Carpenter Technology (NYSE:CRS) Director Sells $1,391,677.14 in Stock

Key Points

• I Martin Inglis, a director at Carpenter Technology, sold 5,691 shares of stock for approximately $1.39 million, reducing his ownership by 45.81%.
• The company reported a quarterly EPS of $2.21, exceeding estimates, but its revenue of $755.60 million fell short of expectations.
• Carpenter Technology announced a stock repurchase program allowing the company to repurchase up to $400 million worth of shares, suggesting management believes the stock is undervalued.

Carpenter Technology Corporation (NYSE:CRS - Get Free Report) 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 transaction, the director directly owned 6,732 shares of the company's stock, valued at $1,646,243.28. The trade was a 45.81% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.

Carpenter Technology Trading Up 1.0%

Shares of NYSE CRS traded up $2.4910 during midday trading on Friday, reaching $243.8210. The stock had a trading volume of 1,015,393 shares, compared to its average volume of 921,271. The firm has a market cap of $12.15 billion, a price-to-earnings ratio of 32.86, a price-to-earnings-growth ratio of 1.13 and a beta of 1.44. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.01 and a current ratio of 3.65. Carpenter Technology Corporation has a twelve month low of $129.57 and a twelve month high of $290.84. The company's 50 day moving average price is $264.52 and its 200 day moving average price is $222.86.

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 for the quarter, topping analysts' consensus estimates of $2.03 by $0.18. The firm had revenue of $755.60 million during 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 revenue was down 5.4% compared to the same quarter last year. During the same period last year, the business posted $1.82 EPS. As a group, sell-side analysts expect that Carpenter Technology Corporation will post 6.83 EPS for the current year.

Carpenter Technology Announces Dividend

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

Wall Street Analyst Weigh In

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

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Radnor Capital Management LLC grew its holdings in shares of Carpenter Technology by 3.3% during the second quarter. Radnor Capital Management LLC now owns 1,240 shares of the basic materials company's stock valued at $343,000 after buying an additional 40 shares during the last quarter. ANB Bank grew its holdings in shares of Carpenter Technology by 3.3% during the second quarter. ANB Bank now owns 1,304 shares of the basic materials company's stock valued at $360,000 after buying an additional 42 shares during the last quarter. Panagora Asset Management Inc. grew its holdings in shares of Carpenter Technology by 3.0% during the second quarter. Panagora Asset Management Inc. now owns 1,462 shares of the basic materials company's stock valued at $404,000 after buying an additional 43 shares during the last quarter. M&T Bank Corp grew its holdings in shares of Carpenter Technology by 3.9% during the first quarter. M&T Bank Corp now owns 1,541 shares of the basic materials company's stock valued at $279,000 after buying an additional 58 shares during the last quarter. Finally, Lazard Asset Management LLC grew its holdings in Carpenter Technology by 7.7% during the second quarter. Lazard Asset Management LLC now owns 857 shares of the basic materials company's stock worth $236,000 after buying an additional 61 shares in the last quarter. 92.03% of the stock is currently owned by institutional investors and hedge funds.

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.