Wealth Enhancement Advisory Services LLC Grows Stake in Carpenter Technology Corporation (NYSE:CRS)

Wealth Enhancement Advisory Services LLC lifted its position in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 27.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 15,953 shares of the basic materials company's stock after buying an additional 3,467 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in Carpenter Technology were worth $2,890,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the company. FMR LLC increased its holdings in Carpenter Technology by 28.3% in the 4th quarter. FMR LLC now owns 4,444,608 shares of the basic materials company's stock worth $754,295,000 after buying an additional 979,313 shares in the last quarter. SurgoCap Partners LP grew its stake in shares of Carpenter Technology by 117.6% in the fourth quarter. SurgoCap Partners LP now owns 1,442,069 shares of the basic materials company's stock worth $244,734,000 after acquiring an additional 779,357 shares during the period. Norges Bank bought a new stake in shares of Carpenter Technology in the fourth quarter worth approximately $100,505,000. GAMMA Investing LLC raised its holdings in shares of Carpenter Technology by 19,404.3% during the first quarter. GAMMA Investing LLC now owns 479,221 shares of the basic materials company's stock valued at $86,825,000 after purchasing an additional 476,764 shares during the last quarter. Finally, Freestone Grove Partners LP bought a new position in Carpenter Technology during the fourth quarter valued at approximately $69,285,000. Hedge funds and other institutional investors own 92.03% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on CRS shares. Northcoast Research raised shares of Carpenter Technology from a "sell" rating to a "neutral" rating in a research report on Wednesday, April 9th. JPMorgan Chase & Co. raised their price target on Carpenter Technology from $245.00 to $305.00 and gave the stock an "overweight" rating in a research note on Tuesday, June 17th. Benchmark lifted their price objective on Carpenter Technology from $250.00 to $300.00 and gave the stock a "buy" rating in a report on Monday, June 9th. Finally, Cowen reissued a "buy" rating on shares of Carpenter Technology in a report on Thursday, June 12th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $278.33.

Carpenter Technology Stock Performance

CRS stock traded down $4.78 during midday trading on Tuesday, reaching $271.60. 1,115,636 shares of the company's stock traded hands, compared to its average volume of 802,852. The company has a current ratio of 3.75, a quick ratio of 1.89 and a debt-to-equity ratio of 0.39. Carpenter Technology Corporation has a 52-week low of $103.37 and a 52-week high of $279.51. The stock has a market cap of $13.52 billion, a P/E ratio of 38.47, a PEG ratio of 1.16 and a beta of 1.39. The stock's 50-day moving average is $234.51 and its 200 day moving average is $202.33.

Carpenter Technology (NYSE:CRS - Get Free Report) last posted its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.88 EPS for the quarter, topping the consensus estimate of $1.74 by $0.14. The firm had revenue of $727.00 million during the quarter, compared to analyst estimates of $729.67 million. Carpenter Technology had a return on equity of 21.16% and a net margin of 12.26%. Carpenter Technology's revenue was up 6.1% on a year-over-year basis. During the same period in the prior year, the business posted $1.19 EPS. As a group, analysts anticipate that Carpenter Technology Corporation will post 6.83 EPS for the current year.

Carpenter Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Tuesday, April 22nd were given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.29%. The ex-dividend date of this dividend was Tuesday, April 22nd. Carpenter Technology's payout ratio is 11.33%.

Carpenter Technology declared that its Board of Directors has authorized a stock repurchase program on Thursday, April 24th that permits the company to repurchase $400.00 million in shares. This repurchase authorization permits the basic materials company to buy up to 4% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's board believes its stock is undervalued.

Insider Activity

In related news, Director Anastasios John Hart sold 1,000 shares of the business's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $243.72, for a total transaction of $243,720.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director I Martin Inglis sold 3,433 shares of the firm's stock in a transaction that occurred on Tuesday, April 29th. The stock was sold at an average price of $197.66, for a total transaction of $678,566.78. Following the sale, the director owned 6,732 shares in the company, valued at approximately $1,330,647.12. The trade was a 33.77% decrease in their position. The disclosure for this sale can be found here. 2.90% of the stock is owned by company insiders.

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.