PNC Financial Services Group Inc. Buys 5,461 Shares of Carpenter Technology Corporation $CRS

Key Points

• PNC Financial Services Group increased its stake in Carpenter Technology by 4.1% in the first quarter, buying 5,461 additional shares and bringing its total holdings to 138,876 shares valued at about $54.7 million.
• Wall Street sentiment remains largely positive, with analysts including BTIG, Deutsche Bank, and KeyCorp raising price targets; the stock now carries a consensus Buy rating and an average target price of $556.75.
• Carpenter Technology reported quarterly EPS of $2.77, topping expectations, though revenue of $655.6 million came in below estimates; the stock was recently trading near $600 and is up 2.1% on the day.

PNC Financial Services Group Inc. grew its stake in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 4.1% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 138,876 shares of the basic materials company's stock after buying an additional 5,461 shares during the quarter. PNC Financial Services Group Inc. owned 0.28% of Carpenter Technology worth $54,738,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Meeder Advisory Services Inc. increased its stake in Carpenter Technology by 3.7% in the fourth quarter. Meeder Advisory Services Inc. now owns 889 shares of the basic materials company's stock valued at $280,000 after acquiring an additional 32 shares during the last quarter. Abel Hall LLC lifted its stake in Carpenter Technology by 3.2% during the fourth quarter. Abel Hall LLC now owns 1,019 shares of the basic materials company's stock worth $321,000 after purchasing an additional 32 shares during the last quarter. Brown Miller Wealth Management LLC lifted its stake in Carpenter Technology by 2.4% during the fourth quarter. Brown Miller Wealth Management LLC now owns 1,411 shares of the basic materials company's stock worth $444,000 after purchasing an additional 33 shares during the last quarter. Northwestern Mutual Investment Management Company LLC boosted its holdings in shares of Carpenter Technology by 0.3% in the 4th quarter. Northwestern Mutual Investment Management Company LLC now owns 11,146 shares of the basic materials company's stock worth $3,509,000 after purchasing an additional 34 shares in the last quarter. Finally, SJS Investment Consulting Inc. boosted its holdings in shares of Carpenter Technology by 81.8% in the 1st 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 in the last quarter. 92.03% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on CRS shares. BTIG Research increased their price objective on Carpenter Technology from $375.00 to $450.00 and gave the company a "buy" rating in a research report on Thursday, April 30th. Wells Fargo & Company boosted their target price on Carpenter Technology from $400.00 to $425.00 and gave the stock an "equal weight" rating in a research report on Monday, May 4th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and issued a $500.00 target price on shares of Carpenter Technology in a research note on Thursday, April 30th. 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. Finally, KeyCorp lifted their price target on shares of Carpenter Technology from $459.00 to $644.00 and gave the stock an "overweight" rating in a research note on Tuesday, June 30th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $556.75.

Carpenter Technology Stock Up 2.1%

CRS opened at $600.28 on Friday. The company has a market cap of $29.83 billion, a P/E ratio of 63.19, a P/E/G ratio of 1.65 and a beta of 1.22. The business's 50-day moving average price is $537.28 and its 200-day moving average price is $438.51. The company has a current ratio of 3.73, a quick ratio of 2.08 and a debt-to-equity ratio of 0.33. Carpenter Technology Corporation has a 12 month low of $228.00 and a 12 month high of $625.98.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued 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 return on equity of 25.02% and a net margin of 15.82%.The company had revenue of $655.60 million during the quarter, compared to analysts' expectations of $797.00 million. During the same period in the prior year, the business posted $1.88 EPS. Carpenter Technology's quarterly revenue was up 11.6% compared to the same quarter last year. On average, equities analysts expect that Carpenter Technology Corporation will post 10.58 EPS for the current year.

Insider Activity at Carpenter Technology

In other Carpenter Technology news, Director Anastasios John Hart sold 750 shares of the business's stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $423.86, for a total value of $317,895.00. Following the completion of the sale, the director owned 750 shares in the company, valued at approximately $317,895. The trade was a 50.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Marshall D. Akins sold 11,815 shares of the stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $441.36, for a total value of $5,214,668.40. Following the sale, the vice president directly owned 18,344 shares of the company's stock, valued at approximately $8,096,307.84. This trade represents a 39.18% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 2.90% of the company's stock.

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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.

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