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 shares were sold at an average price of $100.57, for a total value of $3,117,670.00. Following the transaction, the director now owns 244,126 shares in the company, valued at approximately $24,551,751.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Carpenter Technology Stock Up 0.7 %

CRS stock opened at $102.62 on Wednesday. The company has a debt-to-equity ratio of 0.46, a current ratio of 3.20 and a quick ratio of 1.45. Carpenter Technology Co. has a 52-week low of $44.40 and a 52-week high of $104.85. The company has a 50-day moving average of $75.58 and a two-hundred day moving average of $69.67. The stock has a market capitalization of $5.09 billion, a price-to-earnings ratio of 39.02 and a beta of 1.47.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings results on Wednesday, May 1st. The basic materials company reported $1.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.94 by $0.25. Carpenter Technology had a net margin of 4.83% and a return on equity of 12.75%. The company had revenue of $684.90 million during the quarter, compared to analysts’ expectations of $707.73 million. During the same period in the prior year, the company earned $0.38 earnings per share. The business’s quarterly revenue was down .8% compared to the same quarter last year. As a group, equities research analysts anticipate that Carpenter Technology Co. will post 3.97 EPS for the current year.

Carpenter Technology Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 6th. Investors of record on Tuesday, April 23rd will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.78%. The ex-dividend date is Monday, April 22nd. This is a boost from Carpenter Technology’s previous quarterly dividend of $0.18. Carpenter Technology’s dividend payout ratio (DPR) is presently 30.42%.

Institutional Investors Weigh In On Carpenter Technology

Hedge funds have recently made changes to their positions in the stock. Phocas Financial Corp. bought a new stake in shares of Carpenter Technology in the fourth quarter valued at about $3,396,000. Consolidated Portfolio Review Corp bought a new stake in shares of Carpenter Technology in the fourth quarter valued at about $1,297,000. Penserra Capital Management LLC raised its position in Carpenter Technology by 6,477.1% in the third quarter. Penserra Capital Management LLC now owns 37,884 shares of the basic materials company’s stock worth $2,546,000 after purchasing an additional 37,308 shares in the last quarter. GAMMA Investing LLC acquired a new position in Carpenter Technology in the fourth quarter worth about $100,000. Finally, Kestra Advisory Services LLC raised its position in Carpenter Technology by 7.4% in the third quarter. Kestra Advisory Services LLC now owns 7,256 shares of the basic materials company’s stock worth $488,000 after purchasing an additional 503 shares in the last quarter. Institutional investors own 92.03% of the company’s stock.

Analysts Set New Price Targets

CRS has been the subject of a number of research analyst reports. Northcoast Research reissued a “neutral” rating on shares of Carpenter Technology in a research report on Monday. TD Cowen upped their price target on shares of Carpenter Technology from $90.00 to $116.00 and gave the company a “buy” rating in a report on Thursday, May 2nd. Two equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, Carpenter Technology currently has a consensus rating of “Moderate Buy” and an average price target of $96.33.

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.