Carpenter Technology (NYSE:CRS) VP Sells $5,214,668.40 in Stock

Carpenter Technology Corporation (NYSE:CRS) VP Marshall Akins sold 11,815 shares of the company’s stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $441.36, for a total value of $5,214,668.40. Following the sale, the vice president directly owned 18,344 shares in the company, valued at approximately $8,096,307.84. This represents a 39.18% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Carpenter Technology Stock Performance

CRS stock opened at $427.94 on Friday. Carpenter Technology Corporation has a 12-month low of $204.47 and a 12-month high of $475.69. The company has a current ratio of 3.73, a quick ratio of 2.08 and a debt-to-equity ratio of 0.33. The stock’s 50 day simple moving average is $408.00 and its 200 day simple moving average is $356.28. The firm has a market cap of $21.26 billion, a P/E ratio of 45.05, a P/E/G ratio of 1.66 and a beta of 1.24.

Carpenter Technology (NYSE:CRS) last issued its earnings results on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share for the quarter, topping the consensus estimate of $2.59 by $0.18. Carpenter Technology had a return on equity of 25.02% and a net margin of 15.82%.The firm had revenue of $655.60 million for the quarter, compared to analyst estimates of $797.00 million. During the same period last year, the company earned $1.88 earnings per share. The firm’s revenue for the quarter was up 11.6% on a year-over-year basis. As a group, equities research analysts predict that Carpenter Technology Corporation will post 10.43 EPS for the current year.

Carpenter Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 4th. Shareholders of record on Tuesday, April 28th will be given a $0.20 dividend. The ex-dividend date of this dividend is Tuesday, April 28th. This represents a $0.80 annualized dividend and a yield of 0.2%. Carpenter Technology’s dividend payout ratio (DPR) is currently 8.42%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Ion Asset Management Ltd. purchased a new stake in Carpenter Technology during the third quarter valued at about $4,027,000. American Century Companies Inc. boosted its position in Carpenter Technology by 4.0% during the 3rd quarter. American Century Companies Inc. now owns 467,702 shares of the basic materials company’s stock worth $114,841,000 after acquiring an additional 18,201 shares during the period. Kinetic Partners Management LP boosted its position in Carpenter Technology by 15.5% during the 3rd quarter. Kinetic Partners Management LP now owns 386,500 shares of the basic materials company’s stock worth $94,901,000 after acquiring an additional 51,800 shares during the period. WCM Investment Management LLC boosted its position in Carpenter Technology by 77.9% during the 3rd quarter. WCM Investment Management LLC now owns 357,498 shares of the basic materials company’s stock worth $86,261,000 after acquiring an additional 156,554 shares during the period. Finally, Bright Futures Wealth Management LLC. acquired a new stake in Carpenter Technology during the 3rd quarter worth about $674,000. 92.03% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Weiss Ratings reissued a “buy (b)” rating on shares of Carpenter Technology in a report on Friday, April 24th. Wall Street Zen raised Carpenter Technology from a “hold” rating to a “buy” rating in a report on Saturday, January 31st. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $500.00 price target on shares of Carpenter Technology in a report on Thursday, April 30th. JPMorgan Chase & Co. raised their price target on Carpenter Technology from $465.00 to $470.00 and gave the company an “overweight” rating in a report on Thursday, April 30th. Finally, TD Cowen raised their price target on Carpenter Technology from $430.00 to $450.00 and gave the company a “buy” rating in a report on Thursday, April 30th. Nine research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, Carpenter Technology currently has an average rating of “Moderate Buy” and an average target price of $438.78.

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.