Carpenter Technology Corporation $CRS Shares Sold by Franklin Resources Inc.

Franklin Resources Inc. lowered its holdings in Carpenter Technology Corporation (NYSE:CRS) by 5.5% during the fourth quarter, HoldingsChannel.com reports. The fund owned 345,194 shares of the basic materials company’s stock after selling 20,018 shares during the period. Franklin Resources Inc.’s holdings in Carpenter Technology were worth $108,681,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of the business. Brown Miller Wealth Management LLC lifted its holdings in Carpenter Technology by 2.4% in the fourth quarter. Brown Miller Wealth Management LLC now owns 1,411 shares of the basic materials company’s stock worth $444,000 after acquiring an additional 33 shares during the last quarter. Northwestern Mutual Investment Management Company LLC lifted its holdings in Carpenter Technology by 0.3% in the fourth quarter. Northwestern Mutual Investment Management Company LLC now owns 11,146 shares of the basic materials company’s stock worth $3,509,000 after acquiring an additional 34 shares during the last quarter. Clearstead Advisors LLC lifted its holdings in Carpenter Technology by 17.9% in the third quarter. Clearstead Advisors LLC now owns 237 shares of the basic materials company’s stock worth $58,000 after acquiring an additional 36 shares during the last quarter. Armstrong Advisory Group Inc. lifted its holdings in Carpenter Technology by 57.3% in the fourth quarter. Armstrong Advisory Group Inc. now owns 118 shares of the basic materials company’s stock worth $37,000 after acquiring an additional 43 shares during the last quarter. Finally, Pallas Capital Advisors LLC lifted its holdings in Carpenter Technology by 5.3% in the fourth quarter. Pallas Capital Advisors LLC now owns 899 shares of the basic materials company’s stock worth $283,000 after acquiring an additional 45 shares during the last quarter. Institutional investors own 92.03% of the company’s stock.

Insider Activity at Carpenter Technology

In related news, VP Marshall D. Akins sold 11,815 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $441.36, for a total transaction of $5,214,668.40. Following the sale, the vice president owned 18,344 shares of the company’s stock, valued at $8,096,307.84. The trade was a 39.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 sale, the director directly owned 750 shares in the company, valued at approximately $317,895. The trade was a 50.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 2.90% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Wells Fargo & Company raised their target price on shares of Carpenter Technology from $400.00 to $425.00 and gave the stock an “equal weight” rating in a report on Monday, May 4th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $500.00 price target on shares of Carpenter Technology in a report on Thursday, April 30th. KeyCorp lifted their price target on Carpenter Technology from $453.00 to $459.00 and gave the company an “overweight” rating in a report on Monday, May 4th. TD Cowen lifted their price target on Carpenter Technology from $450.00 to $470.00 and gave the company a “buy” rating in a report on Friday, May 22nd. Finally, Susquehanna lifted their price target on Carpenter Technology from $470.00 to $495.00 and gave the company a “positive” rating in a report on Thursday, April 30th. Eight investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $458.63.

Carpenter Technology Stock Performance

CRS opened at $524.90 on Thursday. The business’s 50 day moving average is $439.73 and its 200-day moving average is $380.88. The stock has a market cap of $26.08 billion, a PE ratio of 55.25, a price-to-earnings-growth ratio of 1.94 and a beta of 1.25. 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 twelve month low of $228.00 and a twelve month high of $537.41.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings results on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $797.00 million. During the same quarter in the previous year, the company posted $1.88 earnings per share. The business’s revenue for the quarter was up 11.6% compared to the same quarter last year. On average, analysts predict that Carpenter Technology Corporation will post 10.55 earnings per share for the current year.

Carpenter Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Tuesday, April 28th were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, April 28th. This represents a $0.80 annualized dividend and a yield of 0.2%. Carpenter Technology’s payout ratio is presently 8.42%.

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.