Carpenter Technology Co. (NYSE:CRS) Director I Martin Inglis Sells 3,433 Shares

Carpenter Technology Co. (NYSE:CRS) Director I Martin Inglis sold 3,433 shares of the firm’s stock in a transaction on Tuesday, April 29th. The stock was sold at an average price of $197.66, for a total transaction of $678,566.78. Following the transaction, the director now directly owns 6,732 shares of the company’s stock, valued at approximately $1,330,647.12. This trade represents a 33.77 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Carpenter Technology Stock Performance

NYSE CRS opened at $213.34 on Friday. The stock has a market capitalization of $10.62 billion, a price-to-earnings ratio of 40.25, a PEG ratio of 0.93 and a beta of 1.33. The stock has a 50-day moving average of $183.27 and a 200 day moving average of $183.23. The company has a current ratio of 3.80, a quick ratio of 1.92 and a debt-to-equity ratio of 0.40. Carpenter Technology Co. has a twelve month low of $95.17 and a twelve month high of $215.25.

Carpenter Technology (NYSE:CRS) last announced its earnings results on Thursday, April 24th. The basic materials company reported $1.88 earnings per share for the quarter, topping the consensus estimate of $1.74 by $0.14. The business had revenue of $727.00 million during the quarter, compared to the consensus estimate of $729.67 million. Carpenter Technology had a return on equity of 19.88% and a net margin of 9.34%. The business’s quarterly revenue was up 6.1% on a year-over-year basis. During the same period in the prior year, the company posted $1.19 EPS. Sell-side analysts anticipate that Carpenter Technology Co. will post 6.83 EPS for the current fiscal year.

Carpenter Technology announced that its board has initiated a stock buyback program on Thursday, April 24th that permits the company to repurchase $400.00 million in outstanding shares. This repurchase authorization permits the basic materials company to repurchase up to 4% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Carpenter Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Tuesday, April 22nd will be given a dividend of $0.20 per share. The ex-dividend date is Tuesday, April 22nd. This represents a $0.80 annualized dividend and a dividend yield of 0.37%. Carpenter Technology’s dividend payout ratio (DPR) is presently 11.33%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. BTIG Research set a $230.00 price objective on Carpenter Technology in a research note on Friday, January 31st. JPMorgan Chase & Co. boosted their price target on Carpenter Technology from $240.00 to $245.00 and gave the company an “overweight” rating in a report on Monday, April 28th. Finally, Northcoast Research raised shares of Carpenter Technology from a “sell” rating to a “neutral” rating in a research note on Wednesday, April 9th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $168.00.

Institutional Investors Weigh In On Carpenter Technology

Several large investors have recently bought and sold shares of CRS. FMR LLC boosted its stake in shares of Carpenter Technology by 28.3% in the fourth quarter. FMR LLC now owns 4,444,608 shares of the basic materials company’s stock worth $754,295,000 after acquiring an additional 979,313 shares during the last quarter. SurgoCap Partners LP boosted its stake 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 worth $244,734,000 after purchasing an additional 779,357 shares during the last quarter. Norges Bank purchased a new stake in shares of Carpenter Technology during the fourth quarter worth $100,505,000. Allspring Global Investments Holdings LLC raised its position in shares of Carpenter Technology by 428.4% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 592,034 shares of the basic materials company’s stock valued at $103,714,000 after buying an additional 479,985 shares during the last quarter. Finally, GAMMA Investing LLC lifted its stake in shares of Carpenter Technology by 19,404.3% in the first quarter. GAMMA Investing LLC now owns 479,221 shares of the basic materials company’s stock worth $86,825,000 after buying an additional 476,764 shares in the last quarter. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

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.