Commerce Bank Buys New Holdings in Carpenter Technology Corporation $CRS

Commerce Bank bought a new stake in Carpenter Technology Corporation (NYSE:CRS) during the second quarter, Holdings Channel reports. The fund bought 1,694 shares of the basic materials company’s stock, valued at approximately $1,045,000.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Wealthcare Advisory Partners LLC raised its holdings in shares of Carpenter Technology by 1.7% in the 2nd quarter. Wealthcare Advisory Partners LLC now owns 1,148 shares of the basic materials company’s stock worth $708,000 after purchasing an additional 19 shares during the period. Meeder Advisory Services Inc. lifted its stake in shares of Carpenter Technology by 3.7% in the 4th quarter. Meeder Advisory Services Inc. now owns 889 shares of the basic materials company’s stock valued at $280,000 after purchasing an additional 32 shares in the last quarter. Abel Hall LLC grew its holdings in shares of Carpenter Technology by 3.2% during the 4th 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 period. Northwestern Mutual Investment Management Company LLC grew its holdings in shares of Carpenter Technology by 0.3% during 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 during the period. Finally, Essential Partners LLC grew its holdings in shares of Carpenter Technology by 9.9% during the 1st quarter. Essential Partners LLC now owns 378 shares of the basic materials company’s stock worth $149,000 after purchasing an additional 34 shares during the period. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Insider Transactions at Carpenter Technology

In related news, Director Ramin Younessi sold 438 shares of Carpenter Technology stock in a transaction on Friday, August 21st. The shares were sold at an average price of $493.15, for a total transaction of $215,999.70. Following the sale, the director owned 1,953 shares of the company’s stock, valued at $963,121.95. The trade was a 18.32% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 2.90% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on CRS shares. KeyCorp cut their price target on shares of Carpenter Technology from $644.00 to $608.00 and set an “overweight” rating on the stock in a report on Monday, August 3rd. BTIG Research boosted their price objective on shares of Carpenter Technology from $450.00 to $620.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. 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. TD Cowen raised their target price on shares of Carpenter Technology from $470.00 to $650.00 and gave the company a “buy” rating in a research note on Monday, July 13th. Finally, Susquehanna reduced their target price on shares of Carpenter Technology from $680.00 to $600.00 and set a “positive” rating on the stock in a report on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $577.25.

Carpenter Technology Stock Down 0.6%

Shares of NYSE:CRS opened at $483.19 on Thursday. 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 52-week low of $228.00 and a 52-week high of $625.98. The company has a 50 day moving average of $561.77 and a two-hundred day moving average of $472.72. The company has a market capitalization of $23.95 billion, a price-to-earnings ratio of 45.93, a price-to-earnings-growth ratio of 1.74 and a beta of 1.25.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings data on Thursday, July 30th. The basic materials company reported $3.23 earnings per share (EPS) for the quarter, beating 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 company had revenue of $679.70 million for the quarter, compared to analyst estimates of $863.33 million. During the same quarter last year, the firm posted $2.21 earnings per share. The business’s quarterly revenue was up 12.6% on a year-over-year basis. As a group, analysts forecast that Carpenter Technology Corporation will post 13.08 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Tuesday, August 25th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, August 25th. This represents a $0.80 annualized dividend and a yield of 0.2%. Carpenter Technology’s payout ratio is 7.60%.

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.