Wealth Enhancement Advisory Services LLC Increases Position in Carpenter Technology Corporation $CRS

Wealth Enhancement Advisory Services LLC raised its stake in shares of Carpenter Technology Corporation (NYSE:CRS) by 5.3% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 16,804 shares of the basic materials company’s stock after acquiring an additional 851 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Carpenter Technology were worth $4,698,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Rise Advisors LLC acquired a new stake in shares of Carpenter Technology during the first quarter worth $31,000. IMA Advisory Services Inc. acquired a new stake in shares of Carpenter Technology in the 1st quarter worth $36,000. Bessemer Group Inc. lifted its stake in shares of Carpenter Technology by 50.3% in the 1st quarter. Bessemer Group Inc. now owns 230 shares of the basic materials company’s stock worth $42,000 after acquiring an additional 77 shares during the period. Ameriflex Group Inc. purchased a new stake in shares of Carpenter Technology in the fourth quarter valued at about $44,000. Finally, Strategic Investment Solutions Inc. IL acquired a new position in shares of Carpenter Technology during the first quarter worth about $49,000. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on CRS shares. BTIG Research reaffirmed a “buy” rating on shares of Carpenter Technology in a report on Monday, August 4th. JPMorgan Chase & Co. lifted their price target on Carpenter Technology from $245.00 to $305.00 and gave the company an “overweight” rating in a research note on Tuesday, June 17th. Cowen reaffirmed a “buy” rating on shares of Carpenter Technology in a report on Thursday, June 12th. Finally, Benchmark raised their target price on Carpenter Technology from $250.00 to $300.00 and gave the company a “buy” rating in a report on Monday, June 9th. Four investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, Carpenter Technology currently has a consensus rating of “Moderate Buy” and an average price target of $278.33.

Insider Buying and Selling

In other Carpenter Technology news, CEO Tony R. Thene sold 19,000 shares of the business’s stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $244.99, for a total transaction of $4,654,810.00. Following the completion of the sale, the chief executive officer directly owned 535,019 shares in the company, valued at $131,074,304.81. The trade was a 3.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Steven E. Karol sold 3,433 shares of the stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $245.78, for a total value of $843,762.74. Following the completion of the sale, the director owned 180,000 shares of the company’s stock, valued at approximately $44,240,400. This represents a 1.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 28,124 shares of company stock worth $6,890,250. 2.90% of the stock is owned by company insiders.

Carpenter Technology Stock Performance

NYSE:CRS opened at $232.49 on Friday. The company has a current ratio of 3.65, a quick ratio of 2.01 and a debt-to-equity ratio of 0.37. The company has a market capitalization of $11.59 billion, a P/E ratio of 31.33, a price-to-earnings-growth ratio of 1.06 and a beta of 1.52. The firm has a 50-day moving average price of $250.68 and a two-hundred day moving average price of $230.44. Carpenter Technology Corporation has a twelve month low of $138.61 and a twelve month high of $290.84.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings data on Thursday, July 31st. The basic materials company reported $2.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.03 by $0.18. The business had revenue of $755.60 million for the quarter, compared to the consensus estimate of $790.73 million. Carpenter Technology had a return on equity of 21.50% and a net margin of 13.07%.The business’s revenue was down 5.4% on a year-over-year basis. During the same period in the prior year, the business earned $1.82 earnings per share. As a group, research analysts expect that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Tuesday, August 26th were given a dividend of $0.20 per share. The ex-dividend date was Tuesday, August 26th. This represents a $0.80 annualized dividend and a yield of 0.3%. Carpenter Technology’s dividend payout ratio is 10.78%.

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.