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

State of Michigan Retirement System bought a new stake in shares of Carpenter Technology Co. (NYSE:CRS) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 11,800 shares of the basic materials company’s stock, valued at approximately $2,003,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. FMR LLC raised its holdings in Carpenter Technology by 47.1% during the 3rd quarter. FMR LLC now owns 3,465,295 shares of the basic materials company’s stock valued at $552,992,000 after acquiring an additional 1,108,963 shares during the period. Geode Capital Management LLC increased its holdings in shares of Carpenter Technology by 1.6% in the third quarter. Geode Capital Management LLC now owns 1,100,204 shares of the basic materials company’s stock worth $175,607,000 after purchasing an additional 17,497 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of Carpenter Technology by 15.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 769,485 shares of the basic materials company’s stock worth $122,794,000 after purchasing an additional 103,559 shares during the period. Allspring Global Investments Holdings LLC increased 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 worth $103,714,000 after purchasing an additional 479,985 shares during the period. Finally, Avala Global LP increased its holdings in shares of Carpenter Technology by 21.0% in the third quarter. Avala Global LP now owns 423,700 shares of the basic materials company’s stock worth $67,614,000 after purchasing an additional 73,400 shares during the period. Institutional investors own 92.03% of the company’s stock.

Carpenter Technology Stock Down 3.1 %

CRS opened at $180.32 on Friday. The stock has a market cap of $9.01 billion, a PE ratio of 34.02, a P/E/G ratio of 0.93 and a beta of 1.55. The company has a quick ratio of 1.92, a current ratio of 3.80 and a debt-to-equity ratio of 0.40. Carpenter Technology Co. has a 52 week low of $63.58 and a 52 week high of $213.66. The business’s fifty day simple moving average is $194.14 and its 200 day simple moving average is $174.35.

Carpenter Technology (NYSE:CRS) last released 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 return on equity of 19.88% and a net margin of 9.34%. As a group, research analysts expect that Carpenter Technology Co. will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The company also recently announced 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 of this dividend was Tuesday, January 28th. This represents a $0.80 dividend on an annualized basis and a yield of 0.44%. Carpenter Technology’s dividend payout ratio is presently 15.09%.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. BTIG Research set a $230.00 price target on shares of Carpenter Technology in a report on Friday, January 31st. JPMorgan Chase & Co. upped their price target on shares of Carpenter Technology from $235.00 to $240.00 and gave the stock an “overweight” rating in a report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus 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.