T. Rowe Price Investment Management Inc. Has $9.88 Million Stock Position in Carpenter Technology Co. (NYSE:CRS)

T. Rowe Price Investment Management Inc. decreased its stake in Carpenter Technology Co. (NYSE:CRS - Free Report) by 83.8% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 58,232 shares of the basic materials company's stock after selling 300,355 shares during the quarter. T. Rowe Price Investment Management Inc. owned 0.12% of Carpenter Technology worth $9,883,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. FMR LLC boosted its position in shares of Carpenter Technology by 28.3% in 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 during the period. Invesco Ltd. boosted its position in shares of Carpenter Technology by 30.3% in the 4th 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 during the period. Geode Capital Management LLC boosted its position in Carpenter Technology by 3.5% during the 4th quarter. Geode Capital Management LLC now owns 1,138,615 shares of the basic materials company's stock worth $193,279,000 after acquiring an additional 38,411 shares during the period. Norges Bank acquired a new stake in Carpenter Technology during the 4th quarter worth about $100,505,000. Finally, Allspring Global Investments Holdings LLC boosted its position in Carpenter Technology by 428.4% during the 4th 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 during the period. Institutional investors and hedge funds own 92.03% of the company's stock.

Carpenter Technology Stock Down 0.4 %

Shares of Carpenter Technology stock opened at $198.70 on Monday. The firm has a market cap of $9.92 billion, a price-to-earnings ratio of 37.49, a P/E/G ratio of 0.93 and a beta of 1.28. The company has a debt-to-equity ratio of 0.40, a current ratio of 3.80 and a quick ratio of 1.92. Carpenter Technology Co. has a 52-week low of $82.46 and a 52-week high of $213.66. The stock has a 50-day simple moving average of $183.39 and a 200-day simple moving average of $181.90.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.88 earnings per share 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. On average, equities research analysts expect that Carpenter Technology Co. will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology declared that its Board of Directors has authorized a share buyback plan on Thursday, April 24th that authorizes the company to repurchase $400.00 million in outstanding shares. This repurchase authorization authorizes the basic materials company to purchase up to 4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board 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. Investors of record on Tuesday, April 22nd will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.40%. The ex-dividend date of this dividend is Tuesday, April 22nd. Carpenter Technology's payout ratio is 11.33%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Northcoast Research upgraded Carpenter Technology from a "sell" rating to a "neutral" rating in a research report on Wednesday, April 9th. BTIG Research set a $230.00 price objective on Carpenter Technology in a research report on Friday, January 31st. Finally, JPMorgan Chase & Co. lifted 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 investment analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Carpenter Technology presently has a consensus rating of "Moderate Buy" and an average target price of $167.17.

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.

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