Tony Thene Sells 57,456 Shares of Carpenter Technology (NYSE:CRS) Stock

Carpenter Technology Corporation (NYSE:CRS) CEO Tony Thene sold 57,456 shares of Carpenter Technology stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $483.90, for a total value of $27,802,958.40. Following the completion of the sale, the chief executive officer owned 439,631 shares in the company, valued at approximately $212,737,440.90. The trade was a 11.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Carpenter Technology Trading Up 1.4%

Shares of Carpenter Technology stock traded up $7.00 on Thursday, reaching $490.70. The company had a trading volume of 555,007 shares, compared to its average volume of 758,304. Carpenter Technology Corporation has a 52-week low of $228.00 and a 52-week high of $625.98. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.23 and a current ratio of 3.81. The firm’s 50 day moving average price is $561.77 and its two-hundred day moving average price is $472.72. The firm has a market cap of $24.32 billion, a PE ratio of 46.64, a PEG ratio of 1.74 and a beta of 1.25.

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

Carpenter Technology Dividend Announcement

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

Institutional Investors Weigh In On Carpenter Technology

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

Analysts Set New Price Targets

Several equities analysts recently commented on CRS shares. KeyCorp dropped their target price on Carpenter Technology from $644.00 to $608.00 and set an “overweight” rating for the company in a research note on Monday, August 3rd. Zacks Research raised shares of Carpenter Technology from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 15th. JPMorgan Chase & Co. decreased 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. Wells Fargo & Company boosted their target price on shares of Carpenter Technology from $425.00 to $540.00 and gave the company an “equal weight” rating in a report on Tuesday, August 4th. Finally, Susquehanna cut their price target on shares of Carpenter Technology from $680.00 to $600.00 and set a “positive” rating on the stock in a research note on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $577.25.

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.