Raymond James Financial Inc. Makes New $18.73 Million Investment in Carpenter Technology Co. (NYSE:CRS)

Raymond James Financial Inc. purchased a new position in shares of Carpenter Technology Co. (NYSE:CRS) during the 4th quarter, Holdings Channel reports. The fund purchased 110,369 shares of the basic materials company’s stock, valued at approximately $18,731,000.

Several other institutional investors also recently modified their holdings of the company. FMR LLC grew its stake 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 grew its position in shares of Carpenter Technology by 428.4% during the 4th 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. Forest Avenue Capital Management LP acquired a new position in shares of Carpenter Technology during the 3rd quarter worth approximately $25,262,000. Holocene Advisors LP acquired a new position in shares of Carpenter Technology during the 3rd quarter worth approximately $17,337,000. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Carpenter Technology by 15.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 769,485 shares of the basic materials company’s stock worth $122,794,000 after purchasing an additional 103,559 shares in the last quarter. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Carpenter Technology Price Performance

Shares of NYSE:CRS opened at $184.42 on Tuesday. The firm has a 50 day simple moving average of $194.79 and a 200 day simple moving average of $176.13. The company has a market cap of $9.21 billion, a price-to-earnings ratio of 34.80, a PEG ratio of 0.93 and a beta of 1.55. Carpenter Technology Co. has a one year low of $65.26 and a one year high of $213.66. 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 quarterly earnings data on Thursday, January 30th. The basic materials company reported $1.66 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.08. Carpenter Technology had a net margin of 9.34% and a return on equity of 19.88%. Research analysts predict that Carpenter Technology Co. will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 28th were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.43%. The ex-dividend date of this dividend was Tuesday, January 28th. Carpenter Technology’s dividend payout ratio (DPR) is presently 15.09%.

Wall Street Analyst Weigh In

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

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.