Principal Financial Group Inc. Sells 2,980 Shares of Carpenter Technology Co. (NYSE:CRS)

Principal Financial Group Inc. reduced its stake in Carpenter Technology Co. (NYSE:CRS - Free Report) by 1.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 292,878 shares of the basic materials company's stock after selling 2,980 shares during the quarter. Principal Financial Group Inc. owned about 0.60% of Carpenter Technology worth $13,109,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the stock. Point72 Hong Kong Ltd bought a new position in shares of Carpenter Technology during the first quarter worth approximately $26,000. Tower Research Capital LLC TRC increased its holdings in shares of Carpenter Technology by 124.5% during the first quarter. Tower Research Capital LLC TRC now owns 979 shares of the basic materials company's stock worth $44,000 after purchasing an additional 543 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in shares of Carpenter Technology by 479.4% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,489 shares of the basic materials company's stock worth $67,000 after purchasing an additional 1,232 shares during the period. Tompkins Financial Corp bought a new position in shares of Carpenter Technology during the first quarter worth approximately $74,000. Finally, Point72 Middle East FZE bought a new position in shares of Carpenter Technology during the fourth quarter worth approximately $95,000. 92.31% of the stock is owned by institutional investors.

CRS has been the topic of several analyst reports. Northcoast Research initiated coverage on shares of Carpenter Technology in a research report on Friday. They set a "buy" rating and a $73.00 price target on the stock. TD Cowen increased their price target on shares of Carpenter Technology from $60.00 to $72.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 1st. StockNews.com initiated coverage on shares of Carpenter Technology in a research report on Thursday, August 17th. They set a "hold" rating on the stock. Finally, TheStreet upgraded shares of Carpenter Technology from a "c+" rating to a "b" rating in a research report on Tuesday, June 20th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $61.00.

View Our Latest Research Report on Carpenter Technology

In other Carpenter Technology news, Director Steven E. Karol sold 810 shares of the business's stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $60.55, for a total value of $49,045.50. Following the transaction, the director now directly owns 229,733 shares in the company, valued at $13,910,333.15. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, Director Steven E. Karol sold 810 shares of the business's stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $60.55, for a total value of $49,045.50. Following the sale, the director now owns 229,733 shares of the company's stock, valued at $13,910,333.15. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Brian J. Malloy sold 10,372 shares of the business's stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $59.69, for a total transaction of $619,104.68. Following the completion of the sale, the senior vice president now directly owns 51,551 shares in the company, valued at approximately $3,077,079.19. The disclosure for this sale can be found here. Corporate insiders own 3.50% of the company's stock.

CRS opened at $58.84 on Monday. Carpenter Technology Co. has a 1-year low of $31.02 and a 1-year high of $61.02. The company has a current ratio of 2.79, a quick ratio of 1.40 and a debt-to-equity ratio of 0.50. The company has a market cap of $2.87 billion, a P/E ratio of 51.17 and a beta of 1.80. The company has a fifty day moving average price of $56.59 and a two-hundred day moving average price of $50.59.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued its quarterly earnings data on Thursday, July 27th. The basic materials company reported $0.78 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.67 by $0.11. Carpenter Technology had a net margin of 2.21% and a return on equity of 4.21%. The firm had revenue of $758.10 million during the quarter, compared to analysts' expectations of $743.07 million. Carpenter Technology's quarterly revenue was up 34.5% compared to the same quarter last year. Analysts predict that Carpenter Technology Co. will post 3.48 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 7th. Shareholders of record on Tuesday, August 22nd will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.36%. The ex-dividend date of this dividend is Monday, August 21st. Carpenter Technology's payout ratio is 69.57%.

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.

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