Goldman Sachs Group Inc. Sells 30,860 Shares of Carpenter Technology Corporation $CRS

Goldman Sachs Group Inc. cut its holdings in Carpenter Technology Corporation (NYSE:CRS) by 7.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 405,823 shares of the basic materials company’s stock after selling 30,860 shares during the quarter. Goldman Sachs Group Inc. owned approximately 0.81% of Carpenter Technology worth $127,769,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of CRS. Geneos Wealth Management Inc. bought a new stake in shares of Carpenter Technology in the second quarter worth about $28,000. Armstrong Advisory Group Inc. grew its stake in shares of 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 purchasing an additional 43 shares during the last quarter. Spire Wealth Management lifted its holdings in Carpenter Technology by 164.7% in the fourth quarter. Spire Wealth Management now owns 135 shares of the basic materials company’s stock worth $42,000 after buying an additional 84 shares during the period. Headlands Technologies LLC purchased a new stake in Carpenter Technology in the second quarter worth about $43,000. Finally, Rakuten Securities Inc. purchased a new stake in Carpenter Technology in the second quarter worth about $45,000. 92.03% of the stock is owned by institutional investors.

Carpenter Technology Price Performance

CRS stock opened at $500.18 on Tuesday. The firm has a 50 day moving average price of $433.74 and a 200-day moving average price of $377.93. Carpenter Technology Corporation has a 52-week low of $228.00 and a 52-week high of $501.79. The firm 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. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.08 and a current ratio of 3.73.

Carpenter Technology (NYSE:CRS) last released its earnings results on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analyst estimates of $797.00 million. During the same period last year, the business earned $1.88 earnings per share. The business’s revenue was up 11.6% on a year-over-year basis. Equities research analysts forecast that Carpenter Technology Corporation will post 10.55 EPS for the current fiscal year.

Carpenter Technology Announces Dividend

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

Insider Activity at Carpenter Technology

In other news, VP Marshall D. Akins sold 11,815 shares of Carpenter Technology stock in a transaction that occurred 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 completion of the transaction, the vice president directly owned 18,344 shares in the company, valued at approximately $8,096,307.84. This trade represents a 39.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Anastasios John Hart sold 750 shares of Carpenter Technology stock in a transaction that occurred 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 transaction, the director owned 750 shares of the company’s stock, valued at $317,895. The trade was a 50.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 2.90% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

CRS has been the subject of several research analyst reports. Wells Fargo & Company raised their price objective 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. TD Cowen raised their price objective on shares of Carpenter Technology from $450.00 to $470.00 and gave the stock a “buy” rating in a report on Friday, May 22nd. Susquehanna raised their price objective on shares of Carpenter Technology from $470.00 to $495.00 and gave the stock a “positive” rating in a report on Thursday, April 30th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $500.00 price objective on shares of Carpenter Technology in a report on Thursday, April 30th. Finally, BTIG Research raised their price objective on shares of Carpenter Technology from $375.00 to $450.00 and gave the stock a “buy” rating in a report on Thursday, April 30th. Eight analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, Carpenter Technology presently 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.