ProShare Advisors LLC Has $2.67 Million Holdings in Carpenter Technology Co. (NYSE:CRS)

ProShare Advisors LLC lifted its stake in shares of Carpenter Technology Co. (NYSE:CRS - Free Report) by 57.7% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 15,736 shares of the basic materials company's stock after acquiring an additional 5,759 shares during the quarter. ProShare Advisors LLC's holdings in Carpenter Technology were worth $2,671,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. FMR LLC boosted its position in Carpenter Technology by 28.3% during the fourth quarter. FMR LLC now owns 4,444,608 shares of the basic materials company's stock worth $754,295,000 after purchasing an additional 979,313 shares during the period. Norges Bank acquired a new stake in shares of Carpenter Technology in the fourth quarter worth $100,505,000. Allspring Global Investments Holdings LLC boosted its holdings in shares of Carpenter Technology by 428.4% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 592,034 shares of the basic materials company's stock worth $103,714,000 after buying an additional 479,985 shares during the period. Freestone Grove Partners LP acquired a new position in Carpenter Technology in the 4th quarter valued at $69,285,000. Finally, Invesco Ltd. grew its stake in Carpenter Technology by 30.3% in the 4th quarter. Invesco Ltd. now owns 1,537,235 shares of the basic materials company's stock valued at $260,884,000 after buying an additional 357,417 shares during the last quarter. Institutional investors and hedge funds own 92.03% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. BTIG Research set a $230.00 target price on shares of Carpenter Technology in a research report on Friday, January 31st. JPMorgan Chase & Co. boosted their price objective on Carpenter Technology from $240.00 to $245.00 and gave the stock an "overweight" rating in a research report on Monday, April 28th. Finally, Northcoast Research raised Carpenter Technology from a "sell" rating to a "neutral" rating in a report on Wednesday, April 9th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $168.00.

Insiders Place Their Bets

In other news, Director I Martin Inglis sold 3,433 shares of the stock in a transaction that occurred on Tuesday, April 29th. The stock was sold at an average price of $197.66, for a total value of $678,566.78. Following the completion of the transaction, the director now directly owns 6,732 shares of the company's stock, valued at approximately $1,330,647.12. This represents a 33.77% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 2.90% of the company's stock.

Carpenter Technology Stock Performance

Shares of CRS traded up $4.23 on Monday, reaching $230.23. 886,496 shares of the stock traded hands, compared to its average volume of 763,109. The stock's 50-day moving average price is $193.16 and its 200-day moving average price is $189.95. The company has a debt-to-equity ratio of 0.40, a current ratio of 3.80 and a quick ratio of 1.92. The firm has a market cap of $11.46 billion, a price-to-earnings ratio of 43.44, a P/E/G ratio of 0.93 and a beta of 1.33. Carpenter Technology Co. has a 12 month low of $95.17 and a 12 month high of $236.59.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.74 by $0.14. The firm had revenue of $727.00 million for the quarter, compared to analyst estimates of $729.67 million. Carpenter Technology had a net margin of 9.34% and a return on equity of 19.88%. The business's revenue for the quarter was up 6.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.19 EPS. Equities analysts forecast that Carpenter Technology Co. will post 6.83 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Shareholders of record on Tuesday, April 22nd will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.35%. The ex-dividend date is Tuesday, April 22nd. Carpenter Technology's dividend payout ratio is 11.33%.

Carpenter Technology declared that its board has initiated a stock repurchase program on Thursday, April 24th that authorizes the company to buyback $400.00 million in shares. This buyback authorization authorizes the basic materials company to repurchase up to 4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board of directors believes its stock is undervalued.

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.