Insider Selling: Carpenter Technology (NYSE:CRS) CEO Sells 57,456 Shares of Stock

Carpenter Technology Corporation (NYSE:CRS) CEO Tony Thene sold 57,456 shares of the business’s stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $483.90, for a total value of $27,802,958.40. Following the completion of the sale, the chief executive officer owned 439,631 shares in the company, valued at $212,737,440.90. The trade was a 11.56% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

Carpenter Technology Stock Performance

CRS traded up $7.00 on Thursday, reaching $490.70. The company had a trading volume of 555,007 shares, compared to its average volume of 758,304. Carpenter Technology Corporation has a fifty-two week low of $228.00 and a fifty-two week high of $625.98. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.23 and a current ratio of 3.81. The company’s fifty day moving average is $561.77 and its 200 day moving average is $472.72. The stock has a market cap of $24.32 billion, a P/E ratio of 46.64, a P/E/G ratio of 1.74 and a beta of 1.25.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings results on Thursday, July 30th. The basic materials company reported $3.23 earnings per share (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 company had revenue of $679.70 million for the quarter, compared to analyst estimates of $863.33 million. During the same period in the previous year, the firm posted $2.21 EPS. The firm’s revenue was up 12.6% on a year-over-year basis. As a group, analysts predict that Carpenter Technology Corporation will post 13.08 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

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

Analysts Set New Price Targets

Several research analysts have recently commented on CRS shares. BTIG Research boosted their price objective on Carpenter Technology from $450.00 to $620.00 and gave the stock a “buy” rating in a report on Friday, July 31st. Zacks Research upgraded Carpenter Technology from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 15th. Wall Street Zen cut Carpenter Technology from a “buy” rating to a “hold” rating in a research note on Saturday, August 22nd. Weiss Ratings downgraded shares of Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a research report on Wednesday, June 3rd. Finally, KeyCorp lowered their price objective on Carpenter Technology from $644.00 to $608.00 and set an “overweight” rating for the company in a research report on Monday, August 3rd. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $577.25.

Institutional Trading of Carpenter Technology

A number of large investors have recently added to or reduced their stakes in CRS. Keating Financial Advisory Services Inc. purchased a new stake in shares of Carpenter Technology in the second quarter worth approximately $29,000. Whittier Trust Co. of Nevada Inc. purchased a new stake in shares of Carpenter Technology in the 1st quarter worth approximately $30,000. SJS Investment Consulting Inc. increased its holdings in shares of Carpenter Technology by 81.8% in the 1st quarter. SJS Investment Consulting Inc. now owns 80 shares of the basic materials company’s stock valued at $32,000 after acquiring an additional 36 shares during the period. Persistent Asset Partners Ltd acquired a new stake in Carpenter Technology in the second quarter valued at approximately $55,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Carpenter Technology during the 2nd quarter worth $56,000. Institutional investors own 92.03% of the company’s stock.

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.