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 company’s 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 completion of the sale, the director now owns 244,126 shares in the company, valued at approximately $24,551,751.82. The transaction was disclosed in a filing with the SEC, which is available at this link.

Carpenter Technology Trading Up 0.6 %

Carpenter Technology stock traded up $0.63 during midday trading on Tuesday, hitting $102.54. 1,210,814 shares of the stock were exchanged, compared to its average volume of 541,581. The stock’s 50-day simple moving average is $74.82 and its 200 day simple moving average is $69.38. Carpenter Technology Co. has a fifty-two week low of $44.40 and a fifty-two week high of $104.85. The company has a current ratio of 3.20, a quick ratio of 1.45 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $5.09 billion, a price-to-earnings ratio of 38.75 and a beta of 1.47.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings data on Wednesday, May 1st. The basic materials company reported $1.19 earnings per share for the quarter, topping the consensus estimate of $0.94 by $0.25. Carpenter Technology had a return on equity of 12.75% and a net margin of 4.83%. The company had revenue of $684.90 million during the quarter, compared to analyst estimates of $707.73 million. During the same period in the prior year, the business 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, equities 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. Shareholders of record on Tuesday, April 23rd will be given a $0.20 dividend. The ex-dividend date of this dividend is Monday, April 22nd. This represents a $0.80 dividend on an annualized basis and a yield of 0.78%. This is a boost from Carpenter Technology’s previous quarterly dividend of $0.18. Carpenter Technology’s dividend payout ratio is presently 30.42%.

Institutional Investors Weigh In On Carpenter Technology

A number of institutional investors have recently made changes to their positions in CRS. Phocas Financial Corp. acquired a new stake in shares of Carpenter Technology in the fourth quarter valued at $3,396,000. Consolidated Portfolio Review Corp purchased a new position in shares of Carpenter Technology in the fourth quarter valued at approximately $1,297,000. Penserra Capital Management LLC lifted its holdings in 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 worth $2,546,000 after buying an additional 37,308 shares in the last quarter. GAMMA Investing LLC purchased a new stake in shares of Carpenter Technology during the fourth quarter worth $100,000. Finally, Kestra Advisory Services LLC raised its stake in shares of 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 valued at $488,000 after acquiring an additional 503 shares in the last quarter. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have weighed in on CRS shares. TD Cowen lifted their price objective 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. Northcoast Research reaffirmed a “neutral” rating on shares of Carpenter Technology in a research note on Monday. Two investment 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 currently has an average rating of “Moderate Buy” and an average target price of $96.33.

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.