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

State of Michigan Retirement System purchased a new stake in shares of Carpenter Technology Co. (NYSE:CRS) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 11,800 shares of the basic materials company’s stock, valued at approximately $2,003,000.

Other institutional investors have also added to or reduced their stakes in the company. Kestra Investment Management LLC purchased a new stake in Carpenter Technology during the fourth quarter valued at about $25,000. UMB Bank n.a. boosted its holdings in shares of Carpenter Technology by 169.0% during the fourth quarter. UMB Bank n.a. now owns 304 shares of the basic materials company’s stock worth $52,000 after purchasing an additional 191 shares during the period. Banque Cantonale Vaudoise purchased a new stake in shares of Carpenter Technology during the third quarter worth about $65,000. Wilmington Savings Fund Society FSB purchased a new stake in shares of Carpenter Technology during the third quarter worth about $80,000. Finally, Morse Asset Management Inc purchased a new stake in shares of Carpenter Technology during the third quarter worth about $84,000. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on CRS shares. BTIG Research set a $230.00 target price on shares of Carpenter Technology in a report on Friday, January 31st. JPMorgan Chase & Co. increased their target price 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 equities research analyst has rated the stock with a sell rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $167.17.

Carpenter Technology Price Performance

CRS stock opened at $180.32 on Friday. Carpenter Technology Co. has a 1 year low of $63.58 and a 1 year high of $213.66. The company has a market cap of $9.01 billion, a P/E ratio of 34.02, a PEG ratio of 0.93 and a beta of 1.55. The firm has a 50-day moving average of $194.14 and a 200 day moving average of $174.35. 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 (NYSE:CRS) last released its quarterly earnings results on Thursday, January 30th. The basic materials company reported $1.66 earnings per share (EPS) for the quarter, topping 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%. On average, sell-side analysts forecast that Carpenter Technology Co. will post 6.83 EPS for the current year.

Carpenter Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 28th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.44%. The ex-dividend date of this dividend was Tuesday, January 28th. Carpenter Technology’s payout ratio is currently 15.09%.

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.