Insider Selling: Carpenter Technology (NYSE:CRS) Director Sells $1,552,612.00 in Stock

Carpenter Technology Corporation (NYSE:CRS) Director Steven Karol sold 3,275 shares of the business’s stock in a transaction dated Friday, September 4th. The shares were sold at an average price of $474.08, for a total transaction of $1,552,612.00. Following the completion of the transaction, the director owned 177,000 shares in the company, valued at $83,912,160. The trade was a 1.82% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Carpenter Technology Stock Performance

Carpenter Technology stock opened at $442.99 on Friday. The firm has a 50 day simple moving average of $531.19 and a 200-day simple moving average of $479.87. The stock has a market cap of $21.95 billion, a price-to-earnings ratio of 42.11, a price-to-earnings-growth ratio of 1.59 and a beta of 1.26. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.81 and a quick ratio of 2.23. Carpenter Technology Corporation has a 1-year low of $228.00 and a 1-year high of $625.98.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings results on Thursday, July 30th. The basic materials company reported $3.23 EPS for the quarter, beating the consensus estimate of $3.09 by $0.14. Carpenter Technology had a net margin of 16.96% and a return on equity of 26.46%. The firm had revenue of $679.70 million for the quarter, compared to analyst estimates of $863.33 million. During the same quarter in the previous year, the company earned $2.21 EPS. The business’s revenue for the quarter was up 12.6% compared to the same quarter last year. On average, analysts expect that Carpenter Technology Corporation will post 13.28 EPS for the current year.

Carpenter Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 3rd. Shareholders of record on Tuesday, August 25th were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, August 25th. This represents a $0.80 annualized dividend and a yield of 0.2%. Carpenter Technology’s dividend payout ratio (DPR) is 7.60%.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Zacks Research upgraded Carpenter Technology from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 15th. Susquehanna reduced their price objective on shares of Carpenter Technology from $680.00 to $600.00 and set a “positive” rating on the stock in a report on Friday, July 31st. TD Cowen upped their target price on shares of Carpenter Technology from $470.00 to $650.00 and gave the company a “buy” rating in a research report on Monday, July 13th. KeyCorp decreased their target price on shares of Carpenter Technology from $644.00 to $608.00 and set an “overweight” rating on the stock in a research report on Monday, August 3rd. Finally, Wall Street Zen upgraded shares of Carpenter Technology from a “hold” rating to a “buy” rating in a research report on Saturday. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, Carpenter Technology has a consensus rating of “Buy” and a consensus target price of $577.25.

Institutional Investors Weigh In On Carpenter Technology

A number of institutional investors have recently modified their holdings of CRS. Geneos Wealth Management Inc. acquired a new position in Carpenter Technology during the 2nd quarter worth about $28,000. Keating Financial Advisory Services Inc. acquired a new position in Carpenter Technology in the 2nd quarter valued at about $29,000. Whittier Trust Co. of Nevada Inc. purchased a new stake in Carpenter Technology during the first quarter worth about $30,000. SJS Investment Consulting Inc. increased its stake in Carpenter Technology by 81.8% during the first quarter. SJS Investment Consulting Inc. now owns 80 shares of the basic materials company’s stock worth $32,000 after purchasing an additional 36 shares during the period. Finally, Headlands Technologies LLC acquired a new stake in shares of Carpenter Technology during the second quarter worth about $43,000. 92.03% of the stock is owned by institutional investors and hedge funds.

About Carpenter Technology

Carpenter Technology Corporation is a manufacturer of premium specialty alloys and engineered materials for demanding applications. The company develops and produces stainless steels, nickel- and cobalt-based alloys, titanium, powder metals, and other high-performance materials designed to withstand extreme temperatures, corrosion, wear, and stress.

Its products are used in the aerospace and defense, medical, energy, transportation, industrial, and consumer sectors. Carpenter also provides specialty manufacturing capabilities, including additive manufacturing powders, precision-engineered components, and materials tailored to specific customer requirements.