M&T Bank Corp Purchases New Shares in Carpenter Technology Co. (NYSE:CRS)

M&T Bank Corp acquired a new position in Carpenter Technology Co. (NYSE:CRS - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 1,483 shares of the basic materials company's stock, valued at approximately $252,000.

A number of other hedge funds also recently bought and sold shares of the stock. FMR LLC boosted its position in shares of Carpenter Technology by 47.1% in the 3rd quarter. FMR LLC now owns 3,465,295 shares of the basic materials company's stock worth $552,992,000 after purchasing an additional 1,108,963 shares in the last quarter. Allspring Global Investments Holdings LLC raised 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 buying an additional 479,985 shares during the last quarter. Forest Avenue Capital Management LP acquired a new stake in Carpenter Technology in the third quarter worth about $25,262,000. Holocene Advisors LP purchased a new stake in shares of Carpenter Technology during the third quarter worth about $17,337,000. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Carpenter Technology by 15.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 769,485 shares of the basic materials company's stock valued at $122,794,000 after purchasing an additional 103,559 shares during the last quarter. Hedge funds and other institutional investors own 92.03% of the company's stock.

Analyst Ratings Changes

Several analysts have weighed in on CRS shares. BTIG Research set a $230.00 target price on shares of Carpenter Technology in a research report on Friday, January 31st. 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 report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $167.17.

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Carpenter Technology Stock Performance

Shares of Carpenter Technology stock traded up $9.39 during trading on Wednesday, hitting $190.93. 454,550 shares of the company's stock were exchanged, compared to its average volume of 664,658. The stock has a market capitalization of $9.54 billion, a price-to-earnings ratio of 36.02, a PEG ratio of 0.93 and a beta of 1.55. The business has a 50-day simple moving average of $194.80 and a 200-day simple moving average of $176.39. Carpenter Technology Co. has a 52-week low of $66.00 and a 52-week high of $213.66. 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 - Get Free Report) last released its quarterly earnings results on Thursday, January 30th. The basic materials company reported $1.66 EPS for the quarter, beating the consensus estimate of $1.58 by $0.08. Carpenter Technology had a net margin of 9.34% and a return on equity of 19.88%. On average, research analysts forecast that Carpenter Technology Co. will post 6.83 EPS for the current year.

Carpenter Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 28th were paid a $0.20 dividend. The ex-dividend date was Tuesday, January 28th. This represents a $0.80 annualized dividend and a dividend yield of 0.42%. Carpenter Technology's dividend 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.