Ramin Younessi Sells 438 Shares of Carpenter Technology (NYSE:CRS) Stock

Carpenter Technology Corporation (NYSE:CRS) Director Ramin Younessi sold 438 shares of the firm’s stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $493.15, for a total transaction of $215,999.70. Following the completion of the sale, the director directly owned 1,953 shares in the company, valued at $963,121.95. This represents a 18.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Carpenter Technology Trading Down 0.6%

Shares of Carpenter Technology stock opened at $483.19 on Thursday. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.81 and a quick ratio of 2.23. Carpenter Technology Corporation has a 1 year low of $228.00 and a 1 year high of $625.98. The firm has a market cap of $23.95 billion, a PE ratio of 45.93, a PEG ratio of 1.74 and a beta of 1.25. The company has a 50 day simple moving average of $561.77 and a two-hundred day simple moving average of $472.72.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings results on Thursday, July 30th. The basic materials company reported $3.23 EPS for the quarter, topping analysts’ consensus estimates of $3.09 by $0.14. The firm had revenue of $679.70 million for the quarter, compared to analyst estimates of $863.33 million. Carpenter Technology had a net margin of 16.96% and a return on equity of 26.46%. The business’s revenue for the quarter was up 12.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.21 EPS. Analysts expect that Carpenter Technology Corporation will post 13.08 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Tuesday, August 25th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend is Tuesday, August 25th. Carpenter Technology’s dividend payout ratio is currently 7.60%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Wells Fargo & Company lifted their price target on Carpenter Technology from $425.00 to $540.00 and gave the stock an “equal weight” rating in a research note on Tuesday, August 4th. Susquehanna decreased their price objective on Carpenter Technology from $680.00 to $600.00 and set a “positive” rating on the stock in a report on Friday, July 31st. Wall Street Zen downgraded Carpenter Technology from a “buy” rating to a “hold” rating in a research report on Saturday, August 22nd. KeyCorp reduced their price target on shares of Carpenter Technology from $644.00 to $608.00 and set an “overweight” rating on the stock in a research report on Monday, August 3rd. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $500.00 price target on shares of Carpenter Technology in a research note on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $577.25.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Wellington Grp LLC boosted its holdings in Carpenter Technology by 36.5% during the 2nd quarter. Wellington Grp LLC now owns 2,066 shares of the basic materials company’s stock valued at $1,274,000 after acquiring an additional 552 shares during the period. HighTower Advisors LLC increased its stake in Carpenter Technology by 27.1% in the 2nd quarter. HighTower Advisors LLC now owns 19,086 shares of the basic materials company’s stock worth $11,773,000 after purchasing an additional 4,073 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Carpenter Technology in the second quarter valued at approximately $7,699,000. California State Teachers Retirement System lifted its position in Carpenter Technology by 58,677.5% in the second quarter. California State Teachers Retirement System now owns 33,892,274 shares of the basic materials company’s stock valued at $20,906,110,000 after purchasing an additional 33,834,612 shares during the last quarter. Finally, Wedmont Private Capital bought a new stake in Carpenter Technology in the second quarter valued at approximately $297,000. Hedge funds and other institutional investors own 92.03% of the company’s stock.

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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.