ProShare Advisors LLC Sells 2,329 Shares of Carpenter Technology Co. (NYSE:CRS)

ProShare Advisors LLC cut its position in shares of Carpenter Technology Co. (NYSE:CRS) by 23.6% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,549 shares of the basic materials company’s stock after selling 2,329 shares during the quarter. ProShare Advisors LLC’s holdings in Carpenter Technology were worth $827,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. Wolf Hill Capital Management LP purchased a new position in Carpenter Technology during the 2nd quarter valued at about $73,850,000. Bayberry Capital Partners LP purchased a new stake in shares of Carpenter Technology in the 1st quarter worth approximately $35,887,000. American Century Companies Inc. increased its position in Carpenter Technology by 129.5% during the 2nd quarter. American Century Companies Inc. now owns 849,097 shares of the basic materials company’s stock valued at $93,044,000 after buying an additional 479,047 shares in the last quarter. Hawk Ridge Capital Management LP raised its stake in Carpenter Technology by 199.1% during the fourth quarter. Hawk Ridge Capital Management LP now owns 688,427 shares of the basic materials company’s stock valued at $48,741,000 after buying an additional 458,227 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its stake in shares of Carpenter Technology by 82.3% in the fourth quarter. Goldman Sachs Group Inc. now owns 972,222 shares of the basic materials company’s stock worth $68,833,000 after acquiring an additional 438,781 shares during the last quarter. Institutional investors own 92.03% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on CRS shares. Deutsche Bank Aktiengesellschaft started coverage on Carpenter Technology in a research report on Tuesday, June 25th. They issued a “buy” rating and a $144.00 price target for the company. Benchmark increased their price target on shares of Carpenter Technology from $140.00 to $175.00 and gave the company a “buy” rating in a report on Friday, July 26th. TD Cowen upped their price target on Carpenter Technology from $116.00 to $125.00 and gave the company a “buy” rating in a report on Monday, June 10th. BTIG Research increased their price objective on shares of Carpenter Technology from $120.00 to $165.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. Finally, Northcoast Research reiterated a “sell” rating and set a $89.00 target price on shares of Carpenter Technology in a research note on Friday, June 14th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $139.60.

Carpenter Technology Stock Up 1.9 %

Shares of CRS stock opened at $159.01 on Friday. The company has a current ratio of 3.41, a quick ratio of 1.84 and a debt-to-equity ratio of 0.43. Carpenter Technology Co. has a 12 month low of $58.87 and a 12 month high of $166.51. The stock has a market cap of $7.89 billion, a P/E ratio of 60.46, a P/E/G ratio of 0.89 and a beta of 1.45. The company has a 50 day simple moving average of $141.83 and a two-hundred day simple moving average of $111.24.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings data on Thursday, July 25th. The basic materials company reported $1.82 EPS for the quarter, topping the consensus estimate of $1.51 by $0.31. The firm had revenue of $798.70 million during the quarter, compared to analyst estimates of $763.76 million. Carpenter Technology had a return on equity of 15.81% and a net margin of 6.76%. Carpenter Technology’s revenue was up 5.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.78 EPS. On average, research analysts expect that Carpenter Technology Co. will post 6.09 earnings per share for the current year.

Carpenter Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Tuesday, August 27th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, August 27th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.50%. Carpenter Technology’s payout ratio is currently 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.