Envestnet Asset Management Inc. Sells 126 Shares of Carpenter Technology Corporation (NYSE:CRS)

Envestnet Asset Management Inc. reduced its position in shares of Carpenter Technology Corporation (NYSE:CRS) by 0.7% in the first quarter, according to its most recent filing with the SEC. The fund owned 16,743 shares of the basic materials company’s stock after selling 126 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Carpenter Technology were worth $3,034,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. FMR LLC lifted its holdings in shares of 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 acquiring an additional 979,313 shares during the last quarter. SurgoCap Partners LP lifted its holdings in shares of Carpenter Technology by 117.6% in the 4th 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. Norges Bank bought a new stake in shares of Carpenter Technology in the 4th quarter worth about $100,505,000. GAMMA Investing LLC lifted its holdings in shares of Carpenter Technology by 19,404.3% in the 1st quarter. GAMMA Investing LLC now owns 479,221 shares of the basic materials company’s stock worth $86,825,000 after acquiring an additional 476,764 shares during the last quarter. Finally, Freestone Grove Partners LP bought a new stake in shares of Carpenter Technology during the fourth quarter worth $69,285,000. 92.03% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Carpenter Technology

In other news, Director Anastasios John Hart sold 1,000 shares of the 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 document filed with the SEC, which is available at the SEC website. Also, Director I Martin Inglis sold 3,433 shares of the stock in a transaction dated Tuesday, April 29th. The shares were sold at an average price of $197.66, for a total transaction of $678,566.78. Following the completion of the sale, the director owned 6,732 shares of the company’s stock, 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. Insiders own 2.90% of the company’s stock.

Carpenter Technology Price Performance

Shares of NYSE CRS opened at $276.54 on Monday. The business’s 50 day moving average price is $259.14 and its 200 day moving average price is $215.60. The firm has a market cap of $13.77 billion, a P/E ratio of 39.17, a P/E/G ratio of 0.91 and a beta of 1.39. Carpenter Technology Corporation has a 52 week low of $119.69 and a 52 week high of $290.84. The company has a quick ratio of 1.89, a current ratio of 3.75 and a debt-to-equity ratio of 0.39.

Carpenter Technology (NYSE:CRS) last released 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. Carpenter Technology had a return on equity of 21.16% and a net margin of 12.26%. The business had revenue of $727.00 million for the quarter, compared to analyst estimates of $729.67 million. During the same quarter in the prior year, the firm posted $1.19 EPS. The business’s quarterly revenue was up 6.1% compared to the same quarter last year. On average, sell-side analysts expect that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

Carpenter Technology declared that its board has approved a share buyback plan on Thursday, April 24th that authorizes the company to repurchase $400.00 million in outstanding shares. This repurchase authorization authorizes the basic materials company to purchase up to 4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Northcoast Research upgraded Carpenter Technology from a “sell” rating to a “neutral” rating in a research report on Wednesday, April 9th. JPMorgan Chase & Co. lifted their price objective on Carpenter Technology from $245.00 to $305.00 and gave the company an “overweight” rating in a report on Tuesday, June 17th. Cowen restated a “buy” rating on shares of Carpenter Technology in a report on Thursday, June 12th. Finally, Benchmark boosted 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. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $278.33.

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.