Carpenter Technology increases dividend

Carpenter Technology Corp., of Wyomissing, today said it raised the quarterly dividend on its common shares by 33 percent, or 7.5 cents, to 30 cents per share.

The move means a new annualized dividend of $1.20 per share, which is a 100 percent increase since the company announced "strategic initiatives" in September.

"The increase is a direct reflection of the board's confidence in our ability to sustain and further improve the operating performance of our company," Anne Steven, chairman, president and chief executive officer, said in a statement.

The dividend is payable on June 7 to shareholders of record on May 8.

Carpenter Technology produces and distributes specialty alloys, including stainless steels, titanium alloys and superalloys, and various engineered products.

Company shares were up $4.46, or 3.7 percent, to $126.67 in midday trading on the New York Stock Exchange.