Carpenter Technology Co. (NYSE:CRS) Director Steven E. Karol Sells 31,000 Shares

Carpenter Technology Co. (NYSE:CRS) Director Steven E. Karol sold 31,000 shares of the company’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $100.57, for a total transaction of $3,117,670.00. Following the sale, the director now directly owns 244,126 shares of the company’s stock, valued at approximately $24,551,751.82. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Carpenter Technology Price Performance

CRS stock opened at $103.53 on Thursday. The company has a market capitalization of $5.14 billion, a P/E ratio of 39.37 and a beta of 1.47. Carpenter Technology Co. has a 52-week low of $44.40 and a 52-week high of $106.71. The company has a fifty day moving average price of $76.35 and a 200-day moving average price of $69.91. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.45 and a current ratio of 3.20.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings data on Wednesday, May 1st. The basic materials company reported $1.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.94 by $0.25. Carpenter Technology had a return on equity of 12.75% and a net margin of 4.83%. The company had revenue of $684.90 million during the quarter, compared to the consensus estimate of $707.73 million. During the same period last year, the company earned $0.38 earnings per share. The firm’s revenue was down .8% compared to the same quarter last year. As a group, equities analysts expect that Carpenter Technology Co. will post 3.97 EPS for the current year.

Carpenter Technology Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 6th. Shareholders of record on Tuesday, April 23rd will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.77%. This is a boost from Carpenter Technology’s previous quarterly dividend of $0.18. The ex-dividend date is Monday, April 22nd. Carpenter Technology’s dividend payout ratio (DPR) is presently 30.42%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Benchmark upped their target price on Carpenter Technology from $100.00 to $140.00 and gave the stock a “buy” rating in a research note on Wednesday. TD Cowen raised their price objective on Carpenter Technology from $90.00 to $116.00 and gave the company a “buy” rating in a research note on Thursday, May 2nd. Finally, Northcoast Research restated a “neutral” rating on shares of Carpenter Technology in a research note on Monday. Two research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $109.67.

Hedge Funds Weigh In On Carpenter Technology

Institutional investors have recently made changes to their positions in the stock. Hawk Ridge Capital Management LP boosted its stake in Carpenter Technology by 199.1% during the 4th quarter. Hawk Ridge Capital Management LP now owns 688,427 shares of the basic materials company’s stock valued at $48,741,000 after purchasing an additional 458,227 shares during the last quarter. Goldman Sachs Group Inc. grew its position in shares of Carpenter Technology by 82.3% during the 4th quarter. Goldman Sachs Group Inc. now owns 972,222 shares of the basic materials company’s stock valued at $68,833,000 after acquiring an additional 438,781 shares during the period. Hennessy Advisors Inc. purchased a new stake in Carpenter Technology in the fourth quarter worth $27,407,000. Norges Bank purchased a new stake in Carpenter Technology in the 4th quarter worth about $22,901,000. Finally, Invesco Ltd. raised its position in shares of Carpenter Technology by 24.2% in the third quarter. Invesco Ltd. now owns 1,331,705 shares of the basic materials company’s stock valued at $89,504,000 after purchasing an additional 259,330 shares during the period. 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.