Koshinski Asset Management Inc. Makes New $234,000 Investment in Carpenter Technology Corporation (NYSE:CRS)

Koshinski Asset Management Inc. acquired a new stake in Carpenter Technology Corporation (NYSE:CRS) in the first quarter, Holdings Channel.com reports. The fund acquired 1,289 shares of the basic materials company’s stock, valued at approximately $234,000.

A number of other institutional investors have also modified their holdings of the company. Pictet Asset Management Holding SA lifted its stake in 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 in the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in Carpenter Technology by 27.8% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 15,953 shares of the basic materials company’s stock worth $2,890,000 after purchasing an additional 3,467 shares during the period. Fifth Third Bancorp lifted its position in shares of Carpenter Technology by 13.6% during the first quarter. Fifth Third Bancorp now owns 651 shares of the basic materials company’s stock worth $118,000 after purchasing an additional 78 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of Carpenter Technology in the fourth quarter valued at approximately $18,731,000. Finally, Commonwealth Equity Services LLC boosted its stake in shares of Carpenter Technology by 1.5% in the fourth quarter. Commonwealth Equity Services LLC now owns 10,880 shares of the basic materials company’s stock valued at $1,846,000 after purchasing an additional 160 shares during the period. 92.03% of the stock is owned by institutional investors and hedge funds.

Carpenter Technology Stock Up 1.8%

Shares of Carpenter Technology stock opened at $279.88 on Friday. The company has a quick ratio of 1.89, a current ratio of 3.75 and a debt-to-equity ratio of 0.39. Carpenter Technology Corporation has a 52-week low of $104.02 and a 52-week high of $282.99. The company has a market capitalization of $13.93 billion, a P/E ratio of 39.64, a P/E/G ratio of 0.92 and a beta of 1.39. The company has a 50 day moving average of $237.78 and a 200 day moving average of $203.55.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.74 by $0.14. The business had revenue of $727.00 million during the quarter, compared to analysts’ expectations of $729.67 million. Carpenter Technology had a net margin of 12.26% and a return on equity of 21.16%. The company’s revenue for the quarter was up 6.1% on a year-over-year basis. During the same period in the previous year, the company earned $1.19 EPS. As a group, research analysts forecast that Carpenter Technology Corporation will post 6.83 EPS for the current fiscal year.

Carpenter Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Tuesday, April 22nd were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, April 22nd. This represents a $0.80 annualized dividend and a dividend yield of 0.29%. Carpenter Technology’s dividend payout ratio is currently 11.33%.

Carpenter Technology declared that its Board of Directors has initiated a stock repurchase plan on Thursday, April 24th that authorizes the company to repurchase $400.00 million in shares. This repurchase authorization authorizes the basic materials company to buy up to 4% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

CRS has been the topic of several recent research reports. Cowen reaffirmed a “buy” rating on shares of Carpenter Technology in a research note on Thursday, June 12th. Benchmark upped their price objective on Carpenter Technology from $250.00 to $300.00 and gave the stock a “buy” rating in a research report on Monday, June 9th. JPMorgan Chase & Co. increased their price objective on Carpenter Technology from $245.00 to $305.00 and gave the company an “overweight” rating in a research note on Tuesday, June 17th. Finally, Northcoast Research raised Carpenter Technology from a “sell” rating to a “neutral” rating in a research note on Wednesday, April 9th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $278.33.

Insider Transactions at Carpenter Technology

In other Carpenter Technology news, Director Anastasios John Hart sold 1,000 shares of the stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $243.72, for a total value of $243,720.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director I Martin Inglis sold 3,433 shares of the firm’s stock in a transaction that occurred on Tuesday, April 29th. The stock was sold at an average price of $197.66, for a total transaction of $678,566.78. Following the sale, the director directly owned 6,732 shares in the company, valued at approximately $1,330,647.12. The trade was a 33.77% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.90% of the company’s stock.

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.