Steven Karol Sells 3,275 Shares of Carpenter Technology (NYSE:CRS) Stock

Key Points

• Director Steven Karol sold 3,275 Carpenter Technology shares at an average price of $474.08, generating approximately $1.55 million. He retains 177,000 shares, valued at about $83.9 million.
• Carpenter Technology reported quarterly EPS of $3.23, beating estimates of $3.09, while revenue rose 12.6% year over year to $679.7 million. The company also maintains a quarterly dividend of $0.20 per share, equating to a 0.2% yield.
• Analysts maintain a generally positive view, with the stock carrying a consensus “Buy” rating and an average price target of $577.25, compared with a recent trading price near $459.

Carpenter Technology Corporation (NYSE:CRS - Get Free Report) Director Steven Karol sold 3,275 shares of Carpenter Technology stock in a transaction on Friday, September 4th. The shares were sold at an average price of $474.08, for a total transaction of $1,552,612.00. Following the completion of the sale, the director owned 177,000 shares in the company, valued at approximately $83,912,160. This represents a 1.82% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

Carpenter Technology Price Performance

NYSE:CRS traded up $0.60 during trading hours on Wednesday, reaching $459.16. The stock had a trading volume of 404,851 shares, compared to its average volume of 770,338. The company has a 50 day moving average price of $540.28 and a two-hundred day moving average price of $479.20. Carpenter Technology Corporation has a 52 week low of $228.00 and a 52 week high of $625.98. 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 stock has a market capitalization of $22.76 billion, a PE ratio of 43.65, a PEG ratio of 1.68 and a beta of 1.26.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The basic materials company reported $3.23 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.09 by $0.14. The company had revenue of $679.70 million for the quarter, compared to the consensus estimate of $863.33 million. Carpenter Technology had a net margin of 16.96% and a return on equity of 26.46%. Carpenter Technology's revenue was up 12.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.21 earnings per share. As a group, sell-side analysts anticipate that Carpenter Technology Corporation will post 13.28 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, September 3rd. Stockholders of record on Tuesday, August 25th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, August 25th. This represents a $0.80 annualized dividend and a dividend yield of 0.2%. Carpenter Technology's payout ratio is currently 7.60%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CRS. Susquehanna cut their price objective on shares of Carpenter Technology from $680.00 to $600.00 and set a "positive" rating on the stock in a research report on Friday, July 31st. BTIG Research raised their target price on shares of Carpenter Technology from $450.00 to $620.00 and gave the stock a "buy" rating in a report on Friday, July 31st. TD Cowen lifted their price target on shares of Carpenter Technology from $470.00 to $650.00 and gave the stock a "buy" rating in a research note on Monday, July 13th. Wells Fargo & Company increased their price objective on shares of Carpenter Technology from $425.00 to $540.00 and gave the stock an "equal weight" rating in a research report on Tuesday, August 4th. Finally, KeyCorp reduced their price objective on shares of Carpenter Technology from $644.00 to $608.00 and set an "overweight" rating on the stock in a research report on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, Carpenter Technology presently has an average rating of "Buy" and an average target price of $577.25.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Geneos Wealth Management Inc. purchased a new stake in Carpenter Technology in the 2nd quarter valued at about $28,000. Keating Financial Advisory Services Inc. purchased a new position in shares of Carpenter Technology during the second quarter worth approximately $29,000. Whittier Trust Co. of Nevada Inc. purchased a new position in shares of Carpenter Technology during the first quarter worth approximately $30,000. SJS Investment Consulting Inc. raised its stake in shares of Carpenter Technology by 81.8% during the first quarter. SJS Investment Consulting Inc. now owns 80 shares of the basic materials company's stock valued at $32,000 after acquiring an additional 36 shares in the last quarter. Finally, Headlands Technologies LLC bought a new stake in shares of Carpenter Technology during the second quarter valued at approximately $43,000. 92.03% of the stock is currently owned by institutional investors.

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

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.