Carpenter Technology Co. (NYSE:CRS) Shares Sold by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. trimmed its holdings in shares of Carpenter Technology Co. (NYSE:CRS) by 9.8% in the fourth quarter, Holdings Channel reports. The institutional investor owned 16,869 shares of the basic materials company’s stock after selling 1,828 shares during the period. Envestnet Asset Management Inc.’s holdings in Carpenter Technology were worth $2,863,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Morse Asset Management Inc acquired a new stake in shares of Carpenter Technology during the third quarter worth about $84,000. Barclays PLC lifted its holdings in shares of Carpenter Technology by 471.1% during the third quarter. Barclays PLC now owns 101,745 shares of the basic materials company’s stock worth $16,236,000 after purchasing an additional 83,930 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in shares of Carpenter Technology in the 3rd quarter worth $80,000. Tidal Investments LLC raised its holdings in Carpenter Technology by 91.9% during the third quarter. Tidal Investments LLC now owns 21,083 shares of the basic materials company’s stock worth $3,364,000 after purchasing an additional 10,094 shares in the last quarter. Finally, Franklin Resources Inc. increased its position in Carpenter Technology by 9.7% during the 3rd quarter. Franklin Resources Inc. now owns 368,077 shares of the basic materials company’s stock worth $57,891,000 after purchasing an additional 32,442 shares during the period. 92.03% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently weighed in on CRS. JPMorgan Chase & Co. upped their price objective on Carpenter Technology from $235.00 to $240.00 and gave the stock an “overweight” rating in a report on Wednesday, February 19th. Northcoast Research upgraded shares of Carpenter Technology from a “sell” rating to a “neutral” rating in a research report on Wednesday, April 9th. Finally, BTIG Research set a $230.00 price objective on Carpenter Technology in a report on Friday, January 31st. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Carpenter Technology has an average rating of “Moderate Buy” and a consensus price target of $167.17.

Carpenter Technology Stock Down 0.4 %

CRS stock opened at $198.70 on Friday. The company has a debt-to-equity ratio of 0.40, a current ratio of 3.80 and a quick ratio of 1.92. Carpenter Technology Co. has a 12 month low of $81.99 and a 12 month high of $213.66. The firm has a market capitalization of $9.92 billion, a PE ratio of 37.49, a P/E/G ratio of 0.93 and a beta of 1.28. The company’s 50 day simple moving average is $183.39 and its 200-day simple moving average is $181.64.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.74 by $0.14. The business had revenue of $727.00 million for the quarter, compared to the consensus estimate of $729.67 million. Carpenter Technology had a return on equity of 19.88% and a net margin of 9.34%. Equities analysts expect that Carpenter Technology Co. will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Tuesday, April 22nd will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.40%. The ex-dividend date is Tuesday, April 22nd. Carpenter Technology’s payout ratio is 15.09%.

Carpenter Technology announced that its board has initiated a stock repurchase program on Thursday, April 24th that allows the company to buyback $400.00 million in outstanding shares. This buyback authorization allows the basic materials company to buy up to 4% of its stock through open market purchases. Stock buyback programs are typically a sign 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.