Carpenter Technology Corporation $CRS Shares Sold by Northern Trust Corp

Key Points

• Northern Trust Corp has reduced its holdings in Carpenter Technology Corporation by 2.0%, now owning approximately 1.34% of the company, valued at $120.65 million.
• Carpenter Technology recently announced a quarterly dividend of $0.20 per share, representing an annualized yield of 0.3%, with an upcoming payment date of September 4th.
• Research analysts have a Moderate Buy average rating for Carpenter Technology, with a price target of $278.33, as four analysts rated the stock with a Buy recommendation.

Northern Trust Corp decreased its position in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 2.0% in the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 665,920 shares of the basic materials company's stock after selling 13,423 shares during the period. Northern Trust Corp owned 1.34% of Carpenter Technology worth $120,651,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of CRS. Mariner LLC boosted its holdings in shares of Carpenter Technology by 6.0% in the fourth quarter. Mariner LLC now owns 6,485 shares of the basic materials company's stock valued at $1,101,000 after purchasing an additional 366 shares during the period. State of Tennessee Department of Treasury boosted its holdings in shares of Carpenter Technology by 33.4% in the fourth quarter. State of Tennessee Department of Treasury now owns 32,428 shares of the basic materials company's stock valued at $5,503,000 after purchasing an additional 8,113 shares during the period. Stifel Financial Corp boosted its holdings in shares of Carpenter Technology by 2.3% in the fourth quarter. Stifel Financial Corp now owns 11,533 shares of the basic materials company's stock valued at $1,958,000 after purchasing an additional 260 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in shares of Carpenter Technology by 509.2% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 209,486 shares of the basic materials company's stock valued at $35,553,000 after purchasing an additional 175,101 shares during the period. Finally, Voya Investment Management LLC boosted its holdings in shares of Carpenter Technology by 905.7% in the fourth quarter. Voya Investment Management LLC now owns 323,831 shares of the basic materials company's stock valued at $54,957,000 after purchasing an additional 291,631 shares during the period. Hedge funds and other institutional investors own 92.03% of the company's stock.

Carpenter Technology Stock Up 1.4%

Shares of CRS stock traded up $3.23 during trading hours on Thursday, reaching $241.71. 208,208 shares of the company's stock were exchanged, compared to its average volume of 909,671. The stock's 50 day moving average is $263.92 and its 200-day moving average is $223.70. The company has a market cap of $12.05 billion, a price-to-earnings ratio of 32.58, a P/E/G ratio of 1.10 and a beta of 1.44. The company has a current ratio of 3.65, a quick ratio of 2.01 and a debt-to-equity ratio of 0.37. Carpenter Technology Corporation has a fifty-two week low of $129.57 and a fifty-two week 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 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.03 by $0.18. The business had revenue of $755.60 million for the quarter, compared to the consensus estimate of $790.73 million. Carpenter Technology had a return on equity of 21.50% and a net margin of 13.07%.The business's quarterly revenue was down 5.4% on a year-over-year basis. During the same period in the prior year, the firm posted $1.82 earnings per share. Analysts predict that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The firm 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 dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, August 26th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.3%. Carpenter Technology's dividend payout ratio is presently 10.78%.

Insider Activity at Carpenter Technology

In related news, Director Anastasios John Hart sold 1,000 shares of the company's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $243.72, for a total value of $243,720.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director I Martin Inglis sold 5,691 shares of the company's stock in a transaction 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 completion of the transaction, 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. Insiders have sold a total of 25,691 shares of company stock valued at $6,290,207 in the last ninety days. Company insiders own 2.90% of the company's stock.

Analyst Upgrades and Downgrades

CRS has been the subject of a number of recent research reports. BTIG Research reissued a "buy" rating on shares of Carpenter Technology in a research note on Monday, August 4th. Cowen reissued a "buy" rating on shares of Carpenter Technology in a research note on Thursday, June 12th. JPMorgan Chase & Co. boosted their price objective 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. Finally, Benchmark boosted their price objective on shares of Carpenter Technology from $250.00 to $300.00 and gave the stock a "buy" rating in a research note on Monday, June 9th. Four analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $278.33.

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.