Carpenter Technology Corporation (NYSE:CRS) Stock Holdings Decreased by Financial Engines Advisors L.L.C.

Key Points

• Financial Engines Advisors L.L.C. reduced its holdings in Carpenter Technology Corporation by 15%, selling 1,745 shares and now owning 9,912 shares valued at approximately $1.8 million.
• Analysts have recently raised their price targets for Carpenter Technology, with Benchmark setting a new target at $300 and JPMorgan at $305, indicating strong confidence in the stock's future performance.
• Carpenter Technology announced a $400 million share repurchase plan in April, allowing the company to repurchase up to 4% of its stock, a sign that management believes its shares are undervalued.

Financial Engines Advisors L.L.C. trimmed its holdings in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 15.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,912 shares of the basic materials company's stock after selling 1,745 shares during the period. Financial Engines Advisors L.L.C.'s holdings in Carpenter Technology were worth $1,796,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of CRS. IMA Advisory Services Inc. acquired a new stake in Carpenter Technology during the first quarter worth approximately $36,000. Bessemer Group Inc. boosted its position in Carpenter Technology by 50.3% during the first quarter. Bessemer Group Inc. now owns 230 shares of the basic materials company's stock worth $42,000 after acquiring an additional 77 shares during the last quarter. Ameriflex Group Inc. acquired a new stake in Carpenter Technology during the fourth quarter worth approximately $44,000. Strategic Investment Solutions Inc. IL acquired a new stake in Carpenter Technology during the first quarter worth approximately $49,000. Finally, Versant Capital Management Inc boosted its position in Carpenter Technology by 27.3% during the first quarter. Versant Capital Management Inc now owns 359 shares of the basic materials company's stock worth $65,000 after acquiring an additional 77 shares during the last quarter. 92.03% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Carpenter Technology

In related news, Director Anastasios John Hart sold 1,000 shares of Carpenter Technology stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $243.72, for a total transaction of $243,720.00. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 2.90% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on CRS. Cowen restated a "buy" rating on shares of Carpenter Technology in a research report on Thursday, June 12th. JPMorgan Chase & Co. lifted their price target on shares of Carpenter Technology from $245.00 to $305.00 and gave the company an "overweight" rating in a report on Tuesday, June 17th. Benchmark lifted their price target on shares of Carpenter Technology from $250.00 to $300.00 and gave the company a "buy" rating in a report on Monday, June 9th. Finally, BTIG Research reiterated a "buy" rating on shares of Carpenter Technology in a report on Monday, August 4th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Carpenter Technology has a consensus rating of "Moderate Buy" and an average price target of $278.33.

Carpenter Technology Stock Down 1.4%

Shares of NYSE:CRS traded down $3.51 during midday trading on Friday, hitting $242.96. 837,350 shares of the company's stock traded hands, compared to its average volume of 934,505. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.01 and a current ratio of 3.65. The company has a market cap of $12.11 billion, a PE ratio of 32.74, a P/E/G ratio of 1.14 and a beta of 1.44. The firm's fifty day moving average price is $265.06 and its two-hundred day moving average price is $221.04. Carpenter Technology Corporation has a twelve month low of $129.57 and a twelve month high of $290.84.

Carpenter Technology (NYSE:CRS - Get Free Report) last posted its earnings results on Thursday, July 31st. The basic materials company reported $2.21 earnings per share for the quarter, beating the consensus estimate of $2.03 by $0.18. The business had revenue of $755.60 million for the quarter, compared to analyst estimates of $790.73 million. Carpenter Technology had a net margin of 13.07% and a return on equity of 21.50%. The business's quarterly revenue was down 5.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.82 EPS. On average, equities research analysts anticipate that Carpenter Technology Corporation will post 6.83 EPS for the current fiscal year.

Carpenter Technology announced that its board has initiated a stock buyback program on Thursday, April 24th that permits the company to buyback $400.00 million in outstanding shares. This buyback authorization permits the basic materials company to buy up to 4% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board of directors believes its stock is undervalued.

Carpenter Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Tuesday, August 26th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, August 26th. This represents a $0.80 annualized dividend and a yield of 0.3%. Carpenter Technology's payout ratio is 10.78%.

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.