Royal Bank of Canada Grows Position in Carpenter Technology Corporation $CRS

Key Points

• Royal Bank of Canada increased its Carpenter Technology stake by 22.5% in the first quarter, acquiring 6,584 additional shares for a total position valued at approximately $14.1 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 $700, including an upgrade from Zacks Research to “Strong Buy.”
• Carpenter Technology reported quarterly EPS of $3.23, beating estimates of $3.09, while revenue rose 12.6% year over year to $679.7 million. Shares were trading at $569.98, near the company’s 52-week high of $625.98.

Royal Bank of Canada grew its position in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 22.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 35,870 shares of the basic materials company's stock after purchasing an additional 6,584 shares during the period. Royal Bank of Canada owned about 0.07% of Carpenter Technology worth $14,138,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Whittier Trust Co. of Nevada Inc. purchased a new position in Carpenter Technology during the first quarter worth about $30,000. SJS Investment Consulting Inc. increased its stake in Carpenter Technology by 81.8% in the 1st quarter. SJS Investment Consulting Inc. now owns 80 shares of the basic materials company's stock valued at $32,000 after buying an additional 36 shares during the last quarter. Geneos Wealth Management Inc. bought a new position in shares of Carpenter Technology during the 2nd quarter worth approximately $28,000. Hollencrest Capital Management bought a new position in shares of Carpenter Technology during the 1st quarter worth approximately $52,000. Finally, Longview Financial Advisors Inc. purchased a new position in shares of Carpenter Technology in the 1st quarter worth approximately $55,000. 92.03% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have weighed in on CRS shares. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and issued a $500.00 price objective on shares of Carpenter Technology in a research report on Thursday, April 30th. JPMorgan Chase & Co. lowered their target price on Carpenter Technology from $705.00 to $700.00 and set an "overweight" rating on the stock in a research note on Friday, July 31st. Zacks Research raised shares of Carpenter Technology from a "hold" rating to a "strong-buy" rating in a report on Wednesday, July 15th. KeyCorp reduced their price target on shares of Carpenter Technology from $644.00 to $608.00 and set an "overweight" rating for the company in a research report on Monday. Finally, BTIG Research raised their price objective on shares of Carpenter Technology from $450.00 to $620.00 and gave the stock a "buy" rating in a report on Friday, July 31st. One equities 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, Carpenter Technology has a consensus rating of "Buy" and a consensus price target of $577.25.

Carpenter Technology Trading Up 2.3%

Shares of CRS stock opened at $569.98 on Friday. The company's fifty day simple moving average is $563.62 and its two-hundred day simple moving average is $455.03. The stock has a market capitalization of $28.32 billion, a price-to-earnings ratio of 54.18, a PEG ratio of 2.02 and a beta of 1.25. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.81 and a quick ratio of 2.23. Carpenter Technology Corporation has a 1 year low of $228.00 and a 1 year high of $625.98.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued its earnings results on Thursday, July 30th. The basic materials company reported $3.23 EPS for the quarter, topping the consensus estimate of $3.09 by $0.14. Carpenter Technology had a return on equity of 26.46% and a net margin of 16.96%.The business had revenue of $679.70 million during the quarter, compared to the consensus estimate of $863.33 million. During the same quarter last year, the company earned $2.21 EPS. The firm's revenue was up 12.6% compared to the same quarter last year. As a group, analysts anticipate that Carpenter Technology Corporation will post 12.92 earnings per share for the current year.

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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