CIBC Asset Management Inc Buys New Stake in Carpenter Technology Co. (NYSE:CRS)

CIBC Asset Management Inc purchased a new position in shares of Carpenter Technology Co. (NYSE:CRS) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 1,443 shares of the basic materials company’s stock, valued at approximately $230,000.

Other institutional investors have also modified their holdings of the company. State Board of Administration of Florida Retirement System raised its position in Carpenter Technology by 22.0% during the first quarter. State Board of Administration of Florida Retirement System now owns 16,792 shares of the basic materials company’s stock valued at $1,199,000 after acquiring an additional 3,030 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Carpenter Technology by 0.3% during the 1st quarter. Vanguard Group Inc. now owns 5,686,022 shares of the basic materials company’s stock worth $406,096,000 after purchasing an additional 15,564 shares during the period. Covestor Ltd lifted its stake in shares of Carpenter Technology by 469.2% in the 1st quarter. Covestor Ltd now owns 831 shares of the basic materials company’s stock valued at $59,000 after purchasing an additional 685 shares during the period. CANADA LIFE ASSURANCE Co boosted its holdings in Carpenter Technology by 17.9% during the first quarter. CANADA LIFE ASSURANCE Co now owns 49,698 shares of the basic materials company’s stock worth $3,551,000 after buying an additional 7,562 shares in the last quarter. Finally, Advisors Asset Management Inc. grew its position in Carpenter Technology by 26.8% during the first quarter. Advisors Asset Management Inc. now owns 21,015 shares of the basic materials company’s stock valued at $1,501,000 after buying an additional 4,438 shares during the period. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on CRS shares. JPMorgan Chase & Co. initiated coverage on shares of Carpenter Technology in a research note on Friday. They set an “overweight” rating and a $220.00 target price on the stock. BTIG Research raised their price objective on Carpenter Technology from $120.00 to $165.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. Finally, Benchmark reiterated a “buy” rating and set a $175.00 target price on shares of Carpenter Technology in a research report on Friday, October 25th. One analyst has rated the stock with a sell rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $153.00.

Carpenter Technology Stock Performance

NYSE CRS opened at $190.89 on Friday. The company has a debt-to-equity ratio of 0.42, a current ratio of 3.84 and a quick ratio of 2.00. Carpenter Technology Co. has a 1-year low of $58.87 and a 1-year high of $192.34. The company has a market cap of $9.51 billion, a PE ratio of 42.51, a price-to-earnings-growth ratio of 0.94 and a beta of 1.46. The stock’s 50 day simple moving average is $161.90 and its 200-day simple moving average is $134.76.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings data on Thursday, October 24th. The basic materials company reported $1.73 earnings per share for the quarter, beating analysts’ consensus estimates of $1.58 by $0.15. Carpenter Technology had a return on equity of 18.01% and a net margin of 8.05%. The company had revenue of $717.60 million for the quarter, compared to analyst estimates of $742.96 million. During the same quarter last year, the firm posted $0.88 EPS. The firm’s revenue for the quarter was up 10.1% on a year-over-year basis. As a group, equities research analysts anticipate that Carpenter Technology Co. will post 6.61 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Tuesday, October 22nd will be paid a dividend of $0.20 per share. The ex-dividend date is Tuesday, October 22nd. This represents a $0.80 annualized dividend and a yield of 0.42%. Carpenter Technology’s dividend payout ratio is presently 17.82%.

About Carpenter Technology

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.