Carpenter Technology (NYSE:CRS) Stock Price Down 6.9% – Should You Sell?

Carpenter Technology Corporation (NYSE:CRS) shares traded down 6.9% on Thursday . The company traded as low as $317.41 and last traded at $316.78. 453,692 shares changed hands during trading, a decline of 42% from the average session volume of 785,627 shares. The stock had previously closed at $340.28.

Analyst Ratings Changes

CRS has been the topic of several analyst reports. Jones Trading started coverage on Carpenter Technology in a research report on Wednesday, October 22nd. They issued a “buy” rating and a $400.00 target price on the stock. Zacks Research cut shares of Carpenter Technology from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 1st. BTIG Research boosted their price objective on Carpenter Technology from $305.00 to $365.00 and gave the stock a “buy” rating in a research report on Monday, October 27th. Weiss Ratings reiterated a “buy (b)” rating on shares of Carpenter Technology in a research report on Thursday, October 30th. Finally, Cowen restated a “buy” rating on shares of Carpenter Technology in a research note on Friday, November 14th. Nine analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, Carpenter Technology presently has a consensus rating of “Moderate Buy” and an average price target of $371.14.

Carpenter Technology Price Performance

The company’s 50-day simple moving average is $321.03 and its 200 day simple moving average is $280.18. The stock has a market capitalization of $15.38 billion, a price-to-earnings ratio of 37.92, a P/E/G ratio of 1.40 and a beta of 1.29. The company has a quick ratio of 2.37, a current ratio of 4.44 and a debt-to-equity ratio of 0.36.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings data on Thursday, October 23rd. The basic materials company reported $2.43 earnings per share for the quarter, beating analysts’ consensus estimates of $2.13 by $0.30. The business 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% compared to the same quarter last year. During the same period last year, the business earned $1.73 EPS. Equities research analysts forecast that Carpenter Technology Corporation will post 6.83 EPS for the current year.

Insider Buying and Selling

In other news, VP Elizabeth A. Socci sold 3,900 shares of the company’s stock in a transaction that occurred on 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 completion of the transaction, the vice president directly owned 9,594 shares in the company, valued at $3,082,072.50. The trade was a 28.90% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Brian J. Malloy sold 4,130 shares of the company’s stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $303.52, for a total value of $1,253,537.60. Following the completion of the sale, the chief operating officer owned 78,875 shares in the company, valued at approximately $23,940,140. This represents a 4.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 79,358 shares of company stock worth $24,254,008 in the last ninety days. Insiders own 2.90% of the company’s stock.

Institutional Investors Weigh In On Carpenter Technology

A number of institutional investors have recently made changes to their positions in CRS. Clearstead Advisors LLC increased its stake in Carpenter Technology by 17.9% in the third quarter. Clearstead Advisors LLC now owns 237 shares of the basic materials company’s stock valued at $58,000 after purchasing an additional 36 shares in the last quarter. Glass Jacobson Investment Advisors llc lifted its holdings in shares of 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 valued at $239,000 after purchasing an additional 37 shares in the last quarter. Radnor Capital Management LLC grew its position in shares of Carpenter Technology by 3.3% in the 2nd quarter. Radnor Capital Management LLC now owns 1,240 shares of the basic materials company’s stock valued at $343,000 after purchasing an additional 40 shares during the period. ANB Bank lifted 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 valued at $360,000 after buying an additional 42 shares in the last quarter. Finally, Panagora Asset Management Inc. boosted its stake in Carpenter Technology by 3.0% in the 2nd 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 period. 92.03% of the stock is owned by institutional investors and hedge funds.

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