State Treasurer State of Michigan increased its stake in shares of Carpenter Technology Corporation (NYSE:CRS) by 1.6% during the second quarter, Holdings Channel reports. The fund owned 19,300 shares of the basic materials company’s stock after buying an additional 300 shares during the period. State Treasurer State of Michigan’s holdings in Carpenter Technology Corporation were worth $722,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Elkfork Partners LLC boosted its position in Carpenter Technology Corporation by 3.3% in the first quarter. Elkfork Partners LLC now owns 3,196 shares of the basic materials company’s stock valued at $119,000 after buying an additional 102 shares during the last quarter. Dubuque Bank & Trust Co. acquired a new position in shares of Carpenter Technology Corporation during the first quarter worth approximately $134,000. LS Investment Advisors LLC boosted its position in shares of Carpenter Technology Corporation by 17.4% in the second quarter. LS Investment Advisors LLC now owns 3,746 shares of the basic materials company’s stock worth $140,000 after buying an additional 556 shares during the last quarter. Public Employees Retirement System of Ohio boosted its position in shares of Carpenter Technology Corporation by 1.8% in the first quarter. Public Employees Retirement System of Ohio now owns 5,244 shares of the basic materials company’s stock worth $196,000 after buying an additional 92 shares during the last quarter. Finally, Fox Run Management L.L.C. acquired a new position in shares of Carpenter Technology Corporation during the second quarter worth approximately $202,000. 94.95% of the stock is owned by institutional investors.

Shares of Carpenter Technology Corporation (NYSE CRS) traded down 0.77% during trading on Thursday, hitting $38.42. 110,141 shares of the company’s stock were exchanged. The company has a market cap of $1.81 billion, a P/E ratio of 38.81 and a beta of 2.08. The company has a 50-day moving average of $38.21 and a 200-day moving average of $38.16. Carpenter Technology Corporation has a 12-month low of $30.37 and a 12-month high of $45.34.

Carpenter Technology Corporation (NYSE:CRS) last released its earnings results on Thursday, July 27th. The basic materials company reported $0.58 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.50 by $0.08. Carpenter Technology Corporation had a net margin of 2.61% and a return on equity of 4.48%. The business had revenue of $507.70 million during the quarter, compared to analyst estimates of $502.40 million. During the same quarter in the prior year, the firm earned $0.35 earnings per share. The company’s revenue for the quarter was up 10.9% compared to the same quarter last year. On average, equities analysts expect that Carpenter Technology Corporation will post $2.16 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 7th. Investors of record on Tuesday, August 22nd will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.86%. The ex-dividend date is Friday, August 18th. Carpenter Technology Corporation’s dividend payout ratio is currently 72.00%.

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CRS has been the subject of a number of recent research reports. Zacks Investment Research raised shares of Carpenter Technology Corporation from a “hold” rating to a “buy” rating and set a $44.00 price objective for the company in a research note on Tuesday, July 18th. Cowen and Company reissued a “hold” rating and issued a $37.00 price objective on shares of Carpenter Technology Corporation in a research note on Thursday, April 27th. TheStreet raised shares of Carpenter Technology Corporation from a “c+” rating to a “b” rating in a research note on Thursday, July 27th. Finally, Longbow Research lifted their price objective on shares of Carpenter Technology Corporation from $48.00 to $50.00 and gave the stock a “buy” rating in a research note on Friday, July 28th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Carpenter Technology Corporation currently has an average rating of “Buy” and an average target price of $43.50.

In related news, Director Steven E. Karol sold 3,877 shares of the company’s stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $40.18, for a total value of $155,777.86. Following the completion of the sale, the director now owns 230,418 shares of the company’s stock, valued at $9,258,195.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders purchased 294,000 shares of company stock valued at $21,490 in the last three months. 3.60% of the stock is currently owned by insiders.

About Carpenter Technology Corporation

Carpenter Technology Corporation is engaged in the manufacturing, fabrication and distribution of specialty metals. The Company’s segments include Specialty Alloys Operations (SAO) and Performance Engineered Products (PEP). Its SAO segment consists of alloy and stainless steel manufacturing operations.

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Institutional Ownership by Quarter for Carpenter Technology Corporation (NYSE:CRS)

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