California Public Employees Retirement System Increases Position in Carpenter Technology Co. (NYSE:CRS)

California Public Employees Retirement System lifted its position in shares of Carpenter Technology Co. (NYSE:CRS) by 5.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 83,899 shares of the basic materials company’s stock after purchasing an additional 4,495 shares during the period. California Public Employees Retirement System’s holdings in Carpenter Technology were worth $14,238,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Tidal Investments LLC lifted its holdings in Carpenter Technology by 91.9% during the 3rd quarter. Tidal Investments LLC now owns 21,083 shares of the basic materials company’s stock worth $3,364,000 after buying an additional 10,094 shares during the last quarter. Manuka Financial LLC acquired a new stake in shares of Carpenter Technology during the 4th quarter worth about $368,000. Park Avenue Securities LLC purchased a new stake in Carpenter Technology during the fourth quarter worth approximately $419,000. XML Financial LLC boosted its holdings in Carpenter Technology by 215.3% in the fourth quarter. XML Financial LLC now owns 9,460 shares of the basic materials company’s stock valued at $1,605,000 after purchasing an additional 6,460 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its stake in 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 purchasing an additional 479,985 shares during the last quarter. Institutional investors and hedge funds own 92.03% of the company’s stock.

Carpenter Technology Stock Down 9.4 %

CRS stock opened at $150.90 on Friday. The company has a market cap of $7.54 billion, a price-to-earnings ratio of 28.47, a price-to-earnings-growth ratio of 0.93 and a beta of 1.28. The company has a fifty day moving average price of $190.40 and a 200 day moving average price of $179.94. 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 Co. has a 12 month low of $74.21 and a 12 month high of $213.66.

Carpenter Technology (NYSE:CRS) last released its quarterly 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%. Sell-side analysts expect that Carpenter Technology Co. will post 6.83 earnings per share for the current year.

Carpenter Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 28th were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.53%. The ex-dividend date of this dividend was Tuesday, January 28th. Carpenter Technology’s dividend payout ratio (DPR) is presently 15.09%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on CRS shares. 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 report on Wednesday, February 19th. BTIG Research set a $230.00 price target on shares of Carpenter Technology in a research report on Friday, January 31st. One analyst has rated the stock with a sell rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, Carpenter Technology presently 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.