Carpenter Technology (NYSE:CRS) Trading Down 3.2% – Should You Sell?

Carpenter Technology Corporation (NYSE:CRS) shares fell 3.2% during trading on Thursday . The company traded as low as $400.00 and last traded at $398.8010. Approximately 110,066 shares changed hands during trading, a decline of 86% from the average daily volume of 762,402 shares. The stock had previously closed at $411.80.

Analysts Set New Price Targets

Several research firms have recently weighed in on CRS. KeyCorp decreased their price target on shares of Carpenter Technology from $644.00 to $608.00 and set an “overweight” rating on the stock in a report on Monday, August 3rd. BTIG Research lifted their price objective on Carpenter Technology from $450.00 to $620.00 and gave the company a “buy” rating in a research note on Friday, July 31st. Susquehanna reduced their target price on Carpenter Technology from $680.00 to $600.00 and set a “positive” rating for the company in a research report on Friday, July 31st. TD Cowen upped their target price on Carpenter Technology from $470.00 to $650.00 and gave the stock a “buy” rating in a research note on Monday, July 13th. Finally, Wall Street Zen raised Carpenter Technology from a “hold” rating to a “buy” rating in a report on Saturday, September 12th. Eight investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $577.25.

Carpenter Technology Stock Up 0.3%

The stock’s fifty day moving average price is $513.11 and its 200 day moving average price is $480.52. The stock has a market cap of $20.21 billion, a P/E ratio of 38.77, a price-to-earnings-growth ratio of 1.44 and a beta of 1.26. The company has a current ratio of 3.81, a quick ratio of 2.23 and a debt-to-equity ratio of 0.31.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings data on Thursday, July 30th. The basic materials company reported $3.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $863.33 million. During the same period in the previous year, the firm posted $2.21 EPS. The firm’s revenue was up 12.6% compared to the same quarter last year. As a group, research analysts forecast that Carpenter Technology Corporation will post 13.28 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 3rd. Shareholders of record on Tuesday, August 25th were given a dividend of $0.20 per share. The ex-dividend date was Tuesday, August 25th. This represents a $0.80 dividend on an annualized basis and a yield of 0.2%. Carpenter Technology’s dividend payout ratio (DPR) is presently 7.60%.

Insiders Place Their Bets

In other news, CEO Tony Thene sold 57,456 shares of the company’s stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $483.90, for a total value of $27,802,958.40. Following the completion of the transaction, the chief executive officer directly owned 439,631 shares in the company, valued at approximately $212,737,440.90. This represents a 11.56% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ramin Younessi sold 438 shares of the stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $493.15, for a total value of $215,999.70. Following the transaction, the director owned 1,953 shares in the company, valued at $963,121.95. This trade represents a 18.32% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 112,996 shares of company stock valued at $54,644,436 over the last 90 days. Insiders own 2.90% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. BlackRock Inc. bought a new stake in shares of Carpenter Technology in the 2nd quarter worth approximately $3,834,623,000. Egerton Capital UK LLP raised its position in Carpenter Technology by 13.0% in the 4th quarter. Egerton Capital UK LLP now owns 1,553,012 shares of the basic materials company’s stock worth $488,950,000 after purchasing an additional 178,679 shares during the period. Geode Capital Management LLC raised its position in Carpenter Technology by 8.8% in the 4th quarter. Geode Capital Management LLC now owns 975,960 shares of the basic materials company’s stock worth $307,333,000 after purchasing an additional 78,588 shares during the period. Jennison Associates LLC purchased a new position in Carpenter Technology in the 1st quarter worth $317,411,000. Finally, SurgoCap Partners LP bought a new stake in Carpenter Technology in the second quarter worth $423,444,000. 92.03% of the stock is currently owned by institutional investors.

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.