Carpenter Technology (NYSE:CRS) Trading Down 5.1% - Here's What Happened

Key Points

• Carpenter Technology Corporation saw a decline of 5.1% in its stock price, trading as low as $240.82 before closing at $238.00, with a significant decrease in trading volume.
• The company reported earnings of $2.21 per share, exceeding expectations, but its revenue of $755.60 million fell short of analyst forecasts.
• Analysts currently have a consensual rating of "Moderate Buy" with a price target of $278.33, and multiple firms have reiterated buy ratings recently.

Carpenter Technology Corporation (NYSE:CRS - Get Free Report) shares dropped 5.1% during trading on Monday . The stock traded as low as $240.82 and last traded at $238.00. Approximately 407,500 shares were traded during mid-day trading, a decline of 56% from the average daily volume of 917,880 shares. The stock had previously closed at $250.85.

Analyst Ratings Changes

CRS has been the topic of several analyst reports. BTIG Research reiterated a "buy" rating on shares of Carpenter Technology in a report on Monday, August 4th. Benchmark lifted their price objective on Carpenter Technology from $250.00 to $300.00 and gave the stock a "buy" rating in a report on Monday, June 9th. JPMorgan Chase & Co. lifted their price objective on Carpenter Technology from $245.00 to $305.00 and gave the stock an "overweight" rating in a report on Tuesday, June 17th. Finally, Cowen reiterated a "buy" rating on shares of Carpenter Technology in a report on Thursday, June 12th. Four research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $278.33.

Carpenter Technology Stock Down 3.7%

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 company has a market capitalization of $12.05 billion, a P/E ratio of 32.57, a PEG ratio of 1.14 and a beta of 1.53. The company has a 50 day moving average of $249.96 and a 200-day moving average of $231.65.

Carpenter Technology (NYSE:CRS - Get Free Report) last posted its 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. The company had revenue of $755.60 million for the quarter, compared to analysts' expectations of $790.73 million. Carpenter Technology had a return on equity of 21.50% and a net margin of 13.07%.Carpenter Technology's quarterly revenue was down 5.4% on a year-over-year basis. During the same period last year, the firm earned $1.82 earnings per share. As a group, equities analysts anticipate that Carpenter Technology Corporation will post 6.83 EPS for the current year.

Carpenter Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Shareholders 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 of this dividend was Tuesday, August 26th. Carpenter Technology's payout ratio is presently 10.78%.

Insider Buying and Selling at Carpenter Technology

In other Carpenter Technology news, CEO Tony R. Thene sold 19,000 shares of Carpenter Technology stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $244.99, for a total transaction of $4,654,810.00. Following the sale, the chief executive officer directly owned 535,019 shares of the company's stock, valued at approximately $131,074,304.81. The trade was a 3.43% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director I Martin Inglis sold 5,691 shares of Carpenter Technology stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $244.54, for a total value of $1,391,677.14. Following the sale, the director directly owned 6,732 shares in the company, valued at approximately $1,646,243.28. The trade was a 45.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 28,124 shares of company stock valued at $6,890,250. 2.90% of the stock is currently owned by corporate insiders.

Institutional Trading of Carpenter Technology

A number of hedge funds have recently made changes to their positions in the stock. Base Wealth Management LLC bought a new stake in shares of Carpenter Technology in the 2nd quarter worth approximately $210,000. NWF Advisory Services Inc. bought a new stake in shares of Carpenter Technology in the 2nd quarter worth approximately $304,000. Osaic Holdings Inc. boosted its position in shares of Carpenter Technology by 27.5% in the 2nd quarter. Osaic Holdings Inc. now owns 23,257 shares of the basic materials company's stock worth $6,418,000 after purchasing an additional 5,023 shares in the last quarter. American Trust bought a new stake in shares of Carpenter Technology in the 2nd quarter worth approximately $475,000. Finally, Orion Porfolio Solutions LLC boosted its position in shares of Carpenter Technology by 13.7% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 1,530 shares of the basic materials company's stock worth $423,000 after purchasing an additional 184 shares in the last quarter. 92.03% of the stock is owned by institutional investors.

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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