Bank of New York Mellon Corp Has $120.52 Million Position in Carpenter Technology Corporation $CRS

Bank of New York Mellon Corp lessened its holdings in Carpenter Technology Corporation (NYSE:CRS) by 12.2% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 436,053 shares of the basic materials company’s stock after selling 60,530 shares during the quarter. Bank of New York Mellon Corp’s holdings in Carpenter Technology were worth $120,516,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Radnor Capital Management LLC lifted its stake in Carpenter Technology by 3.3% in the 2nd quarter. Radnor Capital Management LLC now owns 1,240 shares of the basic materials company’s stock worth $343,000 after acquiring an additional 40 shares in the last quarter. M&T Bank Corp lifted its position in shares of Carpenter Technology by 3.9% in the first quarter. M&T Bank Corp now owns 1,541 shares of the basic materials company’s stock worth $279,000 after purchasing an additional 58 shares in the last quarter. Crossmark Global Holdings Inc. boosted its holdings in shares of Carpenter Technology by 2.6% during the first quarter. Crossmark Global Holdings Inc. now owns 3,798 shares of the basic materials company’s stock worth $688,000 after purchasing an additional 97 shares during the period. KLP Kapitalforvaltning AS grew its position in Carpenter Technology by 1.1% during the first quarter. KLP Kapitalforvaltning AS now owns 9,600 shares of the basic materials company’s stock valued at $1,739,000 after purchasing an additional 100 shares in the last quarter. Finally, Gabelli Funds LLC increased its stake in Carpenter Technology by 1.0% in the 1st quarter. Gabelli Funds LLC now owns 10,600 shares of the basic materials company’s stock valued at $1,921,000 after buying an additional 100 shares during the period. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Carpenter Technology Trading Up 3.8%

Carpenter Technology stock opened at $327.68 on Friday. The company has a debt-to-equity ratio of 0.36, a current ratio of 4.44 and a quick ratio of 2.37. The company has a market capitalization of $16.32 billion, a price-to-earnings ratio of 40.06, a PEG ratio of 1.41 and a beta of 1.47. Carpenter Technology Corporation has a one year low of $138.61 and a one year high of $330.50. The company’s fifty day moving average price is $260.98 and its two-hundred day moving average price is $251.65.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings results on Thursday, October 23rd. The basic materials company reported $2.43 earnings per share for the quarter, topping analysts’ consensus estimates of $2.13 by $0.30. The company had revenue of $733.70 million during the quarter, compared to analysts’ expectations of $741.18 million. Carpenter Technology had a return on equity of 22.68% and a net margin of 14.30%.The business’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.73 earnings per share. On average, analysts forecast that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 4th. Shareholders of record on Tuesday, October 21st will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, October 21st. This represents a $0.80 dividend on an annualized basis and a yield of 0.2%. Carpenter Technology’s dividend payout ratio is presently 9.78%.

Insider Buying and Selling at Carpenter Technology

In related news, Director I Martin Inglis sold 5,691 shares of the company’s stock in a transaction on Monday, August 18th. The shares were sold at an average price of $244.54, for a total transaction of $1,391,677.14. Following the completion of the sale, the director directly owned 6,732 shares of the company’s stock, valued at approximately $1,646,243.28. This represents a 45.81% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Tony R. Thene sold 19,000 shares of the firm’s stock in a transaction on Monday, August 18th. The shares were sold at an average price of $244.99, for a total transaction of $4,654,810.00. Following the completion of the transaction, the chief executive officer owned 535,019 shares in the company, valued at $131,074,304.81. The trade was a 3.43% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 28,124 shares of company stock worth $6,890,250 over the last 90 days. Insiders own 2.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. BTIG Research lifted their target price on shares of Carpenter Technology from $305.00 to $365.00 and gave the company a “buy” rating in a research note on Monday, October 27th. Deutsche Bank Aktiengesellschaft set a $425.00 price objective on Carpenter Technology and gave the company a “buy” rating in a research report on Friday, October 24th. TD Cowen boosted their target price on Carpenter Technology from $305.00 to $340.00 and gave the company a “buy” rating in a research note on Friday, October 24th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Carpenter Technology in a research note on Thursday, October 30th. Finally, Cowen reissued a “buy” rating on shares of Carpenter Technology in a research note on Friday, October 24th. Eight equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, Carpenter Technology has a consensus rating of “Moderate Buy” and an average price target of $369.67.

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.