State of Wyoming Has $118,000 Stake in 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 position in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 64.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund 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.

Other large investors have also recently added to or reduced their stakes in the company. IMA Advisory Services Inc. bought a new stake in Carpenter Technology during the first quarter worth approximately $36,000. Bessemer Group Inc. boosted its position in Carpenter Technology by 50.3% during the first quarter. Bessemer Group Inc. now owns 230 shares of the basic materials company's stock worth $42,000 after purchasing an additional 77 shares during the period. Ameriflex Group Inc. bought a new stake in Carpenter Technology during the fourth quarter worth approximately $44,000. Strategic Investment Solutions Inc. IL bought a new stake in Carpenter Technology during the first quarter worth approximately $49,000. Finally, Versant Capital Management Inc boosted its position in Carpenter Technology by 27.3% during the first quarter. Versant Capital Management Inc now owns 359 shares of the basic materials company's stock worth $65,000 after purchasing an additional 77 shares during the period. Institutional investors own 92.03% of the company's stock.

Carpenter Technology Stock Performance

Shares of CRS traded down $3.09 during mid-day trading on Friday, hitting $240.09. The company's stock had a trading volume of 809,199 shares, compared to its average volume of 782,164. Carpenter Technology Corporation has a one year low of $138.61 and a one year high of $290.84. 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 firm has a market capitalization of $11.97 billion, a PE ratio of 32.36, a price-to-earnings-growth ratio of 1.11 and a beta of 1.52. The stock's 50-day moving average is $257.68 and its two-hundred day moving average is $227.66.

Carpenter Technology (NYSE:CRS - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The basic materials company reported $2.21 earnings per share for the quarter, beating 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 company had revenue of $755.60 million during the quarter, compared to analysts' expectations of $790.73 million. During the same period in the prior year, the business earned $1.82 earnings per share. Carpenter Technology's revenue for the quarter was down 5.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Carpenter Technology Corporation will post 6.83 EPS for the current year.

Carpenter Technology Announces Dividend

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

Analyst Upgrades and Downgrades

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

Insider Activity at Carpenter Technology

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 sale was disclosed in a document filed with the SEC, which is available 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 owned 6,732 shares of the company's stock, 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 sold 28,124 shares of company stock worth $6,890,250. 2.90% of the stock is owned by corporate insiders.

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.