Russell Investments Group Ltd. lowered its position in Carpenter Technology Corporation (NYSE:CRS) by 2.0% during the second quarter, Holdings Channel reports. The firm owned 447,960 shares of the basic materials company’s stock after selling 8,917 shares during the period. Russell Investments Group Ltd.’s holdings in Carpenter Technology Corporation were worth $16,767,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also modified their holdings of the company. BlackRock Inc. raised its position in shares of Carpenter Technology Corporation by 17,365.7% in the first quarter. BlackRock Inc. now owns 5,071,683 shares of the basic materials company’s stock worth $189,174,000 after buying an additional 5,042,645 shares during the period. Deprince Race & Zollo Inc. raised its position in shares of Carpenter Technology Corporation by 41.8% in the first quarter. Deprince Race & Zollo Inc. now owns 898,268 shares of the basic materials company’s stock worth $33,505,000 after buying an additional 264,658 shares during the period. Vanguard Group Inc. raised its position in shares of Carpenter Technology Corporation by 6.1% in the first quarter. Vanguard Group Inc. now owns 3,909,291 shares of the basic materials company’s stock worth $145,817,000 after buying an additional 223,197 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Carpenter Technology Corporation by 5.5% in the first quarter. Dimensional Fund Advisors LP now owns 3,926,931 shares of the basic materials company’s stock worth $146,473,000 after buying an additional 206,068 shares during the period. Finally, Chartwell Investment Partners LLC acquired a new position in shares of Carpenter Technology Corporation during the first quarter worth approximately $2,686,000. Institutional investors own 94.95% of the company’s stock.
Carpenter Technology Corporation (CRS) traded down 0.74% during mid-day trading on Wednesday, hitting $38.86. The stock had a trading volume of 106,092 shares. The firm has a market capitalization of $1.83 billion, a price-to-earnings ratio of 39.25 and a beta of 2.08. The stock’s 50 day moving average price is $37.80 and its 200 day moving average price is $38.09. Carpenter Technology Corporation has a one year low of $30.37 and a one year high of $45.33.
Carpenter Technology Corporation (NYSE:CRS) last released its quarterly earnings results on Thursday, July 27th. The basic materials company reported $0.58 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.50 by $0.08. The business had revenue of $507.70 million during the quarter, compared to analysts’ expectations of $502.40 million. Carpenter Technology Corporation had a return on equity of 4.48% and a net margin of 2.61%. The firm’s revenue for the quarter was up 10.9% compared to the same quarter last year. During the same period last year, the firm posted $0.35 EPS. Analysts forecast that Carpenter Technology Corporation will post $2.16 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 7th. Investors of record on Tuesday, August 22nd will be issued a dividend of $0.18 per share. The ex-dividend date of this dividend is Friday, August 18th. This represents a $0.72 annualized dividend and a yield of 1.84%. Carpenter Technology Corporation’s payout ratio is currently 72.00%.
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CRS has been the subject of a number of research analyst reports. Cowen and Company reiterated a “hold” rating and set a $37.00 price target on shares of Carpenter Technology Corporation in a report on Thursday, April 27th. Zacks Investment Research lowered Carpenter Technology Corporation from a “buy” rating to a “hold” rating in a report on Thursday, June 22nd. Longbow Research upped their price target on Carpenter Technology Corporation from $48.00 to $50.00 and gave the stock a “buy” rating in a report on Friday, July 28th. Finally, TheStreet upgraded Carpenter Technology Corporation from a “c+” rating to a “b” rating in a report on Thursday, July 27th. 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 price target of $43.50.
In related news, Director Steven E. Karol sold 3,877 shares of Carpenter Technology Corporation stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $40.18, for a total transaction of $155,777.86. Following the completion of the sale, the director now directly owns 230,418 shares of the company’s stock, valued at approximately $9,258,195.24. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Over the last three months, insiders have purchased 294,000 shares of company stock valued at $21,490. 3.60% of the stock is currently owned by insiders.
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.
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