Charles Schwab Investment Management Inc. Acquires 103,559 Shares of Carpenter Technology Co. (NYSE:CRS)

Charles Schwab Investment Management Inc. increased its holdings in shares of Carpenter Technology Co. (NYSE:CRS) by 15.6% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 769,485 shares of the basic materials company’s stock after purchasing an additional 103,559 shares during the period. Charles Schwab Investment Management Inc. owned approximately 1.54% of Carpenter Technology worth $122,794,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Kimelman & Baird LLC acquired a new position in shares of Carpenter Technology during the second quarter worth approximately $33,000. National Bank of Canada FI acquired a new stake in shares of Carpenter Technology during the 2nd quarter worth approximately $49,000. EverSource Wealth Advisors LLC raised its stake in shares of Carpenter Technology by 58.0% in the second quarter. EverSource Wealth Advisors LLC now owns 485 shares of the basic materials company’s stock valued at $53,000 after purchasing an additional 178 shares in the last quarter. nVerses Capital LLC acquired a new position in shares of Carpenter Technology in the 3rd quarter valued at $64,000. Finally, Banque Cantonale Vaudoise acquired a new position in Carpenter Technology in the third quarter worth about $65,000. Institutional investors own 92.03% of the company’s stock.

Carpenter Technology Stock Performance

Shares of Carpenter Technology stock opened at $195.23 on Tuesday. The firm has a 50 day simple moving average of $163.94 and a 200 day simple moving average of $136.46. The firm has a market cap of $9.73 billion, a P/E ratio of 43.48, a P/E/G ratio of 0.97 and a beta of 1.46. Carpenter Technology Co. has a fifty-two week low of $58.87 and a fifty-two week high of $197.68. 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 (NYSE:CRS) last issued its earnings results on Thursday, October 24th. The basic materials company reported $1.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.15. The company had revenue of $717.60 million for the quarter, compared to analyst estimates of $742.96 million. Carpenter Technology had a net margin of 8.05% and a return on equity of 18.01%. The company’s revenue for the quarter was up 10.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.88 EPS. Sell-side analysts predict that Carpenter Technology Co. will post 6.61 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Tuesday, October 22nd will be issued a $0.20 dividend. The ex-dividend date is Tuesday, October 22nd. This represents a $0.80 dividend on an annualized basis and a yield of 0.41%. Carpenter Technology’s dividend payout ratio is presently 17.82%.

Analyst Ratings Changes

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

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.