State of Wyoming Sells 1,178 Shares of Carpenter Technology Corporation $CRS

Key Points

• The State of Wyoming reduced its holdings in Carpenter Technology Corporation by 64.3%, selling 1,178 shares, resulting in a remaining ownership of 653 shares worth approximately $118,000.
• Carpenter Technology reported earnings per share of $2.21, beating analysts’ estimates of $2.03, although revenue decreased by 5.4% year-over-year.
• Recent insider trading activities include CEO Tony R. Thene selling 19,000 shares for over $4.6 million, representing a 3.43% decrease in ownership.

State of Wyoming lowered its holdings in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 64.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 653 shares of the basic materials company's stock after selling 1,178 shares during the period. State of Wyoming's holdings in Carpenter Technology were worth $118,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the business. Next Century Growth Investors LLC boosted its stake in Carpenter Technology by 20.7% during the first quarter. Next Century Growth Investors LLC now owns 74,209 shares of the basic materials company's stock worth $13,445,000 after acquiring an additional 12,751 shares in the last quarter. Ieq Capital LLC grew its stake in shares of Carpenter Technology by 73.3% in the first quarter. Ieq Capital LLC now owns 4,784 shares of the basic materials company's stock worth $867,000 after acquiring an additional 2,023 shares during the last quarter. Gabelli Funds LLC grew its stake in shares of Carpenter Technology by 1.0% in the first quarter. Gabelli Funds LLC now owns 10,600 shares of the basic materials company's stock worth $1,921,000 after acquiring an additional 100 shares during the last quarter. FORA Capital LLC lifted its stake in shares of Carpenter Technology by 76.3% in the first quarter. FORA Capital LLC now owns 5,668 shares of the basic materials company's stock worth $1,027,000 after buying an additional 2,453 shares in the last quarter. Finally, Comerica Bank lifted its stake in shares of Carpenter Technology by 0.8% in the first quarter. Comerica Bank now owns 51,184 shares of the basic materials company's stock worth $9,274,000 after buying an additional 401 shares in the last quarter. Institutional investors own 92.03% of the company's stock.

Carpenter Technology Stock Up 3.0%

CRS stock opened at $247.54 on Friday. Carpenter Technology Corporation has a fifty-two week low of $129.57 and a fifty-two week high of $290.84. The business's 50-day moving average is $260.77 and its two-hundred day moving average is $226.29. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.01 and a current ratio of 3.65. The company has a market cap of $12.34 billion, a price-to-earnings ratio of 33.36, a P/E/G ratio of 1.13 and a beta of 1.52.

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 for the quarter, beating analysts' consensus estimates of $2.03 by $0.18. Carpenter Technology had a return on equity of 21.50% and a net margin of 13.07%.The company had revenue of $755.60 million for the quarter, compared to the consensus estimate of $790.73 million. During the same quarter in the prior year, the company earned $1.82 earnings per share. Carpenter Technology's revenue was down 5.4% on a year-over-year basis. As a group, analysts forecast that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

Carpenter Technology Announces Dividend

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

Insiders Place Their Bets

In other Carpenter Technology news, CEO Tony R. Thene sold 19,000 shares of the stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $244.99, for a total value of $4,654,810.00. Following the transaction, the chief executive officer directly owned 535,019 shares in the company, valued at approximately $131,074,304.81. This trade represents a 3.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director I Martin Inglis sold 5,691 shares of the stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $244.54, for a total transaction of $1,391,677.14. Following the completion of the transaction, the director owned 6,732 shares in the company, valued at $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. Over the last ninety days, insiders have sold 25,691 shares of company stock worth $6,290,207. Company insiders own 2.90% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CRS. Benchmark upped their target price 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. BTIG Research reiterated a "buy" rating on shares of Carpenter Technology in a research note on Monday, August 4th. Cowen reiterated a "buy" rating on shares of Carpenter Technology in a research note on Thursday, June 12th. Finally, 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. Four equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $278.33.

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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