Wealth Enhancement Advisory Services LLC lifted its position in Carpenter Technology Co. (NYSE:CRS – Free Report) by 4.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 12,486 shares of the basic materials company’s stock after purchasing an additional 538 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Carpenter Technology were worth $2,119,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of the company. Pictet Asset Management Holding SA boosted its stake in Carpenter Technology by 14.6% during the fourth quarter. Pictet Asset Management Holding SA now owns 6,865 shares of the basic materials company’s stock worth $1,165,000 after buying an additional 877 shares during the period. Raymond James Financial Inc. purchased a new position in Carpenter Technology during the fourth quarter worth about $18,731,000. Allspring Global Investments Holdings LLC boosted its stake in Carpenter Technology by 428.4% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 592,034 shares of the basic materials company’s stock worth $103,714,000 after buying an additional 479,985 shares during the period. Commonwealth Equity Services LLC boosted its stake in Carpenter Technology by 1.5% during the fourth quarter. Commonwealth Equity Services LLC now owns 10,880 shares of the basic materials company’s stock worth $1,846,000 after buying an additional 160 shares during the period. Finally, Stratos Wealth Partners LTD. boosted its stake in Carpenter Technology by 2.7% during the fourth quarter. Stratos Wealth Partners LTD. now owns 2,415 shares of the basic materials company’s stock worth $410,000 after buying an additional 63 shares during the period. Hedge funds and other institutional investors own 92.03% of the company’s stock.
Insider Activity at Carpenter Technology
In related news, Director I Martin Inglis sold 3,433 shares of Carpenter Technology stock in a transaction that occurred on Tuesday, April 29th. The shares were sold at an average price of $197.66, for a total value of $678,566.78. Following the completion of the transaction, the director now owns 6,732 shares in the company, valued at $1,330,647.12. The trade was a 33.77% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.90% of the stock is owned by corporate insiders.
Carpenter Technology Stock Up 0.2%
Carpenter Technology (NYSE:CRS – Get Free Report) last issued its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.74 by $0.14. The business had revenue of $727.00 million for the quarter, compared to analysts’ expectations of $729.67 million. Carpenter Technology had a net margin of 9.34% and a return on equity of 19.88%. The business’s quarterly revenue was up 6.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.19 earnings per share. Analysts forecast that Carpenter Technology Co. will post 6.83 earnings per share for the current fiscal year.
Carpenter Technology declared that its Board of Directors has initiated a share 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 reacquire up to 4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.
Carpenter Technology Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Tuesday, April 22nd were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, April 22nd. This represents a $0.80 annualized dividend and a dividend yield of 0.32%. Carpenter Technology’s dividend payout ratio is presently 11.33%.
Analysts Set New Price Targets
Several research analysts have weighed in on CRS shares. Northcoast Research raised shares of Carpenter Technology from a “sell” rating to a “neutral” rating in a research note on Wednesday, April 9th. JPMorgan Chase & Co. increased their target price on shares of Carpenter Technology from $240.00 to $245.00 and gave the stock an “overweight” rating in a research note on Monday, April 28th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $168.00.
Read Our Latest Stock Analysis on CRS
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.
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