State of Tennessee Department of Treasury Acquires 8,113 Shares of Carpenter Technology Co. (NYSE:CRS)

State of Tennessee Department of Treasury increased its holdings in Carpenter Technology Co. (NYSE:CRS - Free Report) by 33.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 32,428 shares of the basic materials company's stock after acquiring an additional 8,113 shares during the period. State of Tennessee Department of Treasury owned about 0.06% of Carpenter Technology worth $5,503,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in CRS. FMR LLC raised its stake in shares of Carpenter Technology by 28.3% in the fourth quarter. FMR LLC now owns 4,444,608 shares of the basic materials company's stock worth $754,295,000 after purchasing an additional 979,313 shares during the last quarter. Norges Bank bought a new stake in shares of Carpenter Technology in the 4th quarter worth $100,505,000. Allspring Global Investments Holdings LLC raised its holdings in shares of 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. Invesco Ltd. lifted its position in shares of Carpenter Technology by 30.3% during the fourth quarter. Invesco Ltd. now owns 1,537,235 shares of the basic materials company's stock valued at $260,884,000 after purchasing an additional 357,417 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in Carpenter Technology by 120.4% during the fourth quarter. JPMorgan Chase & Co. now owns 331,874 shares of the basic materials company's stock worth $56,322,000 after purchasing an additional 181,317 shares during the last quarter. Institutional investors own 92.03% of the company's stock.

Carpenter Technology Stock Down 0.4 %

Carpenter Technology stock opened at $198.70 on Friday. 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 company has a market capitalization of $9.92 billion, a P/E ratio of 37.49, a P/E/G ratio of 0.93 and a beta of 1.28. The firm has a 50 day moving average price of $183.39 and a 200-day moving average price of $181.64. Carpenter Technology Co. has a twelve month low of $81.99 and a twelve month high of $213.66.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its quarterly earnings data 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. The business had revenue of $727.00 million for the quarter, compared to analysts' expectations of $729.67 million. Carpenter Technology had a return on equity of 19.88% and a net margin of 9.34%. As a group, equities analysts predict that Carpenter Technology Co. will post 6.83 EPS for the current year.

Carpenter Technology Dividend Announcement

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

Carpenter Technology declared that its Board of Directors has approved a stock repurchase plan on Thursday, April 24th that permits the company to buyback $400.00 million in shares. This buyback authorization permits the basic materials company to reacquire up to 4% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's management believes its shares are undervalued.

Analyst Ratings Changes

CRS has been the subject of several analyst reports. BTIG Research set a $230.00 price objective on shares of Carpenter Technology in a research note on Friday, January 31st. Northcoast Research raised Carpenter Technology from a "sell" rating to a "neutral" rating in a research report on Wednesday, April 9th. Finally, JPMorgan Chase & Co. lifted their price target on Carpenter Technology from $235.00 to $240.00 and gave the stock an "overweight" rating in a report on Wednesday, February 19th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Carpenter Technology currently has a consensus rating of "Moderate Buy" and an average price target of $167.17.

Carpenter Technology 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.

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