Insider Selling: Carpenter Technology (NYSE:CRS) Director Sells $215,999.70 in Stock

Carpenter Technology Corporation (NYSE:CRS) Director Ramin Younessi sold 438 shares of the company’s stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $493.15, for a total value of $215,999.70. Following the completion of the sale, the director owned 1,953 shares in the company, valued at $963,121.95. The trade was a 18.32% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Carpenter Technology Stock Up 1.6%

NYSE:CRS traded up $7.47 during trading hours on Tuesday, reaching $484.57. 757,154 shares of the company traded hands, compared to its average volume of 761,220. The company has a current ratio of 3.81, a quick ratio of 2.23 and a debt-to-equity ratio of 0.31. The business’s 50-day moving average price is $565.17 and its two-hundred day moving average price is $470.71. Carpenter Technology Corporation has a 1 year low of $228.00 and a 1 year high of $625.98. The stock has a market capitalization of $24.02 billion, a P/E ratio of 46.06, a P/E/G ratio of 1.77 and a beta of 1.25.

Carpenter Technology (NYSE:CRS) last released its earnings results on Thursday, July 30th. The basic materials company reported $3.23 EPS for the quarter, topping analysts’ consensus estimates of $3.09 by $0.14. The firm had revenue of $679.70 million for the quarter, compared to analysts’ expectations of $863.33 million. Carpenter Technology had a return on equity of 26.46% and a net margin of 16.96%.The company’s quarterly revenue was up 12.6% on a year-over-year basis. During the same period in the prior year, the firm posted $2.21 earnings per share. Analysts predict that Carpenter Technology Corporation will post 13.08 earnings per share for the current year.

Carpenter Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Tuesday, August 25th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Tuesday, August 25th. This represents a $0.80 annualized dividend and a yield of 0.2%. Carpenter Technology’s payout ratio is 7.60%.

Analyst Upgrades and Downgrades

CRS has been the topic of several analyst reports. JPMorgan Chase & Co. lowered their price objective on Carpenter Technology from $705.00 to $700.00 and set an “overweight” rating on the stock in a research report on Friday, July 31st. Susquehanna lowered their price target on Carpenter Technology from $680.00 to $600.00 and set a “positive” rating on the stock in a report on Friday, July 31st. Wall Street Zen cut Carpenter Technology from a “buy” rating to a “hold” rating in a research report on Saturday. KeyCorp lowered their price objective 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, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $500.00 target price on shares of Carpenter Technology in a research report on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, Carpenter Technology has an average rating of “Buy” and an average price target of $577.25.

Institutional Investors Weigh In On Carpenter Technology

Large investors have recently made changes to their positions in the company. Wealthcare Advisory Partners LLC lifted its stake in shares of Carpenter Technology by 1.7% in the 2nd quarter. Wealthcare Advisory Partners LLC now owns 1,148 shares of the basic materials company’s stock worth $708,000 after purchasing an additional 19 shares during the period. Meeder Advisory Services Inc. grew its position in Carpenter Technology by 3.7% during the fourth quarter. Meeder Advisory Services Inc. now owns 889 shares of the basic materials company’s stock valued at $280,000 after buying an additional 32 shares during the period. Abel Hall LLC increased its holdings in Carpenter Technology by 3.2% during the fourth quarter. Abel Hall LLC now owns 1,019 shares of the basic materials company’s stock valued at $321,000 after buying an additional 32 shares during the last quarter. Northwestern Mutual Investment Management Company LLC raised its position in Carpenter Technology by 0.3% in the fourth quarter. Northwestern Mutual Investment Management Company LLC now owns 11,146 shares of the basic materials company’s stock worth $3,509,000 after acquiring an additional 34 shares during the period. Finally, Essential Partners LLC raised its position in Carpenter Technology by 9.9% in the first quarter. Essential Partners LLC now owns 378 shares of the basic materials company’s stock worth $149,000 after acquiring an additional 34 shares during the period. 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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.