Hsbc Holdings PLC Trims Stake in Carpenter Technology Corporation $CRS

Key Points

• HSBC Holdings PLC sharply reduced its stake in Carpenter Technology by 89.5% in the fourth quarter, leaving it with 4,614 shares worth about $1.47 million.
• Insiders also sold shares, including VP Marshall D. Akins and Director Anastasios John Hart, while institutional investors still hold about 92.03% of the stock.
• Analysts remain broadly positive on Carpenter Technology, with a consensus rating of “Moderate Buy” and an average price target of $504.88, even as the stock recently traded at $578.78 after a daily decline.

Hsbc Holdings PLC lessened its position in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 89.5% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund 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 institutional investors also recently added to or reduced their stakes in the company. Geneos Wealth Management Inc. acquired a new position in Carpenter Technology in the second quarter valued at $28,000. Armstrong Advisory Group Inc. boosted its stake in shares of Carpenter Technology by 57.3% during the fourth quarter. Armstrong Advisory Group Inc. now owns 118 shares of the basic materials company's stock worth $37,000 after buying an additional 43 shares during the period. Spire Wealth Management boosted its stake in shares of Carpenter Technology by 164.7% during the fourth quarter. Spire Wealth Management now owns 135 shares of the basic materials company's stock worth $42,000 after buying an additional 84 shares during the period. Headlands Technologies LLC purchased a new position in shares of Carpenter Technology during the second quarter worth about $43,000. Finally, Rakuten Securities Inc. purchased a new position in shares of Carpenter Technology during the second quarter worth about $45,000. Institutional investors and hedge funds own 92.03% of the company's stock.

Insiders Place Their Bets

In related news, VP Marshall D. Akins sold 11,815 shares of the stock in a transaction 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 sale, the vice president owned 18,344 shares of the company's stock, valued at $8,096,307.84. This trade represents a 39.18% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Anastasios John Hart sold 750 shares of Carpenter Technology stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $423.86, for a total transaction of $317,895.00. Following the sale, the director owned 750 shares of the company's stock, valued at approximately $317,895. This trade represents a 50.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 2.90% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on CRS shares. TD Cowen lifted their target price on Carpenter Technology from $450.00 to $470.00 and gave the company a "buy" rating in a research note on Friday, May 22nd. Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $500.00 price target on shares of Carpenter Technology in a research note on Thursday, April 30th. Weiss Ratings lowered shares of Carpenter Technology from a "buy (b+)" rating to a "buy (b)" rating in a research report on Wednesday, June 3rd. Susquehanna boosted their price objective on shares of Carpenter Technology from $495.00 to $680.00 and gave the company a "positive" rating in a research note on Thursday. Finally, JPMorgan Chase & Co. upped their price objective 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. Eight analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, Carpenter Technology has a consensus rating of "Moderate Buy" and a consensus price target of $504.88.

Carpenter Technology Price Performance

Shares of Carpenter Technology stock traded down $12.16 on Friday, hitting $578.78. The company's stock had a trading volume of 515,330 shares, compared to its average volume of 862,748. Carpenter Technology Corporation has a 52-week low of $228.00 and a 52-week high of $625.98. The company has a quick ratio of 2.08, a current ratio of 3.73 and a debt-to-equity ratio of 0.33. The firm has a fifty day moving average price of $512.58 and a 200-day moving average price of $422.29. The company has a market capitalization of $28.76 billion, a P/E ratio of 60.92, a price-to-earnings-growth ratio of 1.68 and a beta of 1.22.

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

Carpenter Technology Announces Dividend

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

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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