Sheets Smith Investment Management Buys New Stake in Carpenter Technology Co. (NYSE:CRS)

Sheets Smith Investment Management bought a new stake in Carpenter Technology Co. (NYSE:CRS) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 10,447 shares of the basic materials company’s stock, valued at approximately $1,773,000. Carpenter Technology comprises about 1.5% of Sheets Smith Investment Management’s investment portfolio, making the stock its 17th largest position.

Other institutional investors have also recently added to or reduced their stakes in the company. FMR LLC boosted its position in Carpenter Technology by 47.1% in the 3rd quarter. FMR LLC now owns 3,465,295 shares of the basic materials company’s stock valued at $552,992,000 after buying an additional 1,108,963 shares during the period. Allspring Global Investments Holdings LLC boosted its position in Carpenter Technology by 428.4% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 592,034 shares of the basic materials company’s stock valued at $103,714,000 after buying an additional 479,985 shares during the period. Forest Avenue Capital Management LP purchased a new position in Carpenter Technology in the 3rd quarter valued at approximately $25,262,000. Raymond James Financial Inc. purchased a new position in Carpenter Technology in the 4th quarter valued at approximately $18,731,000. Finally, Holocene Advisors LP purchased a new position in Carpenter Technology in the 3rd quarter valued at approximately $17,337,000. Institutional investors and hedge funds own 92.03% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. BTIG Research set a $230.00 price target on shares of Carpenter Technology in a research report on Friday, January 31st. JPMorgan Chase & Co. raised their price target on shares of Carpenter Technology from $235.00 to $240.00 and gave the company an “overweight” rating in a research 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 stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $167.17.

Carpenter Technology Price Performance

Carpenter Technology stock opened at $183.75 on Monday. The stock has a market cap of $9.18 billion, a P/E ratio of 34.67, a price-to-earnings-growth ratio of 0.93 and a beta of 1.55. The company has a fifty day simple moving average of $194.95 and a 200-day simple moving average of $177.42. Carpenter Technology Co. has a 12-month low of $67.52 and a 12-month high of $213.66. The company has a current ratio of 3.80, a quick ratio of 1.92 and a debt-to-equity ratio of 0.40.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings data on Thursday, January 30th. The basic materials company reported $1.66 earnings per share (EPS) for the quarter, topping the consensus estimate 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 expect that Carpenter Technology Co. will post 6.83 EPS for the current fiscal 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 given 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 (DPR) is presently 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.