Carpenter Technology (NYSE:CRS) Stock Price Down 3.2% – Here’s Why

Carpenter Technology Corporation (NYSE:CRS) was down 3.2% during trading on Thursday . The stock traded as low as $400.00 and last traded at $398.8010. Approximately 110,066 shares were traded during trading, a decline of 86% from the average daily volume of 762,402 shares. The stock had previously closed at $411.80.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on CRS. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Carpenter Technology in a research report on Monday, August 31st. Susquehanna dropped their target price 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 upgraded Carpenter Technology from a “hold” rating to a “buy” rating in a research note on Saturday, September 12th. 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 report on Tuesday, August 4th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Carpenter Technology from $705.00 to $700.00 and set an “overweight” rating on the stock in a research report on Friday, July 31st. Eight analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $577.25.

Carpenter Technology Trading Down 3.6%

The company has a debt-to-equity ratio of 0.31, a current ratio of 3.81 and a quick ratio of 2.23. The company has a market capitalization of $19.67 billion, a price-to-earnings ratio of 37.77, a price-to-earnings-growth ratio of 1.47 and a beta of 1.26. The business’s 50 day simple moving average is $520.20 and its 200 day simple moving average is $480.97.

Carpenter Technology (NYSE:CRS) last announced its earnings results on Thursday, July 30th. The basic materials company reported $3.23 earnings per share for the quarter, topping the consensus estimate of $3.09 by $0.14. Carpenter Technology had a net margin of 16.96% and a return on equity of 26.46%. The business had revenue of $679.70 million during the quarter, compared to the consensus estimate of $863.33 million. During the same quarter in the prior year, the firm earned $2.21 earnings per share. The business’s quarterly revenue was up 12.6% compared to the same quarter last year. Research analysts anticipate that Carpenter Technology Corporation will post 13.28 EPS for the current year.

Carpenter Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 3rd. Shareholders of record on Tuesday, August 25th were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, August 25th. This represents a $0.80 annualized dividend and a yield of 0.2%. Carpenter Technology’s dividend payout ratio is currently 7.60%.

Insiders Place Their Bets

In other Carpenter Technology news, Director Steven Karol sold 3,275 shares of the stock in a transaction that occurred on Friday, September 4th. The stock was sold at an average price of $474.08, for a total transaction of $1,552,612.00. Following the completion of the sale, the director directly owned 177,000 shares of the company’s stock, valued at approximately $83,912,160. This trade represents a 1.82% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ramin Younessi sold 438 shares of Carpenter Technology stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $493.15, for a total value of $215,999.70. Following the completion of the transaction, the director owned 1,953 shares in the company, valued at $963,121.95. This trade represents a 18.32% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 112,996 shares of company stock valued at $54,644,436. 2.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Carpenter Technology

Institutional investors have recently bought and sold shares of the company. SkyView Investment Advisors LLC acquired a new stake in shares of Carpenter Technology in the 2nd quarter worth $247,000. Sequoia Financial Advisors LLC raised its holdings in Carpenter Technology by 36.4% during the second quarter. Sequoia Financial Advisors LLC now owns 3,632 shares of the basic materials company’s stock worth $2,240,000 after purchasing an additional 969 shares in the last quarter. Engineers Gate Manager LP acquired a new stake in Carpenter Technology in the second quarter valued at about $1,799,000. Pinnacle Wealth Management Advisory Group LLC acquired a new stake in Carpenter Technology in the second quarter valued at about $329,000. Finally, Integrated Wealth Concepts LLC boosted its holdings in Carpenter Technology by 23.6% in the 2nd quarter. Integrated Wealth Concepts LLC now owns 8,339 shares of the basic materials company’s stock valued at $5,144,000 after purchasing an additional 1,591 shares in the last quarter. 92.03% of the stock is owned by institutional investors and hedge funds.

Carpenter Technology Company Profile

Carpenter Technology Corporation is a manufacturer of premium specialty alloys and engineered materials for demanding applications. The company develops and produces stainless steels, nickel- and cobalt-based alloys, titanium, powder metals, and other high-performance materials designed to withstand extreme temperatures, corrosion, wear, and stress.

Its products are used in the aerospace and defense, medical, energy, transportation, industrial, and consumer sectors. Carpenter also provides specialty manufacturing capabilities, including additive manufacturing powders, precision-engineered components, and materials tailored to specific customer requirements.