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

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

Carpenter Technology Stock Down 2.3%

CRS stock opened at $448.04 on Friday. The company’s 50 day moving average price is $534.28 and its 200 day moving average price is $480.13. The firm has a market capitalization of $22.20 billion, a price-to-earnings ratio of 42.59, a PEG ratio of 1.62 and a beta of 1.26. Carpenter Technology Corporation has a fifty-two week low of $228.00 and a fifty-two 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.

Carpenter Technology (NYSE:CRS) last posted its quarterly 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. Carpenter Technology had a net margin of 16.96% and a return on equity of 26.46%. The company had revenue of $679.70 million during the quarter, compared to analysts’ expectations of $863.33 million. During the same quarter in the previous year, the business posted $2.21 EPS. The firm’s revenue was up 12.6% on a year-over-year basis. On average, equities research analysts anticipate that Carpenter Technology Corporation will post 13.28 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

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

Institutional Investors Weigh In On Carpenter Technology

Hedge funds and other institutional investors have recently made changes to their positions in the business. Woodline Partners LP acquired a new position in Carpenter Technology during the first quarter valued at approximately $4,050,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Carpenter Technology by 1.7% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 104,785 shares of the basic materials company’s stock valued at $18,985,000 after acquiring an additional 1,701 shares in the last quarter. Focus Partners Wealth lifted its holdings in shares of Carpenter Technology by 7.3% during the 1st quarter. Focus Partners Wealth now owns 4,615 shares of the basic materials company’s stock valued at $836,000 after acquiring an additional 314 shares in the last quarter. Quantbot Technologies LP purchased a new stake in Carpenter Technology during the 2nd quarter worth $80,000. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in Carpenter Technology in the 2nd quarter valued at $533,000. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Analysts Set New Price Targets

CRS has been the topic of a number of recent analyst reports. BTIG Research increased their target price on shares of Carpenter Technology from $450.00 to $620.00 and gave the company a “buy” rating in a research report on Friday, July 31st. JPMorgan Chase & Co. reduced their price target on shares of Carpenter Technology from $705.00 to $700.00 and set an “overweight” rating for the company in a research report on Friday, July 31st. Wells Fargo & Company upped their price objective on shares of Carpenter Technology from $425.00 to $540.00 and gave the company an “equal weight” rating in a research note on Tuesday, August 4th. Wall Street Zen lowered Carpenter Technology from a “buy” rating to a “hold” rating in a report on Saturday, August 22nd. Finally, Susquehanna reduced their target price on Carpenter Technology from $680.00 to $600.00 and set a “positive” rating for the company in a report on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $577.25.

Carpenter Technology Company Profile

Carpenter Technology Corporation is a manufacturer of premium specialty alloys and engineered materials for demanding applications. The company develops and produces stainless steels, nickel- and cobalt-based alloys, titanium, powder metals, and other high-performance materials designed to withstand extreme temperatures, corrosion, wear, and stress.

Its products are used in the aerospace and defense, medical, energy, transportation, industrial, and consumer sectors. Carpenter also provides specialty manufacturing capabilities, including additive manufacturing powders, precision-engineered components, and materials tailored to specific customer requirements.