Envestnet Asset Management Inc. Purchases 64,431 Shares of Carpenter Technology Corporation $CRS

Envestnet Asset Management Inc. grew its position in shares of Carpenter Technology Corporation (NYSE:CRS) by 355.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 82,564 shares of the basic materials company’s stock after buying an additional 64,431 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.17% of Carpenter Technology worth $20,273,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Glass Jacobson Investment Advisors llc grew its position in Carpenter Technology by 3.9% during the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 974 shares of the basic materials company’s stock worth $239,000 after acquiring an additional 37 shares during the last quarter. ANB Bank boosted its stake in Carpenter Technology by 3.3% in the second quarter. ANB Bank now owns 1,304 shares of the basic materials company’s stock worth $360,000 after purchasing an additional 42 shares in the last quarter. Panagora Asset Management Inc. grew its holdings in shares of Carpenter Technology by 3.0% during the second quarter. Panagora Asset Management Inc. now owns 1,462 shares of the basic materials company’s stock worth $404,000 after purchasing an additional 43 shares during the last quarter. Independent Advisor Alliance increased its stake in shares of Carpenter Technology by 0.6% in the third quarter. Independent Advisor Alliance now owns 6,674 shares of the basic materials company’s stock valued at $1,639,000 after buying an additional 43 shares in the last quarter. Finally, Versant Capital Management Inc increased its stake in shares of Carpenter Technology by 15.3% in the third quarter. Versant Capital Management Inc now owns 376 shares of the basic materials company’s stock valued at $92,000 after buying an additional 50 shares in the last quarter. Institutional investors and hedge funds own 92.03% of the company’s stock.

Insider Buying and Selling

In other news, COO Brian J. Malloy sold 43,688 shares of the stock in a transaction dated Wednesday, December 10th. The shares were sold at an average price of $304.45, for a total value of $13,300,811.60. Following the transaction, the chief operating officer directly owned 78,875 shares of the company’s stock, valued at $24,013,493.75. This represents a 35.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Elizabeth A. Socci sold 3,900 shares of Carpenter Technology stock in a transaction dated Wednesday, November 26th. The stock was sold at an average price of $321.25, for a total transaction of $1,252,875.00. Following the sale, the vice president directly owned 9,594 shares of the company’s stock, valued at $3,082,072.50. The trade was a 28.90% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 79,358 shares of company stock worth $24,254,008 over the last three months. 2.90% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

CRS has been the topic of a number of research analyst reports. Wall Street Zen raised shares of Carpenter Technology from a “hold” rating to a “buy” rating in a report on Saturday, January 31st. BTIG Research increased their price target on shares of Carpenter Technology from $365.00 to $375.00 and gave the company a “buy” rating in a research report on Friday, January 30th. Jones Trading assumed coverage on Carpenter Technology in a report on Wednesday, October 22nd. They set a “buy” rating and a $400.00 target price on the stock. KeyCorp upgraded shares of Carpenter Technology from a “sector weight” rating to an “overweight” rating and set a $380.00 price target for the company in a report on Thursday, November 13th. Finally, TD Cowen reaffirmed a “buy” rating on shares of Carpenter Technology in a research report on Friday, November 14th. Eight analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, Carpenter Technology has a consensus rating of “Moderate Buy” and an average target price of $373.43.

Carpenter Technology Stock Up 3.0%

Carpenter Technology stock opened at $378.93 on Friday. The firm has a market capitalization of $18.87 billion, a PE ratio of 44.01, a P/E/G ratio of 1.50 and a beta of 1.30. The company’s 50-day moving average is $332.44 and its 200-day moving average is $292.14. Carpenter Technology Corporation has a fifty-two week low of $138.61 and a fifty-two week high of $390.70. The company has a debt-to-equity ratio of 0.35, a current ratio of 4.25 and a quick ratio of 2.26.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings results on Thursday, January 29th. The basic materials company reported $2.33 EPS for the quarter, topping analysts’ consensus estimates of $2.20 by $0.13. The business had revenue of $728.00 million during the quarter, compared to analysts’ expectations of $733.76 million. Carpenter Technology had a return on equity of 23.63% and a net margin of 14.77%.Carpenter Technology’s quarterly revenue was up 7.5% on a year-over-year basis. During the same quarter last year, the company posted $1.66 earnings per share. Sell-side analysts anticipate that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

Carpenter Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 5th. Investors of record on Tuesday, January 27th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, January 27th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.2%. Carpenter Technology’s payout ratio is presently 9.29%.

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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.