PNC Financial Services Group Inc. Lowers Stake in Carpenter Technology Co. (NYSE:CRS)

PNC Financial Services Group Inc. reduced its position in Carpenter Technology Co. (NYSE:CRS) by 18.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,149 shares of the basic materials company’s stock after selling 1,644 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Carpenter Technology were worth $1,213,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Edgestream Partners L.P. bought a new stake in shares of Carpenter Technology in the fourth quarter valued at about $5,501,000. Inceptionr LLC bought a new stake in shares of Carpenter Technology in the fourth quarter valued at about $462,000. Raymond James Financial Inc. bought a new stake in shares of Carpenter Technology in the fourth quarter valued at about $18,731,000. Arizona State Retirement System raised its holdings in shares of Carpenter Technology by 1.5% in the fourth quarter. Arizona State Retirement System now owns 13,772 shares of the basic materials company’s stock valued at $2,337,000 after acquiring an additional 202 shares in the last quarter. Finally, M&T Bank Corp bought a new stake in shares of Carpenter Technology in the fourth quarter valued at about $252,000. 92.03% of the stock is currently owned by institutional investors.

Carpenter Technology Stock Performance

Shares of Carpenter Technology stock opened at $183.76 on Monday. The company has a market capitalization of $9.18 billion, a PE ratio of 34.67, a P/E/G ratio of 0.93 and a beta of 1.55. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.92 and a current ratio of 3.80. The company has a 50-day simple moving average of $194.79 and a two-hundred day simple moving average of $175.83. Carpenter Technology Co. has a one year low of $65.26 and a one year high of $213.66.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings data on Thursday, January 30th. The basic materials company reported $1.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.08. Carpenter Technology had a net margin of 9.34% and a return on equity of 19.88%. Research analysts expect that Carpenter Technology Co. will post 6.83 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 28th were issued a dividend of $0.20 per share. The ex-dividend date was Tuesday, January 28th. This represents a $0.80 annualized dividend and a dividend yield of 0.44%. Carpenter Technology’s dividend payout ratio (DPR) is currently 15.09%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on CRS shares. JPMorgan Chase & Co. lifted their price objective on Carpenter Technology from $235.00 to $240.00 and gave the company an “overweight” rating in a report on Wednesday, February 19th. BTIG Research set a $230.00 target price on shares of Carpenter Technology in a report on Friday, January 31st. One analyst has rated the stock with a sell rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Carpenter Technology currently has an average rating of “Moderate Buy” and an average target price of $167.17.

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.