ProShare Advisors LLC Acquires 5,759 Shares of Carpenter Technology Co. (NYSE:CRS)

ProShare Advisors LLC increased its stake in Carpenter Technology Co. (NYSE:CRS - Free Report) by 57.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm 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 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CRS. FMR LLC lifted its stake in shares of Carpenter Technology by 28.3% in the fourth quarter. FMR LLC now owns 4,444,608 shares of the basic materials company's stock worth $754,295,000 after acquiring an additional 979,313 shares during the period. Norges Bank bought a new stake in Carpenter Technology in the fourth quarter worth approximately $100,505,000. Allspring Global Investments Holdings LLC increased its holdings in Carpenter Technology by 428.4% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 592,034 shares of the basic materials company's stock worth $103,714,000 after purchasing an additional 479,985 shares in the last quarter. Freestone Grove Partners LP bought a new stake in Carpenter Technology in the fourth quarter worth approximately $69,285,000. Finally, Invesco Ltd. increased its holdings in Carpenter Technology by 30.3% in the fourth quarter. Invesco Ltd. now owns 1,537,235 shares of the basic materials company's stock worth $260,884,000 after purchasing an additional 357,417 shares in the last quarter. 92.03% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Carpenter Technology news, Director I Martin Inglis sold 3,433 shares of the company's stock in a transaction 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 owns 6,732 shares in the company, valued at $1,330,647.12. This represents a 33.77% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.90% of the stock is currently owned by corporate insiders.

Carpenter Technology Stock Up 1.9%

Shares of NYSE:CRS traded up $4.23 during trading on Friday, reaching $230.23. 886,496 shares of the stock were exchanged, compared to its average volume of 761,775. The company has a debt-to-equity ratio of 0.40, a current ratio of 3.80 and a quick ratio of 1.92. Carpenter Technology Co. has a 1-year low of $95.17 and a 1-year high of $236.59. The stock has a fifty day moving average of $193.16 and a two-hundred day moving average of $189.77. The firm has a market cap of $11.46 billion, a price-to-earnings ratio of 43.44, a price-to-earnings-growth ratio of 0.93 and a beta of 1.33.

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

Carpenter Technology declared that its Board of Directors has approved a share repurchase plan on Thursday, April 24th that permits the company to buyback $400.00 million in outstanding shares. This buyback authorization permits the basic materials company to reacquire up to 4% of its shares through open market purchases. Shares buyback plans are often a sign that the company's board of directors believes its shares are undervalued.

Carpenter Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Tuesday, April 22nd will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, April 22nd. This represents a $0.80 annualized dividend and a yield of 0.35%. Carpenter Technology's dividend payout ratio (DPR) is currently 11.33%.

Analyst Ratings Changes

A number of brokerages have weighed in on CRS. JPMorgan Chase & Co. lifted their target price on Carpenter Technology from $240.00 to $245.00 and gave the stock an "overweight" rating in a report on Monday, April 28th. BTIG Research set a $230.00 target price on Carpenter Technology in a report on Friday, January 31st. Finally, Northcoast Research upgraded Carpenter Technology from a "sell" rating to a "neutral" rating in a report on Wednesday, April 9th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Carpenter Technology presently has a consensus rating of "Moderate Buy" and a consensus price target of $168.00.

Carpenter Technology 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.