Carpenter Technology Corporation $CRS Stock Position Cut by Connors Investor Services Inc.

Connors Investor Services Inc. lessened its stake in Carpenter Technology Corporation (NYSE:CRS) by 9.1% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,007 shares of the basic materials company’s stock after selling 101 shares during the period. Connors Investor Services Inc.’s holdings in Carpenter Technology were worth $278,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Ethic Inc. bought a new position in Carpenter Technology in the 2nd quarter valued at about $592,000. Cookson Peirce & Co. Inc. grew its position in Carpenter Technology by 8.3% in the 2nd quarter. Cookson Peirce & Co. Inc. now owns 7,654 shares of the basic materials company’s stock valued at $2,115,000 after buying an additional 585 shares in the last quarter. FNY Investment Advisers LLC bought a new position in Carpenter Technology in the 2nd quarter valued at about $1,247,000. Mezzasalma Advisors LLC grew its position in Carpenter Technology by 14.2% in the 2nd quarter. Mezzasalma Advisors LLC now owns 11,741 shares of the basic materials company’s stock valued at $3,245,000 after buying an additional 1,459 shares in the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Carpenter Technology in the 2nd quarter valued at about $3,864,000. Institutional investors own 92.03% of the company’s stock.

Carpenter Technology Stock Performance

Shares of CRS opened at $245.22 on Thursday. Carpenter Technology Corporation has a one year low of $138.61 and a one year high of $290.84. The company has a 50-day moving average of $243.65 and a two-hundred day moving average of $238.83. The stock has a market cap of $12.22 billion, a price-to-earnings ratio of 33.05, a PEG ratio of 1.13 and a beta of 1.46. The company has a debt-to-equity ratio of 0.37, a current ratio of 3.65 and a quick ratio of 2.01.

Carpenter Technology (NYSE:CRS) last announced its earnings results on Thursday, October 23rd. The basic materials company reported $2.43 EPS for the quarter, topping the consensus estimate of $2.13 by $0.30. Carpenter Technology had a net margin of 13.07% and a return on equity of 21.50%. On average, equities research analysts expect that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

Carpenter Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 4th. Stockholders of record on Tuesday, October 21st will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend is Tuesday, October 21st. Carpenter Technology’s dividend payout ratio is 10.78%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on CRS shares. BTIG Research restated a “buy” rating on shares of Carpenter Technology in a research report on Monday, August 4th. Jones Trading started coverage on shares of Carpenter Technology in a research report on Wednesday. They set a “buy” rating and a $400.00 price objective for the company. Zacks Research lowered shares of Carpenter Technology from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 1st. Finally, Weiss Ratings restated a “buy (b+)” rating on shares of Carpenter Technology in a research report on Wednesday, October 8th. Six research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, Carpenter Technology has a consensus rating of “Moderate Buy” and an average price target of $308.75.

Insider Transactions at Carpenter Technology

In other news, Director I Martin Inglis sold 5,691 shares of the stock in a transaction that occurred 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 completion of the sale, the director directly owned 6,732 shares of the company’s stock, valued at $1,646,243.28. This represents a 45.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Tony R. Thene sold 19,000 shares of the stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $244.99, for a total transaction of $4,654,810.00. Following the completion of the sale, the chief executive officer directly owned 535,019 shares of the company’s stock, valued at $131,074,304.81. This trade represents a 3.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 28,124 shares of company stock valued at $6,890,250 over the last three months. 2.90% of the stock is owned by corporate insiders.

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.