Hsbc Holdings PLC Trims Holdings in Carpenter Technology Corporation $CRS

Key Points

• HSBC Holdings PLC sharply cut its stake in Carpenter Technology by 89.5% in the fourth quarter, selling 39,193 shares and leaving it with 4,614 shares valued at about $1.47 million.
• Analysts remain broadly positive on the stock, with eight Buy ratings and two Holds; the consensus view is Moderate Buy with an average price target of $481.75.
• Carpenter Technology reported better-than-expected EPS of $2.77 in its latest quarter, though revenue came in below estimates, and the stock has recently traded near its 52-week high after rising to $615.95.

Hsbc Holdings PLC lowered its position in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 89.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,614 shares of the basic materials company's stock after selling 39,193 shares during the quarter. Hsbc Holdings PLC's holdings in Carpenter Technology were worth $1,465,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Geneos Wealth Management Inc. purchased a new stake in Carpenter Technology in the 2nd quarter worth $28,000. Armstrong Advisory Group Inc. lifted its position in shares of Carpenter Technology by 57.3% in the fourth quarter. Armstrong Advisory Group Inc. now owns 118 shares of the basic materials company's stock valued at $37,000 after acquiring an additional 43 shares in the last quarter. Spire Wealth Management boosted its stake in shares of Carpenter Technology by 164.7% in the fourth quarter. Spire Wealth Management now owns 135 shares of the basic materials company's stock worth $42,000 after acquiring an additional 84 shares during the period. Headlands Technologies LLC bought a new position in shares of Carpenter Technology in the second quarter worth about $43,000. Finally, Rakuten Securities Inc. bought a new position in shares of Carpenter Technology in the second quarter worth about $45,000. 92.03% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

CRS has been the topic of several recent analyst reports. Wells Fargo & Company lifted their target price on Carpenter Technology from $400.00 to $425.00 and gave the company an "equal weight" rating in a research note on Monday, May 4th. KeyCorp increased their price objective on shares of Carpenter Technology from $459.00 to $644.00 and gave the company an "overweight" rating in a report on Tuesday. Weiss Ratings cut shares of Carpenter Technology from a "buy (b+)" rating to a "buy (b)" rating in a research report on Wednesday, June 3rd. JPMorgan Chase & Co. upped their target price on shares of Carpenter Technology from $465.00 to $470.00 and gave the stock an "overweight" rating in a research report on Thursday, April 30th. Finally, TD Cowen raised their target price on shares of Carpenter Technology from $450.00 to $470.00 and gave the company a "buy" rating in a research note on Friday, May 22nd. Eight investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $481.75.

Insider Buying and Selling

In other Carpenter Technology news, Director Anastasios John Hart sold 750 shares of the business's stock in a transaction 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 transaction, the director owned 750 shares in the company, valued at $317,895. The trade was a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Marshall D. Akins sold 11,815 shares of the stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $441.36, for a total transaction of $5,214,668.40. Following the completion of the sale, the vice president directly owned 18,344 shares in the company, valued at approximately $8,096,307.84. This represents a 39.18% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 2.90% of the company's stock.

Carpenter Technology Stock Up 1.5%

NYSE CRS opened at $615.95 on Wednesday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.08 and a current ratio of 3.73. The company has a market capitalization of $30.61 billion, a P/E ratio of 64.84, a P/E/G ratio of 2.09 and a beta of 1.25. Carpenter Technology Corporation has a one year low of $228.00 and a one year high of $624.50. The stock has a 50 day moving average price of $485.76 and a 200-day moving average price of $407.52.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its quarterly earnings results on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share for the quarter, topping the consensus estimate of $2.59 by $0.18. The company had revenue of $655.60 million for the quarter, compared to analysts' expectations of $797.00 million. Carpenter Technology had a net margin of 15.82% and a return on equity of 25.02%. Carpenter Technology's quarterly revenue was up 11.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.88 earnings per share. As a group, equities analysts predict that Carpenter Technology Corporation will post 10.56 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Tuesday, April 28th were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.1%. The ex-dividend date of this dividend was Tuesday, April 28th. Carpenter Technology's payout ratio is presently 8.42%.

Carpenter Technology 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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