Insider Selling: Carpenter Technology Co. (NYSE:CRS) Director Sells $3,117,670.00 in Stock

Carpenter Technology Co. (NYSE:CRS) Director Steven E. Karol sold 31,000 shares of the firm’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $100.57, for a total value of $3,117,670.00. Following the completion of the transaction, the director now owns 244,126 shares in the company, valued at approximately $24,551,751.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Carpenter Technology Trading Up 2.5 %

Shares of NYSE:CRS opened at $106.11 on Friday. The firm has a market cap of $5.26 billion, a price-to-earnings ratio of 40.35 and a beta of 1.47. Carpenter Technology Co. has a 12 month low of $44.40 and a 12 month high of $106.71. The company’s fifty day simple moving average is $77.18 and its 200 day simple moving average is $70.16. The company has a quick ratio of 1.45, a current ratio of 3.20 and a debt-to-equity ratio of 0.46.

Carpenter Technology (NYSE:CRS) last released its earnings results 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. The firm had revenue of $684.90 million during the quarter, compared to analysts’ expectations of $707.73 million. Carpenter Technology had a return on equity of 12.75% and a net margin of 4.83%. The company’s revenue was down .8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.38 EPS. As a group, research analysts forecast that Carpenter Technology Co. will post 3.97 EPS for the current fiscal year.

Carpenter Technology Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 6th. Investors of record on Tuesday, April 23rd will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.75%. The ex-dividend date is Monday, April 22nd. This is a positive change from Carpenter Technology’s previous quarterly dividend of $0.18. Carpenter Technology’s dividend payout ratio (DPR) is currently 30.42%.

Hedge Funds Weigh In On Carpenter Technology

A number of large investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in shares of Carpenter Technology by 0.9% in the third quarter. Vanguard Group Inc. now owns 5,855,711 shares of the basic materials company’s stock worth $393,562,000 after purchasing an additional 53,994 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Carpenter Technology by 1.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,616,808 shares of the basic materials company’s stock worth $256,072,000 after buying an additional 43,589 shares in the last quarter. FMR LLC boosted its stake in shares of Carpenter Technology by 15.9% during the 3rd quarter. FMR LLC now owns 1,545,931 shares of the basic materials company’s stock worth $103,902,000 after buying an additional 212,321 shares during the last quarter. Invesco Ltd. grew its holdings in shares of Carpenter Technology by 24.2% in the 3rd quarter. Invesco Ltd. now owns 1,331,705 shares of the basic materials company’s stock valued at $89,504,000 after acquiring an additional 259,330 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its position in shares of Carpenter Technology by 82.3% in the fourth 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 last quarter. Institutional investors and hedge funds own 92.03% of the company’s stock.

Analyst Ratings Changes

CRS has been the topic of a number of research reports. Benchmark upped their target price on shares of Carpenter Technology from $100.00 to $140.00 and gave the company a “buy” rating in a research report on Wednesday. Northcoast Research reaffirmed a “neutral” rating on shares of Carpenter Technology in a research note on Monday. Finally, TD Cowen raised their price objective on Carpenter Technology from $90.00 to $116.00 and gave the stock a “buy” rating in a research note on Thursday, May 2nd. Two investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, Carpenter Technology has an average rating of “Moderate Buy” and a consensus price target of $109.67.

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.