PNC Financial Services Group Inc. Sells 514 Shares of Carpenter Technology Co. (NYSE:CRS)

PNC Financial Services Group Inc. decreased its stake in Carpenter Technology Co. (NYSE:CRS) by 0.8% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 61,556 shares of the basic materials company’s stock after selling 514 shares during the period. PNC Financial Services Group Inc.’s holdings in Carpenter Technology were worth $4,358,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of CRS. Fifth Third Bancorp grew its stake in shares of Carpenter Technology by 322.5% during the 4th quarter. Fifth Third Bancorp now owns 1,162 shares of the basic materials company’s stock worth $82,000 after acquiring an additional 887 shares during the period. NBC Securities Inc. bought a new position in Carpenter Technology in the 3rd quarter worth approximately $91,000. GAMMA Investing LLC purchased a new position in Carpenter Technology in the 4th quarter valued at approximately $100,000. Raymond James Financial Services Advisors Inc. bought a new stake in Carpenter Technology during the 3rd quarter valued at $202,000. Finally, Penobscot Investment Management Company Inc. purchased a new stake in shares of Carpenter Technology during the third quarter worth $202,000. 92.03% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently commented on CRS shares. Northcoast Research reaffirmed a “neutral” rating on shares of Carpenter Technology in a research note on Monday, May 6th. TD Cowen upped their price target on shares of Carpenter Technology from $90.00 to $116.00 and gave the stock a “buy” rating in a report on Thursday, May 2nd. Finally, Benchmark upped their target price on Carpenter Technology from $100.00 to $140.00 and gave the stock a “buy” rating in a research note on Wednesday, May 8th. Two equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, Carpenter Technology has an average rating of “Moderate Buy” and an average target price of $109.67.

Insider Buying and Selling at Carpenter Technology

In other Carpenter Technology news, SVP James D. Dee sold 23,518 shares of the firm’s stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $111.26, for a total transaction of $2,616,612.68. Following the sale, the senior vice president now directly owns 84,798 shares of the company’s stock, valued at $9,434,625.48. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Carpenter Technology news, VP Elizabeth A. Socci sold 802 shares of Carpenter Technology stock in a transaction on Monday, May 6th. The stock was sold at an average price of $102.11, for a total transaction of $81,892.22. Following the completion of the sale, the vice president now directly owns 11,509 shares of the company’s stock, valued at approximately $1,175,183.99. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP James D. Dee sold 23,518 shares of Carpenter Technology stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $111.26, for a total value of $2,616,612.68. Following the completion of the transaction, the senior vice president now owns 84,798 shares in the company, valued at $9,434,625.48. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 59,678 shares of company stock valued at $6,261,693. 3.40% of the stock is owned by company insiders.

Carpenter Technology Stock Up 1.2 %

Shares of Carpenter Technology stock opened at $109.59 on Friday. The company has a 50-day simple moving average of $86.51 and a two-hundred day simple moving average of $73.56. Carpenter Technology Co. has a 52-week low of $44.40 and a 52-week high of $112.32. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.45 and a current ratio of 3.20. The stock has a market capitalization of $5.44 billion, a PE ratio of 41.64 and a beta of 1.47.

Carpenter Technology (NYSE:CRS) last posted its earnings results on Wednesday, May 1st. The basic materials company reported $1.19 EPS for the quarter, topping analysts’ consensus estimates of $0.94 by $0.25. Carpenter Technology had a return on equity of 12.75% and a net margin of 4.83%. The business had revenue of $684.90 million during the quarter, compared to analyst estimates of $707.73 million. During the same quarter last year, the company earned $0.38 EPS. The company’s quarterly revenue was down .8% compared to the same quarter last year. On average, analysts anticipate that Carpenter Technology Co. will post 4.31 EPS for the current fiscal year.

Carpenter Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 6th. Investors of record on Tuesday, April 23rd will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.73%. The ex-dividend date is Monday, April 22nd. This is a boost from Carpenter Technology’s previous quarterly dividend of $0.18. Carpenter Technology’s dividend payout ratio is 30.42%.

About Carpenter Technology

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.