Envestnet Asset Management Inc. Cuts Stock Holdings in Carpenter Technology Co. (NYSE:CRS)

Envestnet Asset Management Inc. reduced its position in Carpenter Technology Co. (NYSE:CRS - Free Report) by 9.8% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 16,869 shares of the basic materials company's stock after selling 1,828 shares during the quarter. Envestnet Asset Management Inc.'s holdings in Carpenter Technology were worth $2,863,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Pictet Asset Management Holding SA raised its holdings in shares of Carpenter Technology by 14.6% during the 4th quarter. Pictet Asset Management Holding SA now owns 6,865 shares of the basic materials company's stock worth $1,165,000 after acquiring an additional 877 shares during the period. Tidal Investments LLC increased its position in Carpenter Technology by 91.9% during the third quarter. Tidal Investments LLC now owns 21,083 shares of the basic materials company's stock worth $3,364,000 after purchasing an additional 10,094 shares during the last quarter. Manuka Financial LLC purchased a new position in Carpenter Technology during the fourth quarter worth about $368,000. Park Avenue Securities LLC acquired a new position in Carpenter Technology in the 4th quarter valued at about $419,000. Finally, XML Financial LLC grew its stake in shares of Carpenter Technology by 215.3% in the 4th quarter. XML Financial LLC now owns 9,460 shares of the basic materials company's stock valued at $1,605,000 after buying an additional 6,460 shares during the period. Hedge funds and other institutional investors own 92.03% of the company's stock.

Carpenter Technology Stock Down 0.4 %

Carpenter Technology stock opened at $198.70 on Friday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.92 and a current ratio of 3.80. The firm has a 50 day moving average price of $183.39 and a 200 day moving average price of $181.64. Carpenter Technology Co. has a fifty-two week low of $81.99 and a fifty-two week high of $213.66. The company has a market capitalization of $9.92 billion, a PE ratio of 37.49, a price-to-earnings-growth ratio of 0.93 and a beta of 1.28.

Carpenter Technology (NYSE:CRS - Get Free Report) last posted its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.74 by $0.14. Carpenter Technology had a return on equity of 19.88% and a net margin of 9.34%. The firm had revenue of $727.00 million for the quarter, compared to the consensus estimate of $729.67 million. Research analysts expect that Carpenter Technology Co. will post 6.83 earnings per share for the current year.

Carpenter Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Tuesday, April 22nd will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.40%. The ex-dividend date is Tuesday, April 22nd. Carpenter Technology's payout ratio is currently 15.09%.

Carpenter Technology announced that its board has initiated a share repurchase 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 buy 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 shares are undervalued.

Analyst Upgrades and Downgrades

CRS has been the topic of several analyst reports. Northcoast Research raised shares of Carpenter Technology from a "sell" rating to a "neutral" rating in a research report on Wednesday, April 9th. BTIG Research set a $230.00 target price on Carpenter Technology in a research report on Friday, January 31st. Finally, JPMorgan Chase & Co. increased their price target on Carpenter Technology from $235.00 to $240.00 and gave the stock an "overweight" rating in a report on Wednesday, February 19th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $167.17.

Carpenter Technology Company 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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