Comerica Bank Has $1.77 Million Stock Holdings in Carpenter Technology Co. (NYSE:CRS)

Comerica Bank lifted its stake in shares of Carpenter Technology Co. (NYSE:CRS) by 1.2% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 24,931 shares of the basic materials company’s stock after purchasing an additional 307 shares during the period. Comerica Bank owned approximately 0.05% of Carpenter Technology worth $1,765,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Cape Investment Advisory Inc. purchased a new position in shares of Carpenter Technology during the fourth quarter valued at $29,000. Johnson Financial Group Inc. purchased a new position in shares of Carpenter Technology during the fourth quarter valued at $31,000. Fifth Third Bancorp grew its holdings in shares of Carpenter Technology by 322.5% during the fourth quarter. Fifth Third Bancorp now owns 1,162 shares of the basic materials company’s stock valued at $82,000 after buying an additional 887 shares in the last quarter. NBC Securities Inc. purchased a new position in shares of Carpenter Technology during the third quarter valued at $91,000. Finally, GAMMA Investing LLC purchased a new position in shares of Carpenter Technology during the fourth quarter valued at $100,000. 92.03% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Carpenter Technology news, VP Elizabeth A. Socci sold 802 shares of the business’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $102.11, for a total value of $81,892.22. Following the completion of the sale, the vice president now owns 11,509 shares of the company’s stock, valued at $1,175,183.99. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, Director Steven E. Karol sold 31,000 shares of the business’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $100.57, for a total transaction of $3,117,670.00. Following the completion of the transaction, the director now owns 244,126 shares of the company’s stock, valued at approximately $24,551,751.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Elizabeth A. Socci sold 802 shares of the business’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $102.11, for a total value of $81,892.22. Following the transaction, the vice president now directly owns 11,509 shares of the company’s stock, valued at approximately $1,175,183.99. The disclosure for this sale can be found here. Insiders sold 59,678 shares of company stock valued at $6,261,693 over the last quarter. Insiders own 3.40% of the company’s stock.

Carpenter Technology Stock Up 1.2 %

NYSE CRS traded up $1.28 on Friday, reaching $109.59. The stock had a trading volume of 429,738 shares, compared to its average volume of 727,975. Carpenter Technology Co. has a 1 year low of $44.40 and a 1 year high of $112.32. The business has a 50 day moving average price of $86.51 and a 200 day moving average price of $73.61. The company has a market capitalization of $5.44 billion, a price-to-earnings ratio of 41.67 and a beta of 1.47. The company has a current ratio of 3.20, a quick ratio of 1.45 and a debt-to-equity ratio of 0.46.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings results on Wednesday, May 1st. The basic materials company reported $1.19 earnings per share 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 company had revenue of $684.90 million during the quarter, compared to analysts’ expectations of $707.73 million. During the same quarter in the previous year, the firm earned $0.38 earnings per share. The business’s quarterly revenue was down .8% compared to the same quarter last year. On average, analysts forecast that Carpenter Technology Co. will post 4.31 EPS for the current fiscal year.

Carpenter Technology Increases Dividend

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

Wall Street Analysts Forecast Growth

A number of brokerages have commented on CRS. Northcoast Research restated a “neutral” rating on shares of Carpenter Technology in a research note on Monday, May 6th. Benchmark boosted their target price on Carpenter Technology from $100.00 to $140.00 and gave the company a “buy” rating in a research note on Wednesday, May 8th. Finally, TD Cowen boosted their target price on Carpenter Technology from $90.00 to $116.00 and gave the company a “buy” rating in a research note on Thursday, May 2nd. Two investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Carpenter Technology has a consensus rating of “Moderate Buy” and a consensus price target of $109.67.

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.