Insider Selling: Carpenter Technology (NYSE:CRS) Director Sells $1,552,612.00 in Stock

Carpenter Technology Corporation (NYSE:CRS) 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 value of $1,552,612.00. Following the sale, the director directly owned 177,000 shares of the company’s stock, valued at approximately $83,912,160. This trade represents a 1.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Carpenter Technology Stock Up 0.1%

Shares of CRS traded up $0.60 during midday trading on Wednesday, reaching $459.16. 404,851 shares of the stock were exchanged, compared to its average volume of 770,338. The company has a market capitalization of $22.76 billion, a P/E ratio of 43.65, a PEG ratio of 1.68 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 Corporation has a 52 week low of $228.00 and a 52 week high of $625.98. The company’s 50 day moving average is $540.28 and its two-hundred day moving average is $479.20.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings data on Thursday, July 30th. The basic materials company reported $3.23 earnings per share for the quarter, beating the consensus estimate of $3.09 by $0.14. Carpenter Technology had a return on equity of 26.46% and a net margin of 16.96%.The firm 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 company posted $2.21 earnings per share. The firm’s quarterly revenue was up 12.6% on a year-over-year basis. On average, sell-side analysts anticipate that Carpenter Technology Corporation will post 13.28 earnings per share for the current year.

Carpenter Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 3rd. Stockholders of record on Tuesday, August 25th were issued a $0.20 dividend. The ex-dividend date 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%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on CRS. Susquehanna dropped 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 note on Friday, July 31st. JPMorgan Chase & Co. lowered their target price on Carpenter Technology from $705.00 to $700.00 and set an “overweight” rating for the company in a report on Friday, July 31st. Wells Fargo & Company increased their target price on Carpenter Technology from $425.00 to $540.00 and gave the company an “equal weight” rating in a research report on Tuesday, August 4th. Wall Street Zen downgraded Carpenter Technology from a “buy” rating to a “hold” rating in a report on Saturday, August 22nd. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Carpenter Technology in a research report on Monday, August 31st. One 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 stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $577.25.

Institutional Trading of Carpenter Technology

Institutional investors have recently modified their holdings of the company. Keating Financial Advisory Services Inc. bought a new position in shares of Carpenter Technology during the 2nd quarter worth approximately $29,000. Whittier Trust Co. of Nevada Inc. purchased a new position in Carpenter Technology in the first quarter worth $30,000. SJS Investment Consulting Inc. increased its position 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 worth $32,000 after purchasing an additional 36 shares in the last quarter. Persistent Asset Partners Ltd acquired a new position in shares of Carpenter Technology during the second quarter worth $55,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of Carpenter Technology during the 2nd quarter valued at $56,000. 92.03% of the stock is currently owned by institutional investors.

About Carpenter Technology

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.