I Martin Inglis Sells 5,691 Shares of Carpenter Technology (NYSE:CRS) Stock

Carpenter Technology Corporation (NYSE:CRS) Director I Martin Inglis sold 5,691 shares of Carpenter Technology stock in a transaction on Monday, August 18th. The shares were sold at an average price of $244.54, for a total value of $1,391,677.14. Following the transaction, the director owned 6,732 shares in the company, valued at $1,646,243.28. This trade represents a 45.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link.

Carpenter Technology Stock Performance

Shares of CRS opened at $240.1750 on Thursday. The business has a 50-day simple moving average of $264.75 and a two-hundred day simple moving average of $221.95. The company has a quick ratio of 2.01, a current ratio of 3.65 and a debt-to-equity ratio of 0.37. Carpenter Technology Corporation has a 52 week low of $129.57 and a 52 week high of $290.84. The stock has a market cap of $11.97 billion, a price-to-earnings ratio of 32.37, a PEG ratio of 1.12 and a beta of 1.44.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings data on Thursday, July 31st. The basic materials company reported $2.21 earnings per share for the quarter, beating analysts’ consensus estimates of $2.03 by $0.18. The firm had revenue of $755.60 million for the quarter, compared to analysts’ expectations of $790.73 million. Carpenter Technology had a return on equity of 21.50% and a net margin of 13.07%.The business’s quarterly revenue was down 5.4% on a year-over-year basis. During the same period in the previous year, the firm earned $1.82 EPS. On average, analysts expect that Carpenter Technology Corporation will post 6.83 EPS for the current year.

Carpenter Technology announced that its Board of Directors has approved a stock buyback plan on Thursday, April 24th that permits the company to buyback $400.00 million in outstanding shares. This buyback authorization permits the basic materials company to repurchase up to 4% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Carpenter Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Tuesday, August 26th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Tuesday, August 26th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.3%. Carpenter Technology’s dividend payout ratio is 10.78%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on CRS shares. Cowen reaffirmed a “buy” rating on shares of Carpenter Technology in a report on Thursday, June 12th. BTIG Research reaffirmed a “buy” rating on shares of Carpenter Technology in a research note on Monday, August 4th. JPMorgan Chase & Co. increased their target price on Carpenter Technology from $245.00 to $305.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 17th. Finally, Benchmark boosted their price target on Carpenter Technology from $250.00 to $300.00 and gave the stock a “buy” rating in a report on Monday, June 9th. Four analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, Carpenter Technology has an average rating of “Moderate Buy” and an average price target of $278.33.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Egerton Capital UK LLP purchased a new stake in shares of Carpenter Technology in the first quarter worth about $329,727,000. SurgoCap Partners LP grew its holdings in Carpenter Technology by 117.6% during the 4th quarter. SurgoCap Partners LP now owns 1,442,069 shares of the basic materials company’s stock valued at $244,734,000 after buying an additional 779,357 shares in the last quarter. Invesco Ltd. increased its stake in Carpenter Technology by 37.1% in the 1st quarter. Invesco Ltd. now owns 2,107,676 shares of the basic materials company’s stock worth $381,869,000 after acquiring an additional 570,441 shares during the last quarter. William Blair Investment Management LLC purchased a new stake in shares of Carpenter Technology during the 2nd quarter worth approximately $134,790,000. Finally, GAMMA Investing LLC raised its holdings in shares of Carpenter Technology by 19,404.3% during the 1st quarter. GAMMA Investing LLC now owns 479,221 shares of the basic materials company’s stock worth $86,825,000 after acquiring an additional 476,764 shares in the last quarter. Institutional investors 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.