP now owns 258,504 shares of the basic materials company's stock valued at $46,836,000 after buying an additional 9,409 shares in the last quarter. Algert Global LLC lifted its position in Carpenter Technology by 21.9% during the first quarter. Algert Global LLC now owns 86,281 shares of the basic materials company's stock valued at $15,632,000 after buying an additional 15,520 shares in the last quarter. Finally, Raymond James Financial Inc. lifted its position in Carpenter Technology by 8.2% during the first quarter. Raymond James Financial Inc. now owns 119,448 shares of the basic materials company's stock valued at $21,641,000 after buying an additional 9,079 shares in the last quarter. 92.03% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

Read Our Latest Research Report on CRS

Insider Buying and Selling at Carpenter Technology

In other news, CEO Tony R. Thene sold 19,000 shares of the business's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $244.99, for a total transaction of $4,654,810.00. Following the completion of the transaction, the chief executive officer owned 535,019 shares of the company's stock, valued at approximately $131,074,304.81. The trade was a 3.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director I Martin Inglis sold 5,691 shares of the business's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $244.54, for a total transaction of $1,391,677.14. Following the transaction, the director directly owned 6,732 shares of the company's stock, valued at approximately $1,646,243.28. This trade represents a 45.81% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 25,691 shares of company stock worth $6,290,207 over the last 90 days. Insiders own 2.90% of the company's stock.

Carpenter Technology Stock Down 0.5%

Shares of NYSE:CRS traded down $1.25 during midday trading on Tuesday, reaching $239.63. The company had a trading volume of 332,916 shares, compared to its average volume of 906,636. The company has a debt-to-equity ratio of 0.37, a current ratio of 3.65 and a quick ratio of 2.01. The stock's fifty day moving average price is $263.10 and its 200-day moving average price is $225.36. The stock has a market capitalization of $11.95 billion, a P/E ratio of 32.30, a PEG ratio of 1.10 and a beta of 1.53. Carpenter Technology Corporation has a one year low of $129.57 and a one year high of $290.84.

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

Carpenter Technology Dividend Announcement

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

Carpenter Technology Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Carpenter Technology (NYSE:CRS)

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