Insider Selling: Carpenter Technology (NYSE:CRS) COO Sells 4,130 Shares of Stock

Carpenter Technology Corporation (NYSE:CRS) COO Brian Malloy sold 4,130 shares of Carpenter Technology stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $303.52, for a total transaction of $1,253,537.60. Following the completion of the sale, the chief operating officer owned 78,875 shares of the company’s stock, valued at $23,940,140. This trade represents a 4.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Carpenter Technology Stock Performance

Carpenter Technology stock traded up $16.96 during mid-day trading on Thursday, reaching $321.56. 1,592,942 shares of the company traded hands, compared to its average volume of 797,104. Carpenter Technology Corporation has a fifty-two week low of $138.61 and a fifty-two week high of $342.11. The firm’s fifty day moving average is $296.69 and its two-hundred day moving average is $269.02. The company has a debt-to-equity ratio of 0.36, a current ratio of 4.44 and a quick ratio of 2.37. The company has a market capitalization 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 data on Thursday, October 23rd. The basic materials company reported $2.43 earnings per share for the quarter, beating analysts’ consensus estimates of $2.13 by $0.30. The firm had revenue of $733.70 million for the quarter, compared to analyst estimates of $741.18 million. Carpenter Technology had a net margin of 14.30% and a return on equity of 22.68%. The business’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same period in the previous year, the company earned $1.73 earnings per share. On average, equities research analysts expect that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 4th. Stockholders of record on Tuesday, October 21st were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.2%. The ex-dividend date was Tuesday, October 21st. Carpenter Technology’s dividend payout ratio (DPR) is presently 9.78%.

Analysts Set New Price Targets

CRS has been the topic of a number of recent research reports. KeyCorp upgraded Carpenter Technology from a “sector weight” rating to an “overweight” rating and set a $380.00 target price on the stock in a research report on Thursday, November 13th. Jones Trading assumed coverage on shares of Carpenter Technology in a research note on Wednesday, October 22nd. They issued a “buy” rating and a $400.00 price objective on the stock. Weiss Ratings reissued a “buy (b)” rating on shares of Carpenter Technology in a report on Thursday, October 30th. Deutsche Bank Aktiengesellschaft set a $425.00 price target on shares of Carpenter Technology and gave the company a “buy” rating in a report on Friday, October 24th. Finally, Cowen reiterated a “buy” rating on shares of Carpenter Technology in a research note on Friday, November 14th. Nine analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $371.14.

Institutional Trading of Carpenter Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Aspex Management HK Ltd acquired a new position in shares of Carpenter Technology during the 3rd quarter worth about $136,215,000. William Blair Investment Management LLC acquired a new stake in Carpenter Technology in the 2nd quarter worth about $134,790,000. TOMS Capital Investment Management LP purchased a new stake in Carpenter Technology during the 2nd quarter worth approximately $106,683,000. Nuveen LLC acquired a new position in shares of Carpenter Technology during the first quarter valued at approximately $63,136,000. Finally, Qube Research & Technologies Ltd raised its holdings in shares of Carpenter Technology by 111.6% during the third quarter. Qube Research & Technologies Ltd now owns 617,948 shares of the basic materials company’s stock valued at $151,731,000 after acquiring an additional 325,919 shares during the last quarter. Institutional investors and hedge funds own 92.03% of the company’s stock.

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.