Moody National Bank Trust Division Sells 6,900 Shares of Carpenter Technology Corporation $CRS

Key Points

• Moody National Bank Trust Division reduced its Carpenter Technology stake by 47.8%, selling 6,900 shares in the second quarter and retaining 7,545 shares valued at approximately $4.65 million.
• Carpenter Technology reported quarterly EPS of $3.23, exceeding estimates of $3.09, while revenue rose 12.6% year over year to $679.7 million. Institutional investors own 92.03% of the company.
• Analyst sentiment remains positive, with a consensus “Buy” rating and an average price target of $577.25; recent targets range from $500 to $620, while the stock opened at $571.30.

Moody National Bank Trust Division cut its stake in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 47.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,545 shares of the basic materials company's stock after selling 6,900 shares during the quarter. Moody National Bank Trust Division's holdings in Carpenter Technology were worth $4,654,000 at the end of the most recent quarter.

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

Carpenter Technology Price Performance

Shares of CRS opened at $571.30 on Wednesday. The company has a quick ratio of 2.23, a current ratio of 3.81 and a debt-to-equity ratio of 0.31. Carpenter Technology Corporation has a twelve month low of $228.00 and a twelve month high of $625.98. The stock has a market capitalization of $28.39 billion, a P/E ratio of 54.31, a P/E/G ratio of 1.97 and a beta of 1.25. The company has a 50 day moving average of $557.48 and a 200-day moving average of $451.03.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The basic materials company reported $3.23 EPS for the quarter, topping 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 business had revenue of $679.70 million for the quarter, compared to analyst estimates of $863.33 million. During the same quarter in the previous year, the firm posted $2.21 earnings per share. The firm's revenue for the quarter was up 12.6% on a year-over-year basis. As a group, equities research analysts forecast that Carpenter Technology Corporation will post 12.92 EPS for the current fiscal year.

Analysts Set New Price Targets

CRS has been the topic of several research analyst reports. Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $500.00 target price on shares of Carpenter Technology in a report on Thursday, April 30th. Wells Fargo & Company raised their price objective on shares of Carpenter Technology from $425.00 to $540.00 and gave the stock an "equal weight" rating in a report on Tuesday. Zacks Research raised shares of Carpenter Technology from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, July 15th. BTIG Research increased their target price on Carpenter Technology from $450.00 to $620.00 and gave the stock a "buy" rating in a report on Friday, July 31st. Finally, Susquehanna lowered their target price on Carpenter Technology from $680.00 to $600.00 and set a "positive" rating for the company in a report on Friday, July 31st. One 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.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $577.25.

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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