Bank of New York Mellon Corp increased its stake in shares of Carpenter Technology Corporation (NYSE:CRS) by 18.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,651,339 shares of the basic materials company’s stock after buying an additional 253,969 shares during the period. Bank of New York Mellon Corp owned approximately 3.51% of Carpenter Technology Corporation worth $61,809,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in CRS. Huntington National Bank raised its position in shares of Carpenter Technology Corporation by 2,595.0% in the second quarter. Huntington National Bank now owns 2,695 shares of the basic materials company’s stock valued at $101,000 after buying an additional 2,595 shares in the last quarter. Elkfork Partners LLC raised its position in shares of Carpenter Technology Corporation by 3.3% in the first quarter. Elkfork Partners LLC now owns 3,196 shares of the basic materials company’s stock valued at $119,000 after buying an additional 102 shares in the last quarter. Dubuque Bank & Trust Co. raised its position in shares of Carpenter Technology Corporation by 3.0% in the second quarter. Dubuque Bank & Trust Co. now owns 3,691 shares of the basic materials company’s stock valued at $138,000 after buying an additional 107 shares in the last quarter. LS Investment Advisors LLC raised its position in shares of Carpenter Technology Corporation by 17.4% in the second quarter. LS Investment Advisors LLC now owns 3,746 shares of the basic materials company’s stock valued at $140,000 after buying an additional 556 shares in the last quarter. Finally, Public Employees Retirement System of Ohio raised its position in shares of Carpenter Technology Corporation by 1.8% in the first quarter. Public Employees Retirement System of Ohio now owns 5,244 shares of the basic materials company’s stock valued at $196,000 after buying an additional 92 shares in the last quarter. Hedge funds and other institutional investors own 93.54% of the company’s stock.

Carpenter Technology Corporation (NYSE:CRS) opened at 40.53 on Friday. The firm has a market cap of $1.90 billion, a price-to-earnings ratio of 40.94 and a beta of 2.08. The stock’s 50 day moving average is $39.06 and its 200 day moving average is $37.94. Carpenter Technology Corporation has a one year low of $30.37 and a one year high of $45.33.

Carpenter Technology Corporation (NYSE:CRS) last issued its quarterly earnings results on Thursday, July 27th. The basic materials company reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.50 by $0.08. Carpenter Technology Corporation had a net margin of 2.61% and a return on equity of 4.48%. The company had revenue of $507.70 million during the quarter, compared to analysts’ expectations of $502.40 million. During the same period last year, the company posted $0.35 EPS. Carpenter Technology Corporation’s revenue was up 10.9% on a year-over-year basis. On average, analysts predict that Carpenter Technology Corporation will post $2.15 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 7th. Investors of record on Tuesday, August 22nd will be given a dividend of $0.18 per share. The ex-dividend date of this dividend is Friday, August 18th. This represents a $0.72 dividend on an annualized basis and a yield of 1.78%. Carpenter Technology Corporation’s dividend payout ratio (DPR) is currently 72.00%.

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Several brokerages have recently weighed in on CRS. Zacks Investment Research lowered shares of Carpenter Technology Corporation from a “buy” rating to a “hold” rating in a report on Thursday, June 22nd. Longbow Research upped their price objective on shares of Carpenter Technology Corporation from $48.00 to $50.00 and gave the company a “buy” rating in a report on Friday, July 28th. Cowen and Company reiterated a “hold” rating and set a $37.00 price objective on shares of Carpenter Technology Corporation in a report on Monday, July 17th. Finally, TheStreet upgraded shares of Carpenter Technology Corporation from a “c+” rating to a “b” rating in a report on Thursday, July 27th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $43.50.

In related news, Director Jeffrey Wadsworth sold 4,000 shares of Carpenter Technology Corporation stock in a transaction dated Friday, August 25th. The shares were sold at an average price of $40.25, for a total transaction of $161,000.00. Following the completion of the transaction, the director now directly owns 4,200 shares of the company’s stock, valued at approximately $169,050. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Steven E. Karol sold 3,877 shares of Carpenter Technology Corporation stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $40.18, for a total transaction of $155,777.86. Following the transaction, the director now directly owns 230,418 shares of the company’s stock, valued at $9,258,195.24. The disclosure for this sale can be found here. Over the last three months, insiders have sold 65,877 shares of company stock valued at $638,438. 3.60% of the stock is currently owned by corporate insiders.

Carpenter Technology Corporation Company Profile

Carpenter Technology Corporation is engaged in the manufacturing, fabrication and distribution of specialty metals. The Company’s segments include Specialty Alloys Operations (SAO) and Performance Engineered Products (PEP). Its SAO segment consists of alloy and stainless steel manufacturing operations.

Institutional Ownership by Quarter for Carpenter Technology Corporation (NYSE:CRS)

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