State of Michigan Retirement System Acquires Shares of 11,800 Carpenter Technology Co. (NYSE:CRS)

State of Michigan Retirement System acquired a new stake in shares of 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 acquired 11,800 shares of the basic materials company's stock, valued at approximately $2,003,000.

Other institutional investors have also made changes to their positions in the company. Kestra Investment Management LLC acquired a new position in shares of Carpenter Technology during the 4th quarter worth about $25,000. UMB Bank n.a. boosted its position in shares of Carpenter Technology by 169.0% in the fourth quarter. UMB Bank n.a. now owns 304 shares of the basic materials company's stock valued at $52,000 after acquiring an additional 191 shares during the period. Banque Cantonale Vaudoise acquired a new stake in shares of Carpenter Technology in the third quarter worth $65,000. Wilmington Savings Fund Society FSB acquired a new position in Carpenter Technology during the 3rd quarter valued at $80,000. Finally, Morse Asset Management Inc bought a new stake in Carpenter Technology in the 3rd quarter valued at $84,000. 92.03% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on CRS. BTIG Research set a $230.00 price objective on shares of Carpenter Technology in a report on Friday, January 31st. JPMorgan Chase & Co. upped their price target on Carpenter Technology from $235.00 to $240.00 and gave the company an "overweight" rating in a report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating and five have given a buy rating to the company. Based on data from MarketBeat, Carpenter Technology currently has an average rating of "Moderate Buy" and an average target price of $167.17.

Remove Ads

Carpenter Technology Price Performance

CRS traded up $1.01 during midday trading on Wednesday, reaching $181.42. 431,389 shares of the company's stock were exchanged, compared to its average volume of 662,735. The company has a quick ratio of 1.92, a current ratio of 3.80 and a debt-to-equity ratio of 0.40. The business has a 50-day simple moving average of $194.46 and a two-hundred day simple moving average of $175.03. The firm has a market capitalization of $9.06 billion, a price-to-earnings ratio of 34.32, a price-to-earnings-growth ratio of 0.93 and a beta of 1.55. Carpenter Technology Co. has a one year low of $63.58 and a one year high of $213.66.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced 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 return on equity of 19.88% and a net margin of 9.34%. As a group, research analysts predict that Carpenter Technology Co. will post 6.83 EPS for the current year.

Carpenter Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 28th were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.44%. The ex-dividend date of this dividend was Tuesday, January 28th. Carpenter Technology's dividend payout ratio is currently 15.09%.

Carpenter Technology Company Profile

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.