Harvest Investment Services LLC Has $3.31 Million Stock Position in Carpenter Technology Co. (NYSE:CRS)

Harvest Investment Services LLC grew its stake in shares of Carpenter Technology Co. (NYSE:CRS - Free Report) by 36.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 19,477 shares of the basic materials company's stock after buying an additional 5,224 shares during the period. Harvest Investment Services LLC's holdings in Carpenter Technology were worth $3,305,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of the stock. FMR LLC lifted its holdings 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 valued at $754,295,000 after purchasing an additional 979,313 shares in the last quarter. Invesco Ltd. raised its holdings 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 worth $260,884,000 after buying an additional 357,417 shares during the period. Geode Capital Management LLC lifted its stake in Carpenter Technology by 3.5% in the fourth quarter. Geode Capital Management LLC now owns 1,138,615 shares of the basic materials company's stock valued at $193,279,000 after buying an additional 38,411 shares in the last quarter. Norges Bank acquired a new position in shares of Carpenter Technology in the fourth quarter valued at approximately $100,505,000. Finally, Allspring Global Investments Holdings LLC increased its position in shares of 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 acquiring an additional 479,985 shares in the last quarter. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Carpenter Technology Stock Down 0.4 %

CRS stock traded down $0.70 during midday trading on Friday, hitting $198.70. The company's stock had a trading volume of 1,034,295 shares, compared to its average volume of 752,438. The company's fifty day moving average price is $183.39 and its 200 day moving average price is $181.64. Carpenter Technology Co. has a twelve month low of $81.99 and a twelve month 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. The stock has a market capitalization of $9.92 billion, a P/E ratio of 37.49, a PEG ratio of 0.93 and a beta of 1.28.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its earnings results on Thursday, April 24th. The basic materials company reported $1.88 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.74 by $0.14. Carpenter Technology had a return on equity of 19.88% and a net margin of 9.34%. The business had revenue of $727.00 million for the quarter, compared to the consensus estimate of $729.67 million. As a group, equities research analysts predict that Carpenter Technology Co. will post 6.83 EPS for the current year.

Carpenter Technology declared that its Board of Directors has authorized a share buyback program on Thursday, April 24th that permits the company to buyback $400.00 million in outstanding shares. This buyback authorization permits the basic materials company to repurchase up to 4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's management believes its shares are undervalued.

Carpenter Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Tuesday, April 22nd will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.40%. The ex-dividend date of this dividend is Tuesday, April 22nd. Carpenter Technology's payout ratio is presently 15.09%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on CRS shares. JPMorgan Chase & Co. boosted their price objective on shares of Carpenter Technology from $235.00 to $240.00 and gave the company an "overweight" rating in a research report on Wednesday, February 19th. BTIG Research set a $230.00 price target on Carpenter Technology in a report on Friday, January 31st. Finally, Northcoast Research upgraded Carpenter Technology from a "sell" rating to a "neutral" rating in a report on Wednesday, April 9th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company 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.