Carpenter Technology (NYSE:CRS) Director Sells $843,762.74 in Stock

Key Points

• Director Steven Karol sold 3,433 shares of Carpenter Technology at an average price of $245.78, totaling $843,762.74, which reduced his ownership by 1.87%.
• Carpenter Technology reported quarterly earnings of $2.21 per share, exceeding estimates, but experienced a revenue decline of 5.4% year-over-year with revenues totaling $755.60 million.
• The company recently declared a quarterly dividend of $0.20 per share, yielding 0.3% with a payout ratio of 10.78%.

Carpenter Technology Corporation (NYSE:CRS - Get Free Report) Director Steven Karol sold 3,433 shares of the firm's stock in a transaction that occurred on Tuesday, September 9th. The stock was sold at an average price of $245.78, for a total value of $843,762.74. Following the transaction, the director owned 180,000 shares in the company, valued at approximately $44,240,400. The trade was a 1.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Carpenter Technology Trading Up 1.1%

CRS traded up $2.72 on Wednesday, hitting $247.46. 561,567 shares of the company were exchanged, compared to its average volume of 908,539. The firm has a fifty day simple moving average of $259.75 and a two-hundred day simple moving average of $226.94. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.01 and a current ratio of 3.65. Carpenter Technology Corporation has a 12 month low of $131.12 and a 12 month high of $290.84. The stock has a market capitalization of $12.34 billion, a PE ratio of 33.35, a price-to-earnings-growth ratio of 1.15 and a beta of 1.52.

Carpenter Technology (NYSE:CRS - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The basic materials company reported $2.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.03 by $0.18. Carpenter Technology had a return on equity of 21.50% and a net margin of 13.07%.The business had revenue of $755.60 million for the quarter, compared to analyst estimates of $790.73 million. During the same period last year, the company earned $1.82 EPS. Carpenter Technology's revenue for the quarter was down 5.4% compared to the same quarter last year. Sell-side analysts expect that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

Carpenter Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Tuesday, August 26th were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.3%. The ex-dividend date was Tuesday, August 26th. Carpenter Technology's dividend payout ratio (DPR) is presently 10.78%.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on CRS. JPMorgan Chase & Co. raised their price target on Carpenter Technology from $245.00 to $305.00 and gave the stock an "overweight" rating in a research report on Tuesday, June 17th. Benchmark lifted their price objective on Carpenter Technology from $250.00 to $300.00 and gave the stock a "buy" rating in a research report on Monday, June 9th. Cowen reiterated a "buy" rating on shares of Carpenter Technology in a research report on Thursday, June 12th. Finally, BTIG Research reiterated 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 stock. According to MarketBeat, Carpenter Technology currently has an average rating of "Moderate Buy" and an average price target of $278.33.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Stratos Wealth Partners LTD. lifted its stake in shares of Carpenter Technology by 22.9% in the 1st quarter. Stratos Wealth Partners LTD. now owns 2,968 shares of the basic materials company's stock valued at $538,000 after purchasing an additional 553 shares during the period. Bessemer Group Inc. lifted its stake in shares of Carpenter Technology by 50.3% in the 1st quarter. Bessemer Group Inc. now owns 230 shares of the basic materials company's stock valued at $42,000 after purchasing an additional 77 shares during the period. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Carpenter Technology by 27.8% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 15,953 shares of the basic materials company's stock valued at $2,890,000 after purchasing an additional 3,467 shares during the period. Fifth Third Bancorp lifted its stake in shares of Carpenter Technology by 13.6% in the 1st quarter. Fifth Third Bancorp now owns 651 shares of the basic materials company's stock valued at $118,000 after purchasing an additional 78 shares during the period. Finally, Oppenheimer & Co. Inc. purchased a new position in shares of Carpenter Technology in the 1st quarter valued at approximately $678,000. 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.

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