Insider Selling: Carpenter Technology Corporation (NYSE:CRS) Director Sells 1,000 Shares of Stock

Carpenter Technology Corporation (NYSE:CRS - Get Free Report) Director Anastasios John Hart sold 1,000 shares of the business's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $243.72, for a total value of $243,720.00. The sale was disclosed in a filing with the SEC, which is available through this link.

Carpenter Technology Stock Performance

Shares of Carpenter Technology stock traded down $2.48 during trading hours on Thursday, hitting $250.59. 562,806 shares of the company's stock traded hands, compared to its average volume of 778,127. The stock has a market capitalization of $12.47 billion, a price-to-earnings ratio of 35.49, a PEG ratio of 1.06 and a beta of 1.37. Carpenter Technology Corporation has a 12-month low of $95.70 and a 12-month high of $256.52. The company has a debt-to-equity ratio of 0.39, a current ratio of 3.75 and a quick ratio of 1.89. The company has a fifty day simple moving average of $217.51 and a 200-day simple moving average of $197.32.

Carpenter Technology (NYSE:CRS - Get Free Report) last posted its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.88 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.74 by $0.14. Carpenter Technology had a net margin of 12.26% and a return on equity of 21.16%. The business had revenue of $727.00 million during the quarter, compared to the consensus estimate of $729.67 million. During the same quarter last year, the company posted $1.19 earnings per share. The firm's quarterly revenue was up 6.1% compared to the same quarter last year. Equities research analysts anticipate that Carpenter Technology Corporation will post 6.83 EPS for the current fiscal year.

Carpenter Technology declared that its board has approved a stock repurchase plan on Thursday, April 24th that permits the company to repurchase $400.00 million in outstanding shares. This repurchase authorization permits the basic materials company to buy up to 4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's management believes its shares are undervalued.

Carpenter Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Tuesday, April 22nd were paid a dividend of $0.20 per share. The ex-dividend date was Tuesday, April 22nd. This represents a $0.80 annualized dividend and a dividend yield of 0.32%. Carpenter Technology's payout ratio is currently 11.33%.

Analyst Ratings Changes

Several brokerages have weighed in on CRS. Cowen restated a "buy" rating on shares of Carpenter Technology in a research note on Thursday, June 12th. Northcoast Research upgraded shares of Carpenter Technology from a "sell" rating to a "neutral" rating in a report on Wednesday, April 9th. JPMorgan Chase & Co. boosted their price target on shares of Carpenter Technology from $245.00 to $305.00 and gave the stock an "overweight" rating in a report on Tuesday. Finally, Benchmark increased their price objective on shares of Carpenter Technology from $250.00 to $300.00 and gave the company a "buy" rating in a research note on Monday, June 9th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $244.75.

Hedge Funds Weigh In On Carpenter Technology

Several institutional investors have recently bought and sold shares of the company. Kestra Investment Management LLC bought a new position in shares of Carpenter Technology during the 4th quarter worth $25,000. Rise Advisors LLC purchased a new stake in Carpenter Technology during the first quarter valued at about $31,000. IMA Advisory Services Inc. purchased a new stake in Carpenter Technology during the first quarter valued at about $36,000. Bessemer Group Inc. boosted its position in Carpenter Technology by 50.3% during the first quarter. Bessemer Group Inc. now owns 230 shares of the basic materials company's stock worth $42,000 after purchasing an additional 77 shares during the period. Finally, Ameriflex Group Inc. purchased a new position in shares of Carpenter Technology in the fourth quarter worth about $44,000. Hedge funds and other institutional investors own 92.03% of the company's stock.

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.