ProShare Advisors LLC Sells 10,338 Shares of Carpenter Technology Corporation $CRS

ProShare Advisors LLC trimmed its position in shares of Carpenter Technology Corporation (NYSE:CRS) by 82.4% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 2,206 shares of the basic materials company’s stock after selling 10,338 shares during the quarter. ProShare Advisors LLC’s holdings in Carpenter Technology were worth $610,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Egerton Capital UK LLP bought a new position in Carpenter Technology during the first quarter valued at approximately $329,727,000. Invesco Ltd. grew its holdings in shares of Carpenter Technology by 37.1% during the 1st quarter. Invesco Ltd. now owns 2,107,676 shares of the basic materials company’s stock valued at $381,869,000 after purchasing an additional 570,441 shares during the last quarter. William Blair Investment Management LLC purchased a new position in Carpenter Technology in the 2nd quarter worth $134,790,000. Nuveen LLC bought a new stake in Carpenter Technology in the first quarter worth $63,136,000. Finally, Driehaus Capital Management LLC boosted its position in Carpenter Technology by 79.2% during the first quarter. Driehaus Capital Management LLC now owns 572,946 shares of the basic materials company’s stock valued at $103,806,000 after buying an additional 253,163 shares during the period. Institutional investors own 92.03% of the company’s stock.

Insider Transactions at Carpenter Technology

In other Carpenter Technology news, Director Steven E. Karol sold 3,433 shares of the firm’s stock in a transaction dated Tuesday, September 9th. The shares were sold at an average price of $245.78, for a total value of $843,762.74. Following the completion of the sale, the director directly owned 180,000 shares in the company, valued at $44,240,400. This trade represents a 1.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 2.90% of the stock is currently owned by insiders.

Carpenter Technology Price Performance

Shares of Carpenter Technology stock opened at $323.52 on Wednesday. The business has a 50 day moving average of $272.81 and a 200 day moving average of $258.85. Carpenter Technology Corporation has a 52 week low of $138.61 and a 52 week high of $342.11. The company has a market cap of $16.12 billion, a PE ratio of 39.55, a P/E/G ratio of 1.41 and a beta of 1.47. The company has a quick ratio of 2.37, a current ratio of 4.44 and a debt-to-equity ratio of 0.36.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings results on Thursday, October 23rd. The basic materials company reported $2.43 earnings per share for the quarter, beating the consensus estimate of $2.13 by $0.30. Carpenter Technology had a net margin of 14.30% and a return on equity of 22.68%. The business had revenue of $733.70 million for the quarter, compared to analysts’ expectations of $741.18 million. During the same quarter in the previous year, the business posted $1.73 earnings per share. The firm’s revenue for the quarter was up 2.2% compared to the same quarter last year. As a group, equities research analysts forecast that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

Carpenter Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 4th. Investors of record on Tuesday, October 21st will be given a dividend of $0.20 per share. The ex-dividend date is Tuesday, October 21st. This represents a $0.80 annualized dividend and a dividend yield of 0.2%. Carpenter Technology’s payout ratio is currently 9.78%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on CRS shares. BTIG Research boosted their target price on Carpenter Technology from $305.00 to $365.00 and gave the company a “buy” rating in a research note on Monday, October 27th. Jones Trading started coverage on Carpenter Technology in a research report on Wednesday, October 22nd. They issued a “buy” rating and a $400.00 price objective for the company. Cowen restated a “buy” rating on shares of Carpenter Technology in a report on Friday. KeyCorp raised shares of Carpenter Technology from a “sector weight” rating to an “overweight” rating and set a $380.00 target price on the stock in a research note on Thursday, November 13th. Finally, Deutsche Bank Aktiengesellschaft set a $425.00 price target on shares of Carpenter Technology and gave the company a “buy” rating in a research report on Friday, October 24th. Nine analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $371.14.

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.