New York State Teachers Retirement System cut its holdings in Carpenter Technology Corporation (NYSE:CRS – Free Report) by 7.3% during the first quarter, Holdings Channel.com reports. The firm owned 51,095 shares of the basic materials company’s stock after selling 4,027 shares during the quarter. New York State Teachers Retirement System’s holdings in Carpenter Technology were worth $20,139,000 as of its most recent SEC filing.
Other institutional investors have also made changes to their positions in the company. Woodline Partners LP acquired a new stake in Carpenter Technology in the 1st quarter valued at $4,050,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Carpenter Technology by 1.7% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 104,785 shares of the basic materials company’s stock worth $18,985,000 after buying an additional 1,701 shares during the last quarter. Focus Partners Wealth boosted its stake in shares of Carpenter Technology by 7.3% during the 1st quarter. Focus Partners Wealth now owns 4,615 shares of the basic materials company’s stock worth $836,000 after buying an additional 314 shares during the last quarter. Quantbot Technologies LP bought a new position in shares of Carpenter Technology in the 2nd quarter valued at about $80,000. Finally, Arrowstreet Capital Limited Partnership bought a new position in shares of Carpenter Technology in the 2nd quarter valued at about $533,000. Institutional investors own 92.03% of the company’s stock.
Carpenter Technology Stock Performance
Shares of CRS opened at $597.44 on Friday. The company has a market cap of $29.69 billion, a PE ratio of 62.89, a price-to-earnings-growth ratio of 1.75 and a beta of 1.22. The firm has a 50-day moving average of $495.57 and a 200-day moving average of $412.79. Carpenter Technology Corporation has a one year low of $228.00 and a one year high of $624.50. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.73 and a quick ratio of 2.08.
Carpenter Technology Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Tuesday, April 28th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.1%. The ex-dividend date of this dividend was Tuesday, April 28th. Carpenter Technology’s payout ratio is 8.42%.
Insider Activity at Carpenter Technology
In other Carpenter Technology news, Director Anastasios John Hart sold 750 shares of the company’s stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $423.86, for a total value of $317,895.00. Following the sale, the director owned 750 shares in the company, valued at $317,895. This represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Marshall D. Akins sold 11,815 shares of the firm’s stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $441.36, for a total value of $5,214,668.40. Following the completion of the sale, the vice president directly owned 18,344 shares of the company’s stock, valued at approximately $8,096,307.84. The trade was a 39.18% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 2.90% of the stock is owned by corporate insiders.
Analyst Ratings Changes
A number of analysts recently issued reports on CRS shares. Susquehanna lifted their target price on Carpenter Technology from $470.00 to $495.00 and gave the company a “positive” rating in a research report on Thursday, April 30th. Wells Fargo & Company increased their price target on Carpenter Technology from $400.00 to $425.00 and gave the company an “equal weight” rating in a research report on Monday, May 4th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $500.00 price target on shares of Carpenter Technology in a research note on Thursday, April 30th. BTIG Research boosted their price target on Carpenter Technology from $375.00 to $450.00 and gave the stock a “buy” rating in a research report on Thursday, April 30th. Finally, JPMorgan Chase & Co. upped their price objective on Carpenter Technology from $465.00 to $470.00 and gave the stock an “overweight” rating in a research note on Thursday, April 30th. Eight investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $481.75.
Get Our Latest Research Report on CRS
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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.
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