CIBC Asset Management Inc Boosts Stock Position in Carpenter Technology Co. (NYSE:CRS)

CIBC Asset Management Inc raised its stake in Carpenter Technology Co. (NYSE:CRS) by 5.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,521 shares of the basic materials company’s stock after purchasing an additional 78 shares during the quarter. CIBC Asset Management Inc’s holdings in Carpenter Technology were worth $258,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of CRS. FMR LLC grew its position in Carpenter Technology by 47.1% in the 3rd quarter. FMR LLC now owns 3,465,295 shares of the basic materials company’s stock valued at $552,992,000 after buying an additional 1,108,963 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in shares of 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 valued at $103,714,000 after acquiring an additional 479,985 shares in the last quarter. Forest Avenue Capital Management LP acquired a new position in shares of Carpenter Technology during the third quarter worth about $25,262,000. WCM Investment Management LLC purchased a new position in Carpenter Technology during the third quarter worth about $18,868,000. Finally, Holocene Advisors LP acquired a new stake in Carpenter Technology in the third quarter valued at about $17,337,000. Institutional investors and hedge funds own 92.03% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on the company. JPMorgan Chase & Co. raised their price target on Carpenter Technology from $235.00 to $240.00 and gave the company an “overweight” rating in a report on Wednesday, February 19th. BTIG Research set a $230.00 target price on Carpenter Technology in a report on Friday, January 31st. One equities research analyst has rated the stock with a sell rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $167.17.

Carpenter Technology Stock Performance

CRS opened at $200.21 on Tuesday. Carpenter Technology Co. has a 1-year low of $62.99 and a 1-year high of $213.65. The stock has a market cap of $10.00 billion, a P/E ratio of 37.77, a P/E/G ratio of 0.93 and a beta of 1.54. The stock’s 50 day simple moving average is $189.36 and its 200 day simple moving average is $171.05. 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 (NYSE:CRS) last posted its earnings results on Thursday, January 30th. The basic materials company reported $1.66 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.08. Carpenter Technology had a return on equity of 19.88% and a net margin of 9.34%. As a group, equities analysts anticipate that Carpenter Technology Co. will post 6.83 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 6th. Shareholders of record on Friday, February 28th will be issued a dividend of $0.20 per share. The ex-dividend date is Tuesday, January 28th. This represents a $0.80 annualized dividend and a yield of 0.40%. Carpenter Technology’s dividend payout ratio (DPR) is currently 15.09%.

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.