Van ECK Associates Corp Boosts Stake in Carpenter Technology Co. (NYSE:CRS)

Van ECK Associates Corp increased its position in Carpenter Technology Co. (NYSE:CRS) by 109.4% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 90,204 shares of the basic materials company’s stock after purchasing an additional 47,124 shares during the period. Van ECK Associates Corp owned 0.18% of Carpenter Technology worth $6,386,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Phocas Financial Corp. purchased a new stake in shares of Carpenter Technology in the 4th quarter valued at about $3,396,000. Consolidated Portfolio Review Corp purchased a new stake in Carpenter Technology during the 4th quarter valued at approximately $1,297,000. Penserra Capital Management LLC raised its stake in Carpenter Technology by 6,477.1% during the 3rd quarter. Penserra Capital Management LLC now owns 37,884 shares of the basic materials company’s stock valued at $2,546,000 after acquiring an additional 37,308 shares during the last quarter. GAMMA Investing LLC purchased a new stake in Carpenter Technology during the 4th quarter valued at approximately $100,000. Finally, Kestra Advisory Services LLC raised its stake in Carpenter Technology by 7.4% during the 3rd quarter. Kestra Advisory Services LLC now owns 7,256 shares of the basic materials company’s stock valued at $488,000 after acquiring an additional 503 shares during the last quarter. 92.03% of the stock is owned by hedge funds and other institutional investors.

Carpenter Technology Stock Performance

NYSE CRS opened at $103.64 on Friday. The company has a current ratio of 3.20, a quick ratio of 1.26 and a debt-to-equity ratio of 0.46. The business’s 50 day moving average is $74.07 and its two-hundred day moving average is $69.06. Carpenter Technology Co. has a 12-month low of $44.40 and a 12-month high of $104.85. The stock has a market capitalization of $5.14 billion, a price-to-earnings ratio of 39.41 and a beta of 1.47.

Carpenter Technology (NYSE:CRS) last released its earnings results on Wednesday, May 1st. The basic materials company reported $1.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.94 by $0.25. Carpenter Technology had a return on equity of 12.75% and a net margin of 4.83%. The company had revenue of $684.90 million for the quarter, compared to analysts’ expectations of $707.73 million. During the same quarter in the previous year, the firm posted $0.38 EPS. The firm’s quarterly revenue was down .8% on a year-over-year basis. Research analysts expect that Carpenter Technology Co. will post 3.97 EPS for the current year.

Carpenter Technology Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 6th. Shareholders of record on Tuesday, April 23rd will be given a dividend of $0.20 per share. This is a boost from Carpenter Technology’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend is Monday, April 22nd. This represents a $0.80 annualized dividend and a yield of 0.77%. Carpenter Technology’s payout ratio is presently 30.42%.

Analysts Set New Price Targets

Separately, TD Cowen upped their price objective on Carpenter Technology from $90.00 to $116.00 and gave the company a “buy” rating in a research note on Thursday. One research analyst has rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, Carpenter Technology has an average rating of “Moderate Buy” and a consensus price target of $96.33.

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.