Insider Selling: Carpenter Technology (NYSE:CRS) COO Sells 43,688 Shares of Stock

Carpenter Technology Corporation (NYSE:CRS) COO Brian Malloy sold 43,688 shares of the firm’s stock in a transaction dated Wednesday, December 10th. The shares were sold at an average price of $304.45, for a total transaction of $13,300,811.60. Following the sale, the chief operating officer directly owned 78,875 shares in the company, valued at approximately $24,013,493.75. The trade was a 35.65% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Carpenter Technology Stock Performance

Shares of CRS traded up $16.96 during mid-day trading on Thursday, hitting $321.56. 1,592,942 shares of the company traded hands, compared to its average volume of 797,104. The stock has a market cap of $16.02 billion, a price-to-earnings ratio of 39.31, a P/E/G ratio of 1.28 and a beta of 1.31. The stock has a 50-day moving average price of $296.69 and a two-hundred day moving average price of $269.02. Carpenter Technology Corporation has a 1 year low of $138.61 and a 1 year high of $342.11. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.37 and a current ratio of 4.44.

Carpenter Technology (NYSE:CRS) last posted its earnings results 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 business had revenue of $733.70 million during the quarter, compared to the consensus estimate of $741.18 million. Carpenter Technology had a net margin of 14.30% and a return on equity of 22.68%. The firm’s revenue was up 2.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.73 EPS. Equities analysts anticipate that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

Carpenter Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, December 4th. Shareholders of record on Tuesday, October 21st were issued a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, October 21st. This represents a $0.80 dividend on an annualized basis and a yield of 0.2%. Carpenter Technology’s dividend payout ratio is currently 9.78%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on CRS shares. Cowen restated a “buy” rating on shares of Carpenter Technology in a research note on Friday, November 14th. Zacks Research cut shares of Carpenter Technology from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 1st. TD Cowen increased their price target on shares of Carpenter Technology from $305.00 to $340.00 and gave the stock a “buy” rating in a research report on Friday, October 24th. JPMorgan Chase & Co. boosted their price objective on shares of Carpenter Technology from $305.00 to $388.00 and gave the company an “overweight” rating in a research report on Wednesday, October 29th. Finally, BTIG Research upped 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. Nine analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $371.14.

Institutional Trading of Carpenter Technology

Several institutional investors and hedge funds have recently modified their holdings of CRS. Geneos Wealth Management Inc. purchased a new position in Carpenter Technology during the second quarter worth $28,000. Rise Advisors LLC purchased a new position in shares of Carpenter Technology during the first quarter worth approximately $31,000. Root Financial Partners LLC purchased a new position in shares of Carpenter Technology during the third quarter worth approximately $41,000. MassMutual Private Wealth & Trust FSB raised its stake in shares of Carpenter Technology by 54.1% during the third quarter. MassMutual Private Wealth & Trust FSB now owns 171 shares of the basic materials company’s stock valued at $42,000 after acquiring an additional 60 shares in the last quarter. Finally, Headlands Technologies LLC purchased a new stake in shares of Carpenter Technology in the second quarter valued at approximately $43,000. 92.03% of the stock is currently owned by institutional investors.

About Carpenter Technology

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.