Boston Partners Boosts Position in Carpenter Technology Co. (NYSE:CRS)

Posted by Defense World Staff on Feb 15th, 2023

Boston Partners increased its stake in Carpenter Technology Co. (NYSE:CRS – Get Rating) by 21.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 13,784 shares of the basic materials company’s stock after buying an additional 2,411 shares during the period. Boston Partners’ holdings in Carpenter Technology were worth $429,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the stock. Aigen Investment Management LP purchased a new position in Carpenter Technology during the 3rd quarter valued at about $219,000. Allianz Asset Management GmbH purchased a new position in Carpenter Technology during the 3rd quarter valued at about $373,000. Mutual of America Capital Management LLC increased its position in Carpenter Technology by 18.5% during the 3rd quarter. Mutual of America Capital Management LLC now owns 9,606 shares of the basic materials company’s stock valued at $299,000 after purchasing an additional 1,497 shares during the period. New York State Common Retirement Fund increased its position in Carpenter Technology by 17.7% during the 3rd quarter. New York State Common Retirement Fund now owns 280,171 shares of the basic materials company’s stock valued at $8,725,000 after purchasing an additional 42,227 shares during the period. Finally, ProShare Advisors LLC purchased a new position in Carpenter Technology during the 3rd quarter valued at about $206,000. Hedge funds and other institutional investors own 92.28% of the company’s stock.

Carpenter Technology Price Performance

NYSE:CRS opened at $50.34 on Wednesday. The company’s 50-day simple moving average is $42.72 and its 200-day simple moving average is $38.80. The stock has a market capitalization of $2.44 billion, a P/E ratio of -419.50 and a beta of 1.78. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.10 and a current ratio of 2.52. Carpenter Technology Co. has a fifty-two week low of $24.76 and a fifty-two week high of $51.71.

Carpenter Technology (NYSE:CRS – Get Rating) last released its earnings results on Thursday, January 26th. The basic materials company reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $0.01. The company had revenue of $579.10 million during the quarter, compared to analysts’ expectations of $525.67 million. Carpenter Technology had a negative net margin of 0.26% and a negative return on equity of 0.78%. Carpenter Technology’s revenue for the quarter was up 46.2% on a year-over-year basis. During the same period last year, the business earned ($0.58) EPS. On average, equities analysts anticipate that Carpenter Technology Co. will post 1.05 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 2nd. Investors of record on Tuesday, January 31st will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.59%. The ex-dividend date is Monday, January 30th. Carpenter Technology’s dividend payout ratio (DPR) is presently -666.67%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Cowen raised their target price on shares of Carpenter Technology from $50.00 to $54.00 and gave the company an “outperform” rating in a research report on Friday, January 27th. StockNews.com upgraded shares of Carpenter Technology from a “sell” rating to a “hold” rating in a report on Thursday, January 26th.

About Carpenter Technology

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Carpenter Technology Corp. engages in the manufacturing, fabrication, and distribution of specialty metals. It operates through the Specialty Alloys Operations and Performance Engineered Products segments. The Specialty Alloys Operations segment is composed of its major premium alloy and stainless-steel manufacturing operations.