Envestnet Asset Management Inc. Has $5.01 Million Stock Position in Carpenter Technology Corporation $CRS

Envestnet Asset Management Inc. increased its stake in Carpenter Technology Corporation (NYSE:CRS) by 8.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 18,133 shares of the basic materials company’s stock after purchasing an additional 1,390 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Carpenter Technology were worth $5,012,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the company. Oppenheimer Asset Management Inc. purchased a new position in shares of Carpenter Technology in the second quarter worth approximately $371,000. Prudent Man Advisors LLC purchased a new stake in shares of Carpenter Technology in the 2nd quarter valued at approximately $212,000. State of New Jersey Common Pension Fund D boosted its stake in Carpenter Technology by 2.5% in the 2nd quarter. State of New Jersey Common Pension Fund D now owns 16,869 shares of the basic materials company’s stock worth $4,662,000 after purchasing an additional 418 shares during the period. Glass Jacobson Investment Advisors llc acquired a new position in Carpenter Technology in the 2nd quarter worth approximately $259,000. Finally, AlphaQuest LLC purchased a new position in Carpenter Technology during the 2nd quarter worth approximately $1,224,000. 92.03% of the stock is owned by hedge funds and other institutional investors.

Carpenter Technology Stock Down 2.2%

Shares of Carpenter Technology stock opened at $324.69 on Friday. The firm has a market cap of $16.18 billion, a price-to-earnings ratio of 39.69, a P/E/G ratio of 1.41 and a beta of 1.47. The company has a debt-to-equity ratio of 0.36, a current ratio of 4.44 and a quick ratio of 2.37. Carpenter Technology Corporation has a 52-week low of $138.61 and a 52-week high of $342.11. The stock has a 50-day simple moving average of $267.98 and a 200-day simple moving average of $255.40.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings data on Thursday, October 23rd. The basic materials company reported $2.43 EPS for the quarter, topping analysts’ consensus estimates of $2.13 by $0.30. The firm had revenue of $733.70 million for the quarter, compared to the consensus estimate of $741.18 million. Carpenter Technology had a return on equity of 22.68% and a net margin of 14.30%.The firm’s revenue was up 2.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.73 earnings per share. On average, equities 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 declared a quarterly dividend, which will be paid on Thursday, December 4th. Stockholders of record on Tuesday, October 21st will be paid a dividend of $0.20 per share. The ex-dividend date is Tuesday, October 21st. This represents a $0.80 annualized dividend and a dividend yield of 0.2%. Carpenter Technology’s dividend payout ratio is 9.78%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on CRS. Deutsche Bank Aktiengesellschaft set a $425.00 target price on Carpenter Technology and gave the company a “buy” rating in a report on Friday, October 24th. KeyCorp raised Carpenter Technology from a “sector weight” rating to an “overweight” rating and set a $380.00 price target on the stock in a research report on Thursday. BTIG Research increased their price objective on Carpenter Technology from $305.00 to $365.00 and gave the stock a “buy” rating in a research note on Monday, October 27th. Jones Trading assumed coverage on Carpenter Technology in a research report on Wednesday, October 22nd. They set a “buy” rating and a $400.00 price objective for the company. Finally, TD Cowen lifted their target price on Carpenter Technology from $305.00 to $340.00 and gave the company a “buy” rating in a research note on Friday, October 24th. Nine 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 $371.14.

Insider Activity

In related news, Director Steven E. Karol sold 3,433 shares of Carpenter Technology 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. The trade was a 1.87% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director I Martin Inglis sold 5,691 shares of the company’s stock in a transaction on Monday, August 18th. The stock was sold at an average price of $244.54, for a total transaction of $1,391,677.14. Following the completion of the sale, the director owned 6,732 shares of the company’s stock, valued at $1,646,243.28. This represents a 45.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 28,124 shares of company stock worth $6,890,250. 2.90% of the stock is owned by corporate insiders.

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.