Ameritas Investment Partners Inc. Reduces Position in Carpenter Technology Corporation $CRS

Ameritas Investment Partners Inc. lowered its position in Carpenter Technology Corporation (NYSE:CRS) by 34.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 9,665 shares of the basic materials company’s stock after selling 5,023 shares during the quarter. Ameritas Investment Partners Inc.’s holdings in Carpenter Technology were worth $2,671,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of CRS. Prudential Financial Inc. grew its position in shares of Carpenter Technology by 43.3% during the second quarter. Prudential Financial Inc. now owns 56,082 shares of the basic materials company’s stock worth $15,500,000 after acquiring an additional 16,954 shares during the last quarter. Bowen Hanes & Co. Inc. acquired a new stake in Carpenter Technology during the 2nd quarter worth $38,693,000. AXQ Capital LP acquired a new stake in Carpenter Technology during the 2nd quarter worth $235,000. Journey Strategic Wealth LLC purchased a new position in Carpenter Technology during the 2nd quarter worth $236,000. Finally, Franklin Resources Inc. increased its stake in Carpenter Technology by 10.9% in the second quarter. Franklin Resources Inc. now owns 393,039 shares of the basic materials company’s stock valued at $108,628,000 after purchasing an additional 38,699 shares during the period. 92.03% of the stock is owned by institutional investors and hedge funds.

Carpenter Technology Price Performance

Shares of NYSE:CRS opened at $322.31 on Wednesday. Carpenter Technology Corporation has a 52 week low of $138.61 and a 52 week high of $342.11. The company has a 50-day moving average price of $280.08 and a 200 day moving average price of $262.56. The company has a market cap of $16.06 billion, a P/E ratio of 39.40, a PEG ratio of 1.41 and a beta of 1.47. The company has a quick ratio of 2.37, a current ratio of 4.44 and a debt-to-equity ratio of 0.36.

Carpenter Technology (NYSE:CRS) last released its earnings results on Thursday, October 23rd. The basic materials company reported $2.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.13 by $0.30. The company had revenue of $733.70 million for the quarter, compared to analysts’ expectations of $741.18 million. Carpenter Technology had a return on equity of 22.68% and a net margin of 14.30%.The firm’s quarterly revenue was up 2.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.73 EPS. Research analysts predict that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

Carpenter Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 4th. Shareholders of record on Tuesday, October 21st will be given a $0.20 dividend. The ex-dividend date is Tuesday, October 21st. This represents a $0.80 annualized dividend and a yield of 0.2%. Carpenter Technology’s dividend payout ratio is presently 9.78%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on CRS shares. Jones Trading started coverage on shares of Carpenter Technology in a report on Wednesday, October 22nd. They issued a “buy” rating and a $400.00 target price for the company. Zacks Research cut Carpenter Technology from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 1st. Deutsche Bank Aktiengesellschaft set a $425.00 price objective on Carpenter Technology and gave the company a “buy” rating in a research note on Friday, October 24th. JPMorgan Chase & Co. lifted their target price on Carpenter Technology from $305.00 to $388.00 and gave the company an “overweight” rating in a research note on Wednesday, October 29th. Finally, BTIG Research upped their price target on Carpenter Technology from $305.00 to $365.00 and gave the stock a “buy” rating in a research note on Monday, October 27th. Nine research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $371.14.

Insider Buying and Selling

In other Carpenter Technology news, Director Steven E. Karol sold 3,433 shares of the firm’s stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $245.78, for a total value of $843,762.74. Following the completion of the sale, the director owned 180,000 shares of the company’s stock, valued at approximately $44,240,400. This trade represents a 1.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.90% of the company’s stock.

About Carpenter Technology

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.