State Treasurer State of Michigan cut its stake in Carpenter Technology Corporation (NYSE:CRS) by 8.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,600 shares of the basic materials company’s stock after selling 1,700 shares during the quarter. State Treasurer State of Michigan’s holdings in Carpenter Technology Corporation were worth $845,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in CRS. New York State Common Retirement Fund increased its position in shares of Carpenter Technology Corporation by 4.7% during the second quarter. New York State Common Retirement Fund now owns 51,000 shares of the basic materials company’s stock worth $1,909,000 after acquiring an additional 2,299 shares during the last quarter. Marshall Wace North America L.P. purchased a new stake in shares of Carpenter Technology Corporation during the second quarter worth about $802,000. JPMorgan Chase & Co. increased its position in shares of Carpenter Technology Corporation by 13.2% during the second quarter. JPMorgan Chase & Co. now owns 573,376 shares of the basic materials company’s stock worth $21,461,000 after acquiring an additional 66,712 shares during the last quarter. Paradigm Capital Management Inc. NY increased its position in shares of Carpenter Technology Corporation by 23.5% during the second quarter. Paradigm Capital Management Inc. NY now owns 14,700 shares of the basic materials company’s stock worth $551,000 after acquiring an additional 2,800 shares during the last quarter. Finally, Northern Trust Corp increased its position in shares of Carpenter Technology Corporation by 1.6% during the second quarter. Northern Trust Corp now owns 1,072,901 shares of the basic materials company’s stock worth $40,158,000 after acquiring an additional 16,916 shares during the last quarter. 97.68% of the stock is currently owned by institutional investors.

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A number of analysts have recently issued reports on the company. Cowen and Company lifted their target price on Carpenter Technology Corporation from $37.00 to $53.00 in a research report on Thursday, October 26th. KeyCorp reaffirmed a “hold” rating on shares of Carpenter Technology Corporation in a research report on Wednesday, October 11th. Zacks Investment Research raised Carpenter Technology Corporation from a “hold” rating to a “buy” rating and set a $56.00 target price on the stock in a research report on Tuesday, October 3rd. TheStreet raised Carpenter Technology Corporation from a “c+” rating to a “b” rating in a research report on Thursday, July 27th. Finally, Longbow Research lifted their target price on Carpenter Technology Corporation from $48.00 to $50.00 and gave the stock a “buy” rating in a research report on Friday, July 28th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Carpenter Technology Corporation has an average rating of “Buy” and an average price target of $48.17.

Carpenter Technology Corporation (NYSE CRS) opened at $48.00 on Friday. The company has a market capitalization of $2,285.59, a PE ratio of 29.41 and a beta of 2.09. Carpenter Technology Corporation has a 52 week low of $34.24 and a 52 week high of $51.88. The company has a quick ratio of 0.98, a current ratio of 2.91 and a debt-to-equity ratio of 0.45.

Carpenter Technology Corporation (NYSE:CRS) last posted its quarterly earnings results on Thursday, October 26th. The basic materials company reported $0.49 EPS for the quarter, topping the Zacks’ consensus estimate of $0.44 by $0.05. The business had revenue of $479.80 million during the quarter, compared to the consensus estimate of $448.46 million. Carpenter Technology Corporation had a return on equity of 6.67% and a net margin of 4.06%. The company’s revenue for the quarter was up 23.3% compared to the same quarter last year. During the same period last year, the firm earned ($0.08) earnings per share. analysts anticipate that Carpenter Technology Corporation will post 2.24 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 7th. Investors of record on Tuesday, October 24th will be paid a $0.18 dividend. The ex-dividend date is Monday, October 23rd. This represents a $0.72 dividend on an annualized basis and a yield of 1.50%. Carpenter Technology Corporation’s dividend payout ratio (DPR) is 44.44%.

In related news, Director Steven E. Karol sold 2,645 shares of Carpenter Technology Corporation stock in a transaction dated Wednesday, September 6th. The stock was sold at an average price of $40.50, for a total value of $107,122.50. Following the completion of the transaction, the director now directly owns 230,418 shares in the company, valued at $9,331,929. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert R. Mcmaster sold 8,000 shares of Carpenter Technology Corporation stock in a transaction dated Thursday, August 31st. The stock was sold at an average price of $40.44, for a total value of $323,520.00. Following the completion of the transaction, the director now owns 9,200 shares of the company’s stock, valued at $372,048. The disclosure for this sale can be found here. Insiders sold 22,645 shares of company stock valued at $909,803 over the last quarter. Insiders own 4.51% of the company’s stock.

Carpenter Technology Corporation Company Profile

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.

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

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