Carpenter Technology Corporation $CRS Shares Sold by Veracity Capital LLC

Key Points

• Veracity Capital LLC reduced its holdings in Carpenter Technology Corporation by 22.6%, selling 1,083 shares, and now owns a total of 3,710 shares valued at approximately $1,025,000.
• CEO Tony R. Thene sold 19,000 shares of Carpenter Technology at $244.99 each, resulting in a 3.43% reduction in his ownership, while Director Steven E. Karol also sold 3,433 shares.
• Carpenter Technology recently announced a quarterly dividend of $0.20 per share, with a yield of 0.3%, and is projected to achieve an EPS of 6.83 for the current fiscal year.

Veracity Capital LLC lessened its holdings in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 22.6% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,710 shares of the basic materials company's stock after selling 1,083 shares during the quarter. Veracity Capital LLC's holdings in Carpenter Technology were worth $1,025,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Invesco Ltd. increased its holdings in Carpenter Technology by 37.1% during the 1st quarter. Invesco Ltd. now owns 2,107,676 shares of the basic materials company's stock worth $381,869,000 after purchasing an additional 570,441 shares in the last quarter. Egerton Capital UK LLP bought a new stake in Carpenter Technology during the first quarter worth about $329,727,000. Advent International L.P. boosted its holdings in shares of Carpenter Technology by 12.1% in the 1st quarter. Advent International L.P. now owns 804,832 shares of the basic materials company's stock worth $145,819,000 after purchasing an additional 87,186 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in Carpenter Technology by 4.6% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 619,157 shares of the basic materials company's stock valued at $113,114,000 after acquiring an additional 27,123 shares during the period. Finally, American Century Companies Inc. grew its stake in Carpenter Technology by 13.9% in the first quarter. American Century Companies Inc. now owns 588,889 shares of the basic materials company's stock worth $106,695,000 after purchasing an additional 71,747 shares during the period. 92.03% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Carpenter Technology news, Director Steven E. Karol sold 3,433 shares of the stock in a transaction that occurred on Tuesday, September 9th. The shares were sold at an average price of $245.78, for a total transaction of $843,762.74. Following the transaction, the director owned 180,000 shares of the company's stock, valued at $44,240,400. This trade represents a 1.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director I Martin Inglis sold 5,691 shares of the firm's stock in a transaction on Monday, August 18th. The shares were 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 directly owned 6,732 shares in the company, valued at approximately $1,646,243.28. This represents a 45.81% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 28,124 shares of company stock worth $6,890,250. 2.90% of the stock is owned by insiders.

Carpenter Technology Stock Performance

Shares of NYSE:CRS traded down $7.22 on Friday, reaching $239.52. The company's stock had a trading volume of 3,772,191 shares, compared to its average volume of 778,042. The stock has a market capitalization of $11.94 billion, a P/E ratio of 32.28, a PEG ratio of 1.12 and a beta of 1.52. Carpenter Technology Corporation has a 52-week low of $138.61 and a 52-week high of $290.84. The stock's 50-day moving average is $254.20 and its two-hundred day moving average is $229.03. The company has a debt-to-equity ratio of 0.37, a current ratio of 3.65 and a quick ratio of 2.01.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued its earnings results on Thursday, July 31st. The basic materials company reported $2.21 earnings per share for the quarter, topping the consensus estimate of $2.03 by $0.18. Carpenter Technology had a net margin of 13.07% and a return on equity of 21.50%. The company had revenue of $755.60 million for the quarter, compared to analyst estimates of $790.73 million. During the same period in the prior year, the business posted $1.82 earnings per share. The firm's revenue for the quarter was down 5.4% compared to the same quarter last year. As a group, sell-side analysts forecast that Carpenter Technology Corporation will post 6.83 EPS for the current year.

Carpenter Technology Dividend Announcement

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

Wall Street Analysts Forecast Growth

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

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.