Elevatus Welath Management Takes $207,000 Position in Carpenter Technology Co. (NYSE:CRS)

Elevatus Welath Management bought a new position in shares of Carpenter Technology Co. (NYSE:CRS) during the 4th quarter, Holdings Channel reports. The institutional investor bought 1,218 shares of the basic materials company’s stock, valued at approximately $207,000.

Several other large investors have also recently bought and sold shares of CRS. FMR LLC raised its stake in shares of Carpenter Technology by 28.3% during the 4th 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 position in Carpenter Technology during the fourth quarter worth $100,505,000. Allspring Global Investments Holdings LLC increased its holdings in Carpenter Technology by 428.4% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 592,034 shares of the basic materials company’s stock worth $103,714,000 after buying an additional 479,985 shares during the last quarter. Invesco Ltd. raised its position in Carpenter Technology by 30.3% during the fourth quarter. Invesco Ltd. now owns 1,537,235 shares of the basic materials company’s stock worth $260,884,000 after acquiring an additional 357,417 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in Carpenter Technology by 120.4% in the fourth quarter. JPMorgan Chase & Co. now owns 331,874 shares of the basic materials company’s stock valued at $56,322,000 after acquiring an additional 181,317 shares during the last quarter. 92.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CRS. JPMorgan Chase & Co. boosted their price objective on shares of Carpenter Technology from $235.00 to $240.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 19th. Northcoast Research raised Carpenter Technology from a “sell” rating to a “neutral” rating in a research report on Wednesday, April 9th. Finally, BTIG Research set a $230.00 price objective on Carpenter Technology in a research report on Friday, January 31st. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $167.17.

Carpenter Technology Stock Down 1.2 %

Carpenter Technology stock opened at $170.19 on Friday. Carpenter Technology Co. has a twelve month low of $75.73 and a twelve month high of $213.66. The stock has a market cap of $8.50 billion, a P/E ratio of 32.11, a P/E/G ratio of 0.93 and a beta of 1.28. The company’s 50-day moving average price is $183.77 and its two-hundred day moving average price is $180.66. The company has a quick ratio of 1.92, a current ratio of 3.80 and a debt-to-equity ratio of 0.40.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings results 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 return on equity of 19.88% and a net margin of 9.34%. As a group, analysts expect that Carpenter Technology Co. will post 6.83 EPS for the current year.

Carpenter Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Tuesday, April 22nd will be given a $0.20 dividend. 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 0.47%. Carpenter Technology’s payout ratio is presently 15.09%.

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.