Carpenter Technology Co. (NYSE:CRS) Shares Acquired by Summit Investment Advisors Inc.

Summit Investment Advisors Inc. boosted its holdings in Carpenter Technology Co. (NYSE:CRS) by 215.1% during the 4th quarter, Holdings Channel reports. The fund owned 14,914 shares of the basic materials company’s stock after acquiring an additional 10,181 shares during the quarter. Summit Investment Advisors Inc.’s holdings in Carpenter Technology were worth $2,531,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently added to or reduced their stakes in CRS. FMR LLC grew its stake in shares of Carpenter Technology by 28.3% in the fourth quarter. FMR LLC now owns 4,444,608 shares of the basic materials company’s stock worth $754,295,000 after purchasing an additional 979,313 shares in the last quarter. Norges Bank acquired a new stake in Carpenter Technology in the fourth quarter worth about $100,505,000. Allspring Global Investments Holdings LLC grew its position in Carpenter Technology by 428.4% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 592,034 shares of the basic materials company’s stock valued at $103,714,000 after buying an additional 479,985 shares in the last quarter. Invesco Ltd. increased its stake in Carpenter Technology by 30.3% during the 4th quarter. Invesco Ltd. now owns 1,537,235 shares of the basic materials company’s stock valued at $260,884,000 after buying an additional 357,417 shares during the period. Finally, JPMorgan Chase & Co. raised its position in shares of Carpenter Technology by 120.4% during the 4th quarter. JPMorgan Chase & Co. now owns 331,874 shares of the basic materials company’s stock worth $56,322,000 after buying an additional 181,317 shares in the last quarter. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Carpenter Technology Trading Up 1.0 %

Carpenter Technology stock opened at $172.57 on Tuesday. Carpenter Technology Co. has a 1 year low of $74.21 and a 1 year high of $213.66. The firm’s 50 day moving average price is $185.09 and its two-hundred day moving average price is $180.60. The firm has a market cap of $8.62 billion, a price-to-earnings ratio of 32.56, a price-to-earnings-growth ratio of 0.93 and a beta of 1.28. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.92 and a current ratio of 3.80.

Carpenter Technology (NYSE:CRS) last announced its earnings results on Thursday, January 30th. The basic materials company reported $1.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.58 by $0.08. Carpenter Technology had a return on equity of 19.88% and a net margin of 9.34%. On average, research analysts predict that Carpenter Technology Co. will post 6.83 EPS for the current fiscal year.

Carpenter Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Tuesday, April 22nd will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, April 22nd. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.46%. Carpenter Technology’s dividend payout ratio is currently 15.09%.

Wall Street Analysts Forecast Growth

CRS has been the subject of several recent analyst reports. Northcoast Research upgraded shares of Carpenter Technology from a “sell” rating to a “neutral” rating in a report on Wednesday, April 9th. BTIG Research set a $230.00 price target on Carpenter Technology in a research note on Friday, January 31st. Finally, JPMorgan Chase & Co. upped their price objective on Carpenter Technology from $235.00 to $240.00 and gave the company an “overweight” rating in a report on Wednesday, February 19th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, Carpenter Technology has a consensus 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.