Insider Selling: Carpenter Technology (NYSE:CRS) Director Sells 3,500 Shares of Stock

Carpenter Technology Corporation (NYSE:CRS) Director Steven Karol sold 3,500 shares of the stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $381.12, for a total transaction of $1,333,920.00. Following the completion of the transaction, the director directly owned 225,381 shares of the company’s stock, valued at $85,897,206.72. This trade represents a 1.53% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Carpenter Technology Price Performance

Shares of CRS traded down $4.43 during trading hours on Monday, reaching $385.30. The stock had a trading volume of 469,521 shares, compared to its average volume of 913,663. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.26 and a current ratio of 4.25. Carpenter Technology Corporation has a 12 month low of $138.61 and a 12 month high of $397.72. The stock has a market capitalization of $19.19 billion, a PE ratio of 44.75, a PEG ratio of 1.53 and a beta of 1.30. The company’s 50-day moving average is $339.35 and its two-hundred day moving average is $296.62.

Carpenter Technology (NYSE:CRS) last issued its earnings results on Thursday, January 29th. The basic materials company reported $2.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.20 by $0.13. Carpenter Technology had a return on equity of 23.63% and a net margin of 14.77%.The business had revenue of $728.00 million during the quarter, compared to analysts’ expectations of $733.76 million. During the same quarter in the prior year, the firm earned $1.66 EPS. The business’s revenue for the quarter was up 7.5% compared to the same quarter last year. Research analysts expect that Carpenter Technology Corporation will post 6.83 EPS for the current year.

Carpenter Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 5th. Investors of record on Tuesday, January 27th will be given a dividend of $0.20 per share. The ex-dividend date is Tuesday, January 27th. This represents a $0.80 annualized dividend and a yield of 0.2%. Carpenter Technology’s dividend payout ratio (DPR) is currently 9.29%.

Analyst Ratings Changes

CRS has been the subject of several analyst reports. JPMorgan Chase & Co. raised their price target on shares of Carpenter Technology from $388.00 to $394.00 and gave the company an “overweight” rating in a research note on Friday, January 30th. TD Cowen restated a “buy” rating on shares of Carpenter Technology in a report on Friday, November 14th. KeyCorp raised Carpenter Technology from a “sector weight” rating to an “overweight” rating and set a $380.00 target price for the company in a research report on Thursday, November 13th. Weiss Ratings reiterated a “buy (b)” rating on shares of Carpenter Technology in a research report on Tuesday, January 27th. Finally, BTIG Research increased their price target on Carpenter Technology from $365.00 to $375.00 and gave the company a “buy” rating in a research note on Friday, January 30th. Eight research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $373.43.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in CRS. State Street Corp increased its holdings in Carpenter Technology by 10.1% in the third quarter. State Street Corp now owns 2,096,145 shares of the basic materials company’s stock worth $514,687,000 after purchasing an additional 192,533 shares in the last quarter. Invesco Ltd. grew its position in shares of Carpenter Technology by 18.8% during the 4th quarter. Invesco Ltd. now owns 2,071,657 shares of the basic materials company’s stock worth $652,241,000 after buying an additional 327,302 shares during the period. Egerton Capital UK LLP increased its stake in shares of Carpenter Technology by 13.0% in the 4th quarter. Egerton Capital UK LLP now owns 1,553,012 shares of the basic materials company’s stock valued at $488,950,000 after acquiring an additional 178,679 shares in the last quarter. SurgoCap Partners LP lifted its position in shares of Carpenter Technology by 29.5% during the 3rd quarter. SurgoCap Partners LP now owns 1,198,895 shares of the basic materials company’s stock valued at $294,377,000 after acquiring an additional 272,896 shares during the period. Finally, Geode Capital Management LLC lifted its position in shares of Carpenter Technology by 8.8% during the 4th quarter. Geode Capital Management LLC now owns 975,960 shares of the basic materials company’s stock valued at $307,333,000 after acquiring an additional 78,588 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.