Separately, Zacks Investment Research downgraded Carpenter Technology from a hold rating to a sell rating and set a $54.00 price objective on the stock. in a report on Wednesday, October 16th.
NYSE:CRS traded up $1.11 during mid-day trading on Friday, reaching $53.46. The stock had a trading volume of 214,651 shares, compared to its average volume of 271,704. The business’s 50 day moving average is $51.10 and its 200 day moving average is $48.06. Carpenter Technology has a fifty-two week low of $32.77 and a fifty-two week high of $56.33. The stock has a market cap of $2.51 billion, a P/E ratio of 15.45 and a beta of 2.33. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.81 and a quick ratio of 1.01.
Carpenter Technology (NYSE:CRS) last released its quarterly earnings data on Thursday, October 24th. The basic materials company reported $0.85 EPS for the quarter, missing analysts’ consensus estimates of $0.89 by ($0.04). Carpenter Technology had a return on equity of 10.81% and a net margin of 7.38%. The firm had revenue of $585.40 million during the quarter, compared to analyst estimates of $604.78 million. During the same quarter in the prior year, the company posted $0.65 EPS. The company’s quarterly revenue was up 2.3% on a year-over-year basis. Equities analysts expect that Carpenter Technology will post 3.92 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Tuesday, October 22nd will be issued a $0.20 dividend. The ex-dividend date is Monday, October 21st. This represents a $0.80 dividend on an annualized basis and a yield of 1.50%. Carpenter Technology’s dividend payout ratio is currently 23.12%.
In other Carpenter Technology news, Director Steven E. Karol sold 5,000 shares of the stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $55.00, for a total transaction of $275,000.00. Following the transaction, the director now owns 230,543 shares in the company, valued at $12,679,865. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Gregory A. Pratt sold 17,528 shares of the stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $50.30, for a total value of $881,658.40. Following the transaction, the director now owns 6,623 shares in the company, valued at approximately $333,136.90. The disclosure for this sale can be found here. Corporate insiders own 3.90% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. grew its holdings in Carpenter Technology by 1.5% during the second quarter. Vanguard Group Inc. now owns 4,583,098 shares of the basic materials company’s stock valued at $219,897,000 after purchasing an additional 66,079 shares during the last quarter. Northern Trust Corp grew its holdings in Carpenter Technology by 6.6% during the second quarter. Northern Trust Corp now owns 1,219,898 shares of the basic materials company’s stock valued at $58,531,000 after purchasing an additional 76,053 shares during the last quarter. Invesco Ltd. grew its holdings in Carpenter Technology by 5.1% during the second quarter. Invesco Ltd. now owns 1,123,034 shares of the basic materials company’s stock valued at $53,884,000 after purchasing an additional 54,307 shares during the last quarter. Granite Investment Partners LLC grew its holdings in Carpenter Technology by 6.2% during the second quarter. Granite Investment Partners LLC now owns 517,254 shares of the basic materials company’s stock valued at $24,818,000 after purchasing an additional 30,235 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Carpenter Technology by 2.6% in the second quarter. Charles Schwab Investment Management Inc. now owns 472,756 shares of the basic materials company’s stock valued at $22,683,000 after acquiring an additional 12,085 shares during the period. Institutional investors own 91.99% of the company’s stock.
About Carpenter Technology
Carpenter Technology Corporation manufactures, fabricates, and distributes specialty metals worldwide. The company operates through two segments, Specialty Alloys Operations and Performance Engineered Products. It offers specialty alloys, including titanium alloys, powder metals, stainless steels, alloy steels, and tool steels, as well as drilling tools; and metal powders and parts.
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