MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Sells 8,355 Shares of Carpenter Technology Corporation $CRS

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. reduced its stake in Carpenter Technology Corporation by 2.3%, holding 359,215 shares valued at approximately $65 million after selling 8,355 shares in the 1st quarter.
• Several large investors, including Invesco Ltd. and Advent International L.P., increased their stakes in Carpenter Technology, signaling strong institutional interest in the company, with 92.03% of the stock owned by institutional investors.
• JPMorgan Chase & Co. and Benchmark both raised their price targets for Carpenter Technology to between $300 and $305, reflecting a positive outlook on the company's performance.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lessened its holdings in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 2.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 359,215 shares of the basic materials company's stock after selling 8,355 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned approximately 0.72% of Carpenter Technology worth $65,083,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in the company. Hancock Whitney Corp acquired a new stake in shares of Carpenter Technology during the 1st quarter valued at about $819,000. Bosun Asset Management LLC lifted its holdings in shares of Carpenter Technology by 34.7% during the 1st quarter. Bosun Asset Management LLC now owns 8,042 shares of the basic materials company's stock valued at $1,457,000 after buying an additional 2,072 shares during the last quarter. Advisors Asset Management Inc. lifted its holdings in shares of Carpenter Technology by 39.5% during the 1st quarter. Advisors Asset Management Inc. now owns 22,232 shares of the basic materials company's stock valued at $4,028,000 after buying an additional 6,293 shares during the last quarter. Amundi lifted its holdings in shares of Carpenter Technology by 344,580.0% during the 1st quarter. Amundi now owns 51,702 shares of the basic materials company's stock valued at $8,610,000 after buying an additional 51,687 shares during the last quarter. Finally, Advent International L.P. lifted its holdings in shares of Carpenter Technology by 12.1% during the 1st quarter. Advent International L.P. now owns 804,832 shares of the basic materials company's stock valued at $145,819,000 after buying an additional 87,186 shares during the last quarter. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Carpenter Technology Price Performance

NYSE:CRS traded down $1.82 during trading hours on Thursday, reaching $245.28. The company had a trading volume of 438,787 shares, compared to its average volume of 905,478. The stock has a 50-day moving average of $259.20 and a two-hundred day moving average of $227.08. The company has a quick ratio of 2.01, a current ratio of 3.65 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $12.23 billion, a PE ratio of 33.05, a PEG ratio of 1.11 and a beta of 1.52. Carpenter Technology Corporation has a one year low of $136.05 and a one year high of $290.84.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its earnings results on Thursday, July 31st. The basic materials company reported $2.21 EPS for the quarter, topping the consensus estimate of $2.03 by $0.18. The company had revenue of $755.60 million for the quarter, compared to analysts' expectations of $790.73 million. Carpenter Technology had a return on equity of 21.50% and a net margin of 13.07%.The business's revenue for the quarter was down 5.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.82 earnings per share. 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 announced a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Tuesday, August 26th were issued a dividend of $0.20 per share. The ex-dividend date was Tuesday, August 26th. This represents a $0.80 dividend on an annualized basis and a yield of 0.3%. Carpenter Technology's dividend payout ratio (DPR) is 10.78%.

Analysts Set New Price Targets

CRS has been the subject of several research reports. Benchmark lifted their price target on Carpenter Technology from $250.00 to $300.00 and gave the company a "buy" rating in a report on Monday, June 9th. BTIG Research restated a "buy" rating on shares of Carpenter Technology in a report on Monday, August 4th. JPMorgan Chase & Co. boosted their target price on Carpenter Technology from $245.00 to $305.00 and gave the stock an "overweight" rating in a report on Tuesday, June 17th. Finally, Cowen restated a "buy" rating on shares of Carpenter Technology in a report on Thursday, June 12th. Four research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $278.33.

Insiders Place Their Bets

In other news, CEO Tony R. Thene sold 19,000 shares of the firm's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $244.99, for a total transaction of $4,654,810.00. Following the sale, the chief executive officer owned 535,019 shares of the company's stock, valued at $131,074,304.81. This trade represents a 3.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director I Martin Inglis sold 5,691 shares of Carpenter Technology stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $244.54, for a total value of $1,391,677.14. Following the completion of the sale, the director directly owned 6,732 shares in the company, valued at approximately $1,646,243.28. This represents a 45.81% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 28,124 shares of company stock worth $6,890,250. Insiders own 2.90% of the company's stock.

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.