Cornerstone Investment Partners LLC Takes Position in Carpenter Technology Co. (NYSE:CRS)

Cornerstone Investment Partners LLC purchased a new stake in Carpenter Technology Co. (NYSE:CRS) in the fourth quarter, Holdings Channel reports. The firm purchased 2,929 shares of the basic materials company’s stock, valued at approximately $207,000.

A number of other large investors have also made changes to their positions in the stock. State Street Corp grew its position in Carpenter Technology by 35.7% in the first quarter. State Street Corp now owns 3,358,268 shares of the basic materials company’s stock worth $140,980,000 after acquiring an additional 883,239 shares during the period. Millennium Management LLC purchased a new position in Carpenter Technology in the second quarter worth approximately $18,635,000. Norges Bank purchased a new position in Carpenter Technology in the fourth quarter worth approximately $20,328,000. Invesco Ltd. grew its position in Carpenter Technology by 33.9% in the first quarter. Invesco Ltd. now owns 1,453,421 shares of the basic materials company’s stock worth $61,014,000 after acquiring an additional 368,093 shares during the period. Finally, FMR LLC grew its position in Carpenter Technology by 49.6% in the first quarter. FMR LLC now owns 1,013,937 shares of the basic materials company’s stock worth $45,384,000 after acquiring an additional 336,386 shares during the period. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Carpenter Technology Trading Down 1.7 %

Shares of Carpenter Technology stock opened at $78.02 on Friday. The firm has a market capitalization of $3.85 billion, a price-to-earnings ratio of 27.00 and a beta of 1.56. Carpenter Technology Co. has a fifty-two week low of $44.40 and a fifty-two week high of $82.16. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.26 and a current ratio of 2.90. The stock has a 50 day moving average of $69.44 and a 200 day moving average of $67.58.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings data on Thursday, January 25th. The basic materials company reported $0.85 earnings per share for the quarter, hitting the consensus estimate of $0.85. The company had revenue of $624.20 million during the quarter, compared to analyst estimates of $669.56 million. Carpenter Technology had a return on equity of 10.21% and a net margin of 5.27%. As a group, research analysts predict that Carpenter Technology Co. will post 3.96 earnings per share for the current year.

Carpenter Technology Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 6th. Shareholders of record on Tuesday, April 23rd will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.03%. This is a boost from Carpenter Technology’s previous quarterly dividend of $0.18. The ex-dividend date is Monday, April 22nd. Carpenter Technology’s dividend payout ratio is 27.68%.

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.