Carpenter Technology (NYSE:CRS) Director Steven Karol Sells 3,275 Shares of Stock

Carpenter Technology Corporation (NYSE:CRS) Director Steven Karol sold 3,275 shares of the firm’s 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 sale, the director owned 177,000 shares of the company’s stock, valued at $83,912,160. This represents a 1.82% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Carpenter Technology Trading Up 0.1%

CRS opened at $459.16 on Thursday. Carpenter Technology Corporation has a one year low of $228.00 and a one year high of $625.98. The stock has a market capitalization of $22.76 billion, a PE ratio of 43.65, a P/E/G ratio of 1.62 and a beta of 1.26. The business’s 50 day moving average price is $537.27 and its 200 day moving average price is $479.72. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.23 and a current ratio of 3.81.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings data 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 return on equity of 26.46% and a net margin of 16.96%.The company had revenue of $679.70 million during the quarter, compared to analyst estimates of $863.33 million. During the same period in the prior year, the business posted $2.21 earnings per share. The firm’s revenue for the quarter was up 12.6% compared to the same quarter last year. As a group, equities research analysts expect that Carpenter Technology Corporation will post 13.28 EPS for the current year.

Carpenter Technology Dividend Announcement

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

Institutional Investors Weigh In On Carpenter Technology

Institutional investors and hedge funds have recently modified their holdings of the company. California State Teachers Retirement System grew its position in Carpenter Technology by 58,677.5% in the 2nd 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 acquiring an additional 33,834,612 shares in the last quarter. BlackRock Inc. acquired a new stake in shares of Carpenter Technology during the second quarter worth about $3,834,623,000. Jennison Associates LLC acquired a new stake in shares of Carpenter Technology during the first quarter worth about $317,411,000. SurgoCap Partners LP purchased a new position in shares of Carpenter Technology in the second quarter valued at approximately $423,444,000. Finally, Sands Capital Management LLC purchased a new position in shares of Carpenter Technology in the fourth quarter valued at approximately $195,731,000. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on CRS. Susquehanna reduced their price objective on shares of Carpenter Technology from $680.00 to $600.00 and set a “positive” rating on the stock in a report on Friday, July 31st. BTIG Research increased their target price on shares of Carpenter Technology from $450.00 to $620.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. TD Cowen lifted their price target on shares of Carpenter Technology from $470.00 to $650.00 and gave the company a “buy” rating in a research report on Monday, July 13th. Wells Fargo & Company boosted their price target on shares of Carpenter Technology from $425.00 to $540.00 and gave the company an “equal weight” rating in a research note on Tuesday, August 4th. Finally, Wall Street Zen lowered shares of Carpenter Technology from a “buy” rating to a “hold” rating in a report on Saturday, August 22nd. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, Carpenter Technology has an average rating of “Buy” and an average price target of $577.25.

About Carpenter Technology

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.