Carpenter Technology Corporation $CRS Shares Sold by Profund Advisors LLC

Profund Advisors LLC reduced its stake in shares of Carpenter Technology Corporation (NYSE:CRS) by 45.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,154 shares of the basic materials company’s stock after selling 959 shares during the period. Profund Advisors LLC’s holdings in Carpenter Technology were worth $319,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Rise Advisors LLC bought a new position in shares of Carpenter Technology during the first quarter worth about $31,000. IMA Advisory Services Inc. acquired a new stake in Carpenter Technology during the first quarter valued at approximately $36,000. Penserra Capital Management LLC bought a new position in Carpenter Technology during the 2nd quarter worth approximately $71,000. Strategic Investment Solutions Inc. IL acquired a new position in shares of Carpenter Technology in the 1st quarter worth approximately $49,000. Finally, Hantz Financial Services Inc. increased its holdings in shares of Carpenter Technology by 1,657.9% in the 2nd quarter. Hantz Financial Services Inc. now owns 334 shares of the basic materials company’s stock valued at $92,000 after acquiring an additional 315 shares during the last quarter. Institutional investors own 92.03% of the company’s stock.

Carpenter Technology Trading Up 1.7%

Carpenter Technology stock opened at $330.36 on Friday. Carpenter Technology Corporation has a 52-week low of $138.61 and a 52-week high of $342.11. The company has a quick ratio of 2.37, a current ratio of 4.44 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $16.46 billion, a price-to-earnings ratio of 40.39, a PEG ratio of 1.41 and a beta of 1.47. The firm has a 50-day moving average price of $269.64 and a two-hundred day moving average price of $256.32.

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 analysts’ consensus estimates of $2.13 by $0.30. The company had revenue of $733.70 million for the quarter, compared to analysts’ expectations of $741.18 million. Carpenter Technology had a return on equity of 22.68% and a net margin of 14.30%.The business’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.73 earnings per share. Sell-side analysts expect that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

Carpenter Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 4th. Stockholders of record on Tuesday, October 21st will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend is Tuesday, October 21st. Carpenter Technology’s dividend payout ratio (DPR) is 9.78%.

Analyst Ratings Changes

Several brokerages recently issued reports on CRS. KeyCorp upgraded Carpenter Technology from a “sector weight” rating to an “overweight” rating and set a $380.00 price objective on the stock in a research note on Thursday. Deutsche Bank Aktiengesellschaft set a $425.00 price target on shares of Carpenter Technology and gave the stock a “buy” rating in a research report on Friday, October 24th. Jones Trading initiated coverage on shares of Carpenter Technology in a research report on Wednesday, October 22nd. They set a “buy” rating and a $400.00 price objective for the company. TD Cowen increased their price objective on shares of Carpenter Technology from $305.00 to $340.00 and gave the stock a “buy” rating in a research note on Friday, October 24th. Finally, BTIG Research lifted 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. Nine analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $371.14.

Insider Activity

In related news, Director I Martin Inglis sold 5,691 shares of Carpenter Technology stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $244.54, for a total transaction of $1,391,677.14. Following the sale, the director directly owned 6,732 shares in the company, valued at $1,646,243.28. The trade was a 45.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Tony R. Thene sold 19,000 shares of the stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $244.99, for a total transaction of $4,654,810.00. Following the completion of the transaction, the chief executive officer owned 535,019 shares of the company’s stock, valued at $131,074,304.81. This represents a 3.43% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 28,124 shares of company stock valued at $6,890,250. Company insiders own 2.90% of the company’s stock.

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.