Wealth Enhancement Advisory Services LLC Has $2.89 Million Stake in Carpenter Technology Corporation (NYSE:CRS)

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

Other hedge funds have also recently added to or reduced their stakes in the company. FMR LLC grew its stake in shares of Carpenter Technology by 28.3% in the fourth quarter. FMR LLC now owns 4,444,608 shares of the basic materials company's stock worth $754,295,000 after purchasing an additional 979,313 shares in the last quarter. Invesco Ltd. grew its stake in Carpenter Technology by 30.3% during the 4th quarter. Invesco Ltd. now owns 1,537,235 shares of the basic materials company's stock valued at $260,884,000 after acquiring an additional 357,417 shares in the last quarter. SurgoCap Partners LP increased 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 last quarter. Geode Capital Management LLC increased its holdings in Carpenter Technology by 3.5% in the fourth quarter. Geode Capital Management LLC now owns 1,138,615 shares of the basic materials company's stock worth $193,279,000 after buying an additional 38,411 shares during the last quarter. Finally, Third Point LLC lifted its stake in shares of Carpenter Technology by 31.8% in the 4th quarter. Third Point LLC now owns 870,000 shares of the basic materials company's stock valued at $147,648,000 after purchasing an additional 210,000 shares during the last quarter. Institutional investors and hedge funds own 92.03% of the company's stock.

Analysts Set New Price Targets

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

Insiders Place Their Bets

In other news, Director Anastasios John Hart sold 1,000 shares of Carpenter Technology stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $243.72, for a total value of $243,720.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director I Martin Inglis sold 3,433 shares of the business's stock in a transaction dated 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 directly owned 6,732 shares in the company, valued at $1,330,647.12. This trade represents a 33.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.90% of the stock is owned by corporate insiders.

Carpenter Technology Price Performance

Shares of Carpenter Technology stock traded up $0.35 during midday trading on Monday, reaching $276.17. The company had a trading volume of 932,484 shares, compared to its average volume of 801,416. The company has a current ratio of 3.75, a quick ratio of 1.89 and a debt-to-equity ratio of 0.39. The stock has a fifty day simple moving average of $230.45 and a 200 day simple moving average of $201.13. Carpenter Technology Corporation has a 1-year low of $103.37 and a 1-year high of $282.69. The company has a market capitalization of $13.75 billion, a price-to-earnings ratio of 39.12, a price-to-earnings-growth ratio of 1.16 and a beta of 1.37.

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

Carpenter Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Tuesday, April 22nd were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.29%. The ex-dividend date was Tuesday, April 22nd. Carpenter Technology's dividend payout ratio (DPR) is 11.33%.

Carpenter Technology declared that its board has authorized a share buyback plan on Thursday, April 24th that authorizes the company to repurchase $400.00 million in shares. This repurchase authorization authorizes the basic materials company to purchase up to 4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

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.