Carpenter Technology (NYSE:CRS) Posts Earnings Results

Carpenter Technology (NYSE:CRS) posted its quarterly earnings results on Thursday. The basic materials company reported $2.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.13 by $0.30, Zacks reports. The business had revenue of $733.70 million during the quarter, compared to analysts’ expectations of $741.18 million. Carpenter Technology had a net margin of 13.07% and a return on equity of 21.50%. The business’s quarterly revenue was up 2.2% on a year-over-year basis. During the same quarter last year, the company posted $1.73 earnings per share.

Carpenter Technology Stock Up 22.3%

CRS stock opened at $299.32 on Friday. The firm has a market cap of $14.92 billion, a PE ratio of 40.34, a P/E/G ratio of 1.11 and a beta of 1.46. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.01 and a current ratio of 3.65. The firm’s fifty day moving average is $244.71 and its 200 day moving average is $239.84. Carpenter Technology has a one year low of $138.61 and a one year high of $307.72.

Carpenter Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 4th. Investors of record on Tuesday, October 21st will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.3%. The ex-dividend date is Tuesday, October 21st. Carpenter Technology’s dividend payout ratio (DPR) is currently 10.78%.

Analysts Set New Price Targets

Several brokerages recently issued reports on CRS. BTIG Research reissued a “buy” rating on shares of Carpenter Technology in a report on Monday, August 4th. Weiss Ratings reissued a “buy (b+)” rating on shares of Carpenter Technology in a report on Wednesday, October 8th. Zacks Research cut shares of Carpenter Technology from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 1st. Finally, Jones Trading began coverage on shares of Carpenter Technology in a report on Wednesday. They set a “buy” rating and a $400.00 target price for the company. Six investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $308.75.

Insider Activity at Carpenter Technology

In related news, Director I Martin Inglis sold 5,691 shares of the firm’s stock in a transaction on Monday, August 18th. The shares were sold at an average price of $244.54, for a total transaction of $1,391,677.14. Following the sale, the director owned 6,732 shares in the company, valued at approximately $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 Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Tony R. Thene sold 19,000 shares of the firm’s stock in a transaction on Monday, August 18th. The shares were sold at an average price of $244.99, for a total transaction of $4,654,810.00. Following the sale, the chief executive officer owned 535,019 shares in the company, valued at approximately $131,074,304.81. This represents a 3.43% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 28,124 shares of company stock worth $6,890,250. 2.90% of the stock is owned by company insiders.

Institutional Trading of Carpenter Technology

Institutional investors have recently modified their holdings of the stock. Geneos Wealth Management Inc. acquired a new stake in shares of Carpenter Technology in the second quarter valued at about $28,000. Headlands Technologies LLC acquired a new position in Carpenter Technology during the second quarter worth about $43,000. Rakuten Securities Inc. acquired a new position in Carpenter Technology during the second quarter worth about $45,000. NewEdge Advisors LLC boosted its position in Carpenter Technology by 2,061.5% during the second quarter. NewEdge Advisors LLC now owns 281 shares of the basic materials company’s stock worth $78,000 after acquiring an additional 268 shares during the last quarter. Finally, Quantbot Technologies LP acquired a new position in Carpenter Technology during the second quarter worth about $80,000. Institutional investors and hedge funds own 92.03% of the company’s stock.

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.