Chase Investment Counsel Corp Makes New $216,000 Investment in Carpenter Technology Co. (NYSE:CRS)

Chase Investment Counsel Corp purchased a new stake in Carpenter Technology Co. (NYSE:CRS - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 1,274 shares of the basic materials company's stock, valued at approximately $216,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Stratos Wealth Partners LTD. increased its stake in Carpenter Technology by 2.7% during the 4th quarter. Stratos Wealth Partners LTD. now owns 2,415 shares of the basic materials company's stock worth $410,000 after purchasing an additional 63 shares in the last quarter. CIBC Asset Management Inc lifted its position in Carpenter Technology by 5.4% during the 4th quarter. CIBC Asset Management Inc now owns 1,521 shares of the basic materials company's stock worth $258,000 after buying an additional 78 shares in the last quarter. Strengthening Families & Communities LLC boosted its stake in shares of Carpenter Technology by 0.6% during the 3rd quarter. Strengthening Families & Communities LLC now owns 17,314 shares of the basic materials company's stock worth $2,763,000 after buying an additional 100 shares during the last quarter. Fifth Third Bancorp grew its holdings in shares of Carpenter Technology by 23.5% in the 4th quarter. Fifth Third Bancorp now owns 573 shares of the basic materials company's stock valued at $97,000 after acquiring an additional 109 shares in the last quarter. Finally, Wesbanco Bank Inc. increased its position in shares of Carpenter Technology by 1.2% in the fourth quarter. Wesbanco Bank Inc. now owns 9,797 shares of the basic materials company's stock valued at $1,663,000 after acquiring an additional 115 shares during the last quarter. 92.03% of the stock is currently owned by institutional investors.

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Analyst Ratings Changes

A number of research firms have weighed in on CRS. 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 research note on Wednesday, February 19th. BTIG Research set a $230.00 target price on shares of Carpenter Technology in a report on Friday, January 31st. One research analyst has rated the stock with a sell rating and five have assigned a buy rating to the company. According to MarketBeat.com, Carpenter Technology currently has a consensus rating of "Moderate Buy" and a consensus target price of $167.17.

Carpenter Technology Stock Performance

NYSE CRS traded up $1.26 during trading on Wednesday, reaching $203.24. The company's stock had a trading volume of 631,001 shares, compared to its average volume of 645,858. The firm has a 50 day moving average price of $193.16 and a 200 day moving average price of $173.60. Carpenter Technology Co. has a 12 month low of $62.99 and a 12 month high of $213.66. The firm has a market capitalization of $10.15 billion, a price-to-earnings ratio of 38.35, a price-to-earnings-growth ratio of 0.93 and a beta of 1.54. The company has a current ratio of 3.80, a quick ratio of 1.92 and a debt-to-equity ratio of 0.40.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued 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%. 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 business also recently declared a quarterly dividend, which will be paid on Thursday, March 6th. Investors of record on Friday, February 28th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.39%. The ex-dividend date is Tuesday, January 28th. Carpenter Technology's dividend payout ratio (DPR) 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.