Goldman Sachs Group Inc. Cuts Holdings in Carpenter Technology Corporation $CRS

Goldman Sachs Group Inc. trimmed its holdings in shares of Carpenter Technology Corporation (NYSE:CRS) by 7.1% during the 4th quarter, HoldingsChannel.com reports. The firm owned 405,823 shares of the basic materials company’s stock after selling 30,860 shares during the quarter. Goldman Sachs Group Inc.’s holdings in Carpenter Technology were worth $127,769,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the business. Bridges Investment Management Inc. boosted its stake in Carpenter Technology by 51.9% during the 4th quarter. Bridges Investment Management Inc. now owns 1,267 shares of the basic materials company’s stock valued at $399,000 after purchasing an additional 433 shares during the last quarter. Hazlett Burt & Watson Inc. boosted its stake in Carpenter Technology by 20.4% during the 4th quarter. Hazlett Burt & Watson Inc. now owns 537 shares of the basic materials company’s stock valued at $169,000 after purchasing an additional 91 shares during the last quarter. Titan Global Capital Management USA LLC boosted its stake in Carpenter Technology by 26.0% during the 4th quarter. Titan Global Capital Management USA LLC now owns 12,408 shares of the basic materials company’s stock valued at $3,906,000 after purchasing an additional 2,561 shares during the last quarter. Norges Bank purchased a new stake in Carpenter Technology during the 4th quarter valued at $195,254,000. Finally, Eurizon Capital SGR S.p.A. purchased a new stake in Carpenter Technology during the 4th quarter valued at $604,000. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Anastasios John Hart sold 750 shares of the business’s stock in a transaction on Monday, May 4th. The shares were sold at an average price of $423.86, for a total transaction of $317,895.00. Following the completion of the sale, the director owned 750 shares of the company’s stock, valued at $317,895. The trade was a 50.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Marshall D. Akins sold 11,815 shares of the business’s stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $441.36, for a total transaction 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. The trade was 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.

Carpenter Technology Price Performance

NYSE CRS opened at $500.18 on Tuesday. Carpenter Technology Corporation has a 1-year low of $228.00 and a 1-year high of $501.79. The business’s fifty day moving average price is $433.74 and its 200-day moving average price is $377.93. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.73 and a quick ratio of 2.08. The stock has a market capitalization of $24.85 billion, a price-to-earnings ratio of 52.65, a PEG ratio of 1.79 and a beta of 1.25.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings data on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.59 by $0.18. Carpenter Technology had a net margin of 15.82% and a return on equity of 25.02%. The firm had revenue of $655.60 million during the quarter, compared to the consensus estimate of $797.00 million. During the same quarter in the previous year, the firm posted $1.88 EPS. The company’s revenue for the quarter was up 11.6% compared to the same quarter last year. On average, equities analysts predict that Carpenter Technology Corporation will post 10.55 earnings per share for the current year.

Carpenter Technology Announces Dividend

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on CRS shares. Susquehanna increased 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. Weiss Ratings cut Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a report on Wednesday, June 3rd. BTIG Research increased their price target on Carpenter Technology from $375.00 to $450.00 and gave the company a “buy” rating in a report on Thursday, April 30th. TD Cowen increased 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, JPMorgan Chase & Co. increased their price target on Carpenter Technology from $465.00 to $470.00 and gave the company an “overweight” rating in a report on Thursday, April 30th. Eight investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $458.63.

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