Carpenter Technology (NYSE:CRS) Director Ramin Younessi Sells 438 Shares of Stock

Key Points

• Director Ramin Younessi sold 438 Carpenter Technology shares for approximately $216,000, reducing his direct ownership by 18.32% to 1,953 shares.
• Carpenter Technology reported quarterly EPS of $3.23, exceeding the $3.09 consensus estimate, while revenue increased 12.6% year over year to $679.7 million.
• Analysts maintain a generally positive outlook, with the stock carrying a consensus “Buy” rating and an average target price of $577.25; the company also declared a quarterly dividend of $0.20 per share.

Carpenter Technology Corporation (NYSE:CRS - Get Free Report) Director Ramin Younessi sold 438 shares of the firm's stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $493.15, for a total transaction of $215,999.70. Following the completion of the transaction, the director directly owned 1,953 shares of the company's stock, valued at approximately $963,121.95. This trade represents a 18.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

Carpenter Technology Price Performance

NYSE CRS traded up $7.47 during trading hours on Tuesday, hitting $484.57. The company had a trading volume of 757,154 shares, compared to its average volume of 761,220. Carpenter Technology Corporation has a 52 week low of $228.00 and a 52 week high of $625.98. The firm has a market capitalization of $24.02 billion, a price-to-earnings ratio of 46.06, a PEG ratio of 1.77 and a beta of 1.25. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.23 and a current ratio of 3.81. The firm has a 50 day simple moving average of $565.17 and a 200 day simple moving average of $470.71.

Carpenter Technology (NYSE:CRS - Get Free Report) last posted its earnings results on Thursday, July 30th. The basic materials company reported $3.23 EPS for the quarter, topping the consensus estimate of $3.09 by $0.14. The business had revenue of $679.70 million during the quarter, compared to analysts' expectations of $863.33 million. Carpenter Technology had a return on equity of 26.46% and a net margin of 16.96%.The firm's revenue was up 12.6% on a year-over-year basis. During the same period in the previous year, the business earned $2.21 earnings per share. Equities research analysts expect that Carpenter Technology Corporation will post 13.08 earnings per share for the current year.

Carpenter Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Tuesday, August 25th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend is Tuesday, August 25th. Carpenter Technology's payout ratio is currently 7.60%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Wealthcare Advisory Partners LLC raised its holdings in Carpenter Technology by 1.7% in the second quarter. Wealthcare Advisory Partners LLC now owns 1,148 shares of the basic materials company's stock worth $708,000 after purchasing an additional 19 shares in the last quarter. Meeder Advisory Services Inc. boosted its holdings in shares of Carpenter Technology by 3.7% during the 4th quarter. Meeder Advisory Services Inc. now owns 889 shares of the basic materials company's stock valued at $280,000 after buying an additional 32 shares in the last quarter. Abel Hall LLC grew its position in shares of Carpenter Technology by 3.2% in the 4th quarter. Abel Hall LLC now owns 1,019 shares of the basic materials company's stock worth $321,000 after buying an additional 32 shares during the period. Northwestern Mutual Investment Management Company LLC grew its position in shares of Carpenter Technology by 0.3% in the 4th quarter. Northwestern Mutual Investment Management Company LLC now owns 11,146 shares of the basic materials company's stock worth $3,509,000 after buying an additional 34 shares during the period. Finally, Essential Partners LLC increased its stake in shares of Carpenter Technology by 9.9% in the 1st quarter. Essential Partners LLC now owns 378 shares of the basic materials company's stock worth $149,000 after acquiring an additional 34 shares in the last quarter. Institutional investors own 92.03% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on CRS shares. KeyCorp dropped their price objective on shares of Carpenter Technology from $644.00 to $608.00 and set an "overweight" rating for the company in a report on Monday, August 3rd. Susquehanna reduced their target price on Carpenter Technology from $680.00 to $600.00 and set a "positive" rating on the stock in a research note on Friday, July 31st. Wells Fargo & Company raised their price target on Carpenter Technology from $425.00 to $540.00 and gave the company an "equal weight" rating in a research report on Tuesday, August 4th. Zacks Research raised Carpenter Technology from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 15th. Finally, TD Cowen increased their price objective on Carpenter Technology from $470.00 to $650.00 and gave the company a "buy" rating in a research report on Monday, July 13th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, Carpenter Technology currently has an average rating of "Buy" and a consensus target price of $577.25.

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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.

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