Wells Fargo & Company MN Increases Stock Position in Carpenter Technology Co. (NYSE:CRS)

Wells Fargo & Company MN boosted its stake in Carpenter Technology Co. (NYSE:CRS - Free Report) by 37.4% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 46,454 shares of the basic materials company's stock after buying an additional 12,643 shares during the quarter. Wells Fargo & Company MN owned approximately 0.09% of Carpenter Technology worth $7,884,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of the stock. Geode Capital Management LLC boosted its stake in shares of Carpenter Technology by 3.5% during 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 acquiring an additional 38,411 shares during the last quarter. Norges Bank purchased a new position in Carpenter Technology in the 4th quarter valued at about $100,505,000. Allspring Global Investments Holdings LLC boosted its stake in shares of 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 purchasing an additional 479,985 shares during the last quarter. American Century Companies Inc. grew its holdings in shares of Carpenter Technology by 7.6% during the fourth quarter. American Century Companies Inc. now owns 517,142 shares of the basic materials company's stock worth $87,765,000 after buying an additional 36,606 shares in the last quarter. Finally, Fisher Asset Management LLC raised its position in shares of Carpenter Technology by 7.1% in the fourth quarter. Fisher Asset Management LLC now owns 390,229 shares of the basic materials company's stock valued at $66,226,000 after buying an additional 25,917 shares during the last quarter. Institutional investors and hedge funds own 92.03% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Northcoast Research raised 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 target on Carpenter Technology in a research note on Friday, January 31st. Finally, JPMorgan Chase & Co. upped their price objective on shares of Carpenter Technology from $235.00 to $240.00 and gave the company an "overweight" rating in a research note on Wednesday, February 19th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $167.17.

Carpenter Technology Trading Up 8.8 %

CRS traded up $15.63 on Wednesday, reaching $193.01. 243,612 shares of the company's stock were exchanged, compared to its average volume of 840,498. Carpenter Technology Co. has a twelve month low of $78.20 and a twelve month high of $213.66. The company's 50 day moving average is $183.27 and its 200-day moving average is $181.04. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.92 and a current ratio of 3.80. The company has a market cap of $9.64 billion, a price-to-earnings ratio of 36.42, a PEG ratio of 0.93 and a beta of 1.28.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued its earnings results on Thursday, January 30th. The basic materials company reported $1.66 EPS for the quarter, beating analysts' consensus estimates of $1.58 by $0.08. Carpenter Technology had a net margin of 9.34% and a return on equity of 19.88%. Equities analysts predict that Carpenter Technology Co. will post 6.83 earnings per share for the current year.

Carpenter Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Tuesday, April 22nd will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.41%. The ex-dividend date is Tuesday, April 22nd. Carpenter Technology's payout ratio is 15.09%.

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.