Carpenter Technology (NYSE:CRS) CEO Tony R. Thene Sells 19,000 Shares

Key Points

• Carpenter Technology CEO Tony Thene sold 19,000 shares valued at $4.65 million, decreasing his stake by 3.43% to 535,019 shares.
• The company's stock is currently down 2.2% following the sale, trading at about $241.12, compared to a high of $290.84 over the past year.
• Carpenter Technology recently initiated a $400 million stock buyback program, indicating that management believes the shares are undervalued.

Carpenter Technology Corporation (NYSE:CRS - Get Free Report) CEO Tony R. Thene sold 19,000 shares of the stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $244.99, for a total value of $4,654,810.00. Following the completion of the transaction, the chief executive officer directly owned 535,019 shares of the company's stock, valued at $131,074,304.81. This represents a 3.43% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Carpenter Technology Stock Up 1.0%

CRS stock traded up $2.4910 during midday trading on Friday, hitting $243.8210. The stock had a trading volume of 1,015,393 shares, compared to its average volume of 921,271. The business has a 50-day moving average of $264.52 and a two-hundred day moving average of $222.86. The company has a debt-to-equity ratio of 0.37, a current ratio of 3.65 and a quick ratio of 2.01. The firm has a market cap of $12.15 billion, a price-to-earnings ratio of 32.86, a price-to-earnings-growth ratio of 1.13 and a beta of 1.44. Carpenter Technology Corporation has a 52-week low of $129.57 and a 52-week high of $290.84.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its earnings results on Thursday, July 31st. The basic materials company reported $2.21 EPS for the quarter, beating analysts' consensus estimates of $2.03 by $0.18. The firm had revenue of $755.60 million for the quarter, compared to analysts' expectations of $790.73 million. Carpenter Technology had a net margin of 13.07% and a return on equity of 21.50%. The company's quarterly revenue was down 5.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.82 EPS. As a group, equities research analysts forecast that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Tuesday, August 26th will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend is Tuesday, August 26th. Carpenter Technology's payout ratio is currently 10.78%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. Cowen reaffirmed a "buy" rating on shares of Carpenter Technology in a research report on Thursday, June 12th. JPMorgan Chase & Co. upped their target price on shares of Carpenter Technology from $245.00 to $305.00 and gave the stock an "overweight" rating in a research note on Tuesday, June 17th. Benchmark raised their price target on shares of Carpenter Technology from $250.00 to $300.00 and gave the company a "buy" rating in a research report on Monday, June 9th. Finally, BTIG Research reaffirmed a "buy" rating on shares of Carpenter Technology in a research report on Monday, August 4th. Four analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $278.33.

Institutional Trading of Carpenter Technology

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Geneos Wealth Management Inc. purchased a new position in Carpenter Technology during the second quarter valued at approximately $28,000. Rise Advisors LLC purchased a new position in shares of Carpenter Technology during the 1st quarter valued at $31,000. IMA Advisory Services Inc. bought a new position in Carpenter Technology in the 1st quarter worth $36,000. Bessemer Group Inc. increased its stake in Carpenter Technology by 50.3% in the 1st quarter. Bessemer Group Inc. now owns 230 shares of the basic materials company's stock worth $42,000 after buying an additional 77 shares in the last quarter. Finally, Headlands Technologies LLC bought a new position in shares of Carpenter Technology in the second quarter worth about $43,000. Hedge funds and other 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.