Carpenter Technology (NYSE:CRS) COO Sells $8,446,784.00 in Stock

Carpenter Technology Corporation (NYSE:CRS) COO Brian Malloy sold 27,640 shares of Carpenter Technology stock in a transaction that occurred on Tuesday, December 9th. The shares were sold at an average price of $305.60, for a total transaction of $8,446,784.00. Following the completion of the sale, the chief operating officer owned 78,875 shares of the company’s stock, valued at $24,104,200. This trade represents a 25.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Carpenter Technology Stock Up 5.6%

Shares of Carpenter Technology stock traded up $16.96 during midday trading on Thursday, reaching $321.56. 1,592,942 shares of the company’s stock traded hands, compared to its average volume of 797,104. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.37 and a current ratio of 4.44. Carpenter Technology Corporation has a 52 week low of $138.61 and a 52 week high of $342.11. The company’s 50 day simple moving average is $296.69 and its 200 day simple moving average is $269.02. The company has a market cap of $16.02 billion, a price-to-earnings ratio of 39.31, a price-to-earnings-growth ratio of 1.28 and a beta of 1.31.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings results on Thursday, October 23rd. The basic materials company reported $2.43 earnings per share for the quarter, topping analysts’ consensus estimates of $2.13 by $0.30. The company had revenue of $733.70 million during the quarter, compared to analysts’ expectations of $741.18 million. Carpenter Technology had a return on equity of 22.68% and a net margin of 14.30%.The business’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.73 earnings per share. Equities analysts expect that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, December 4th. Shareholders of record on Tuesday, October 21st were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, October 21st. This represents a $0.80 dividend on an annualized basis and a yield of 0.2%. Carpenter Technology’s dividend payout ratio is presently 9.78%.

Institutional Trading of Carpenter Technology

Several institutional investors have recently made changes to their positions in the business. Geneos Wealth Management Inc. acquired a new stake in Carpenter Technology during the 2nd quarter valued at $28,000. Headlands Technologies LLC acquired a new position in shares of Carpenter Technology during the second quarter worth approximately $43,000. Rakuten Securities Inc. bought a new stake in shares of Carpenter Technology during the second quarter valued at approximately $45,000. Root Financial Partners LLC bought a new stake in shares of Carpenter Technology during the third quarter valued at approximately $41,000. Finally, Rise Advisors LLC acquired a new stake in shares of Carpenter Technology in the first quarter valued at approximately $31,000. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on CRS. Cowen reissued a “buy” rating on shares of Carpenter Technology in a research report on Friday, November 14th. Zacks Research downgraded shares of Carpenter Technology from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 1st. Weiss Ratings reissued a “buy (b)” rating on shares of Carpenter Technology in a research report on Thursday, October 30th. KeyCorp raised Carpenter Technology from a “sector weight” rating to an “overweight” rating and set a $380.00 price target on the stock in a research report on Thursday, November 13th. Finally, BTIG Research lifted their price objective on Carpenter Technology from $305.00 to $365.00 and gave the stock a “buy” rating in a research note on Monday, October 27th. Nine analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $371.14.

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.