Carpenter Technology Corporation $CRS Shares Sold by Janney Montgomery Scott LLC

Key Points

• Janney Montgomery Scott LLC decreased its position in Carpenter Technology Corporation by 9.8%, selling 2,080 shares and holding a total of 19,203 shares worth $5.3 million at the end of the second quarter.
• Analysts have mixed views on Carpenter Technology, with five analysts rating it as a "Buy" and two as a "Hold", while the average target price is set at $278.33.
• Insiders have sold a total of 28,124 shares of the company stock valued at nearly $6.9 million in the last quarter, with significant sales reported from both the Director and CEO.

Janney Montgomery Scott LLC decreased its position in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 9.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 19,203 shares of the basic materials company's stock after selling 2,080 shares during the period. Janney Montgomery Scott LLC's holdings in Carpenter Technology were worth $5,308,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in CRS. UMB Bank n.a. boosted its holdings in Carpenter Technology by 54.9% in the 1st quarter. UMB Bank n.a. now owns 471 shares of the basic materials company's stock valued at $85,000 after purchasing an additional 167 shares in the last quarter. Park Avenue Securities LLC lifted its holdings in shares of Carpenter Technology by 10.5% in the 1st quarter. Park Avenue Securities LLC now owns 2,728 shares of the basic materials company's stock valued at $494,000 after buying an additional 259 shares during the period. GAMMA Investing LLC boosted its stake in shares of Carpenter Technology by 7.7% in the first quarter. GAMMA Investing LLC now owns 2,645 shares of the basic materials company's stock valued at $479,000 after buying an additional 188 shares in the last quarter. Fifth Third Bancorp grew its holdings in Carpenter Technology by 13.6% during the first quarter. Fifth Third Bancorp now owns 651 shares of the basic materials company's stock worth $118,000 after acquiring an additional 78 shares during the period. Finally, Wealth Enhancement Advisory Services LLC grew its holdings in Carpenter Technology by 27.8% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 15,953 shares of the basic materials company's stock worth $2,890,000 after acquiring an additional 3,467 shares during the period. 92.03% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CRS has been the subject of a number of recent analyst reports. Cowen reissued a "buy" rating on shares of Carpenter Technology in a report on Thursday, June 12th. Benchmark raised 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. BTIG Research reissued a "buy" rating on shares of Carpenter Technology in a report on Monday, August 4th. Weiss Ratings reaffirmed a "buy (b+)" rating on shares of Carpenter Technology in a report on Saturday, September 27th. Finally, Zacks Research downgraded shares of Carpenter Technology from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, October 1st. Five research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $278.33.

Insiders Place Their Bets

In related news, Director Steven E. Karol sold 3,433 shares of the company's stock in a transaction 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 completion of the transaction, the director directly owned 180,000 shares in the company, valued at approximately $44,240,400. This represents a 1.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Tony R. Thene sold 19,000 shares of the stock in a transaction dated 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 transaction, the chief executive officer owned 535,019 shares in the company, valued at $131,074,304.81. This trade represents a 3.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 28,124 shares of company stock valued at $6,890,250 in the last quarter. 2.90% of the stock is currently owned by company insiders.

Carpenter Technology Trading Up 1.8%

Shares of CRS stock opened at $251.95 on Tuesday. The company has a market capitalization of $12.56 billion, a price-to-earnings ratio of 33.96, a PEG ratio of 1.12 and a beta of 1.46. The company has a current ratio of 3.65, a quick ratio of 2.01 and a debt-to-equity ratio of 0.37. The firm has a 50-day moving average price of $246.54 and a 200 day moving average price of $234.27. Carpenter Technology Corporation has a twelve month low of $138.61 and a twelve month high of $290.84.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The basic materials company reported $2.21 EPS for the quarter, topping analysts' consensus estimates of $2.03 by $0.18. The business had revenue of $755.60 million during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.82 earnings per share. Research analysts forecast that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

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

Carpenter Technology 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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