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.