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

Wealth Enhancement Advisory Services LLC cut its holdings in shares of Carpenter Technology Corporation (NYSE:CRS) by 13.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 14,916 shares of the basic materials company’s stock after selling 2,386 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Carpenter Technology were worth $5,004,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Woodline Partners LP acquired a new position in shares of Carpenter Technology in the 1st quarter valued at about $4,050,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Carpenter Technology by 1.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 104,785 shares of the basic materials company’s stock worth $18,985,000 after acquiring an additional 1,701 shares during the period. Focus Partners Wealth grew its holdings in Carpenter Technology by 7.3% during the first quarter. Focus Partners Wealth now owns 4,615 shares of the basic materials company’s stock worth $836,000 after acquiring an additional 314 shares during the period. JPMorgan Chase & Co. raised its position in Carpenter Technology by 3.6% during the second quarter. JPMorgan Chase & Co. now owns 198,771 shares of the basic materials company’s stock valued at $54,937,000 after acquiring an additional 6,914 shares in the last quarter. Finally, MAI Capital Management raised its position in Carpenter Technology by 118.8% during the second quarter. MAI Capital Management now owns 221 shares of the basic materials company’s stock valued at $61,000 after acquiring an additional 120 shares in the last quarter. 92.03% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, SVP James D. Dee sold 15,800 shares of the business’s stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $391.78, for a total transaction of $6,190,124.00. Following the completion of the sale, the senior vice president owned 73,739 shares of the company’s stock, valued at $28,889,465.42. The trade was a 17.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Steven E. Karol sold 3,500 shares of the company’s stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $381.12, for a total transaction of $1,333,920.00. Following the transaction, the director owned 225,381 shares of the company’s stock, valued at approximately $85,897,206.72. This trade represents a 1.53% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 22,300 shares of company stock valued at $8,664,044 over the last 90 days. 2.90% of the stock is currently owned by company insiders.

Carpenter Technology Stock Performance

Shares of CRS stock opened at $377.07 on Monday. The company has a current ratio of 4.25, a quick ratio of 2.26 and a debt-to-equity ratio of 0.35. Carpenter Technology Corporation has a 12-month low of $138.61 and a 12-month high of $412.31. The business’s 50 day moving average is $370.31 and its two-hundred day moving average is $322.18. The company has a market capitalization of $18.78 billion, a P/E ratio of 43.79, a P/E/G ratio of 1.48 and a beta of 1.22.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings data on Thursday, January 29th. The basic materials company reported $2.33 EPS for the quarter, beating 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%.The business’s revenue was up 7.5% compared to the same quarter last year. During the same period in the previous year, the business earned $1.66 earnings per share. Analysts expect that Carpenter Technology Corporation will post 6.83 EPS for the current fiscal year.

Carpenter Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Tuesday, January 27th were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend was Tuesday, January 27th. Carpenter Technology’s payout ratio is presently 9.29%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on CRS shares. BTIG Research upped their price objective on Carpenter Technology from $365.00 to $375.00 and gave the stock a “buy” rating in a research report on Friday, January 30th. Susquehanna started coverage on shares of Carpenter Technology in a report on Tuesday, March 3rd. They set a “positive” rating and a $470.00 target price for the company. Weiss Ratings reiterated a “buy (b)” rating on shares of Carpenter Technology in a research note on Tuesday, January 27th. Wall Street Zen raised shares of Carpenter Technology from a “hold” rating to a “buy” rating in a report on Saturday, January 31st. Finally, KeyCorp started coverage on shares of Carpenter Technology in a research report on Wednesday, March 25th. They set an “overweight” rating and a $380.00 price target on the stock. Nine equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $385.50.

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