Carpenter Technology (NYSE:CRS) Reaches New 52-Week High at $83.88

Carpenter Technology Co. (NYSE:CRS - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Friday . The company traded as high as $83.88 and last traded at $83.76, with a volume of 41593 shares traded. The stock had previously closed at $81.75.

Carpenter Technology Price Performance

The company has a debt-to-equity ratio of 0.47, a current ratio of 2.90 and a quick ratio of 1.26. The stock has a 50 day moving average price of $70.77 and a 200-day moving average price of $68.00. The stock has a market capitalization of $4.15 billion, a price-to-earnings ratio of 29.07 and a beta of 1.56.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued its quarterly earnings results on Thursday, January 25th. The basic materials company reported $0.85 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.85. The firm had revenue of $624.20 million for 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%. On average, analysts forecast 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. Stockholders of record on Tuesday, April 23rd will be paid a $0.20 dividend. The ex-dividend date is Monday, April 22nd. This is a positive change from Carpenter Technology's previous quarterly dividend of $0.18. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.95%. Carpenter Technology's payout ratio is currently 27.68%.

Hedge Funds Weigh In On Carpenter Technology

Institutional investors have recently added to or reduced their stakes in the stock. Cape Investment Advisory Inc. purchased a new position in Carpenter Technology during the fourth quarter worth approximately $29,000. Johnson Financial Group Inc. purchased a new position in Carpenter Technology during the fourth quarter worth approximately $31,000. Westend Capital Management LLC purchased a new position in Carpenter Technology during the first quarter worth approximately $36,000. Fifth Third Bancorp lifted its position in Carpenter Technology by 322.5% during the fourth quarter. Fifth Third Bancorp now owns 1,162 shares of the basic materials company's stock worth $82,000 after buying an additional 887 shares in the last quarter. Finally, NBC Securities Inc. purchased a new position in Carpenter Technology during the third quarter worth approximately $91,000. Hedge funds and other institutional investors own 92.03% of the company's stock.

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.