Carpenter Technology Co. (NYSE:CRS) Director Steven E. Karol Sells 31,000 Shares

Carpenter Technology Co. (NYSE:CRS) Director Steven E. Karol sold 31,000 shares of the stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $100.57, for a total value of $3,117,670.00. Following the sale, the director now owns 244,126 shares in the company, valued at $24,551,751.82. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Carpenter Technology Price Performance

Shares of CRS stock traded up $0.63 during midday trading on Tuesday, reaching $102.54. 1,210,814 shares of the company were exchanged, compared to its average volume of 541,581. The company’s 50 day moving average price is $74.82 and its two-hundred day moving average price is $69.38. The company has a market cap of $5.09 billion, a P/E ratio of 38.75 and a beta of 1.47. Carpenter Technology Co. has a 12 month low of $44.40 and a 12 month high of $104.85. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.45 and a current ratio of 3.20.

Carpenter Technology (NYSE:CRS) last released its earnings results on Wednesday, May 1st. The basic materials company reported $1.19 earnings per share for the quarter, topping analysts’ consensus estimates of $0.94 by $0.25. Carpenter Technology had a return on equity of 12.75% and a net margin of 4.83%. The firm had revenue of $684.90 million during the quarter, compared to the consensus estimate of $707.73 million. During the same period in the prior year, the firm posted $0.38 earnings per share. The firm’s revenue for the quarter was down .8% compared to the same quarter last year. On average, sell-side analysts expect that Carpenter Technology Co. will post 3.97 earnings per share for the current year.

Carpenter Technology Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 6th. Investors of record on Tuesday, April 23rd will be issued a dividend of $0.20 per share. This is a positive change from Carpenter Technology’s previous quarterly dividend of $0.18. This represents a $0.80 dividend on an annualized basis and a yield of 0.78%. The ex-dividend date of this dividend is Monday, April 22nd. Carpenter Technology’s payout ratio is presently 30.42%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on CRS shares. TD Cowen boosted their target price on shares of Carpenter Technology from $90.00 to $116.00 and gave the company a “buy” rating in a research note on Thursday, May 2nd. Northcoast Research restated a “neutral” rating on shares of Carpenter Technology in a research report on Monday. Two equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $96.33.

Institutional Investors Weigh In On Carpenter Technology

Institutional investors and hedge funds have recently bought and sold shares of the business. Phocas Financial Corp. bought a new stake in shares of Carpenter Technology in the 4th quarter worth approximately $3,396,000. Consolidated Portfolio Review Corp bought a new position in shares of Carpenter Technology in the fourth quarter valued at $1,297,000. Penserra Capital Management LLC lifted its position in shares of Carpenter Technology by 6,477.1% during the 3rd quarter. Penserra Capital Management LLC now owns 37,884 shares of the basic materials company’s stock valued at $2,546,000 after acquiring an additional 37,308 shares during the last quarter. GAMMA Investing LLC bought a new stake in shares of Carpenter Technology during the 4th quarter worth $100,000. Finally, Kestra Advisory Services LLC grew its holdings in shares of Carpenter Technology by 7.4% in the 3rd quarter. Kestra Advisory Services LLC now owns 7,256 shares of the basic materials company’s stock worth $488,000 after acquiring an additional 503 shares during the last quarter. 92.03% of the stock is 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.