Carpenter Technology Co. (NYSE:CRS) Director Sells $243,720.00 in Stock

Carpenter Technology Co. (NYSE:CRS) Director Anastasios John Hart sold 1,000 shares of the company’s stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $243.72, for a total value of $243,720.00. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

Carpenter Technology Stock Up 0.4%

CRS stock opened at $249.61 on Tuesday. Carpenter Technology Co. has a fifty-two week low of $95.17 and a fifty-two week high of $256.52. The business’s 50-day moving average is $214.37 and its two-hundred day moving average is $196.56. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.92 and a current ratio of 3.80. The company has a market cap of $12.43 billion, a price-to-earnings ratio of 47.10, a P/E/G ratio of 0.93 and a beta of 1.37.

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

Carpenter Technology declared that its board has approved a stock repurchase program on Thursday, April 24th that authorizes the company to repurchase $400.00 million in outstanding shares. This repurchase authorization authorizes the basic materials company to buy up to 4% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.

Carpenter Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Tuesday, April 22nd were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.32%. The ex-dividend date was Tuesday, April 22nd. Carpenter Technology’s dividend payout ratio is 11.33%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. FMR LLC raised 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 buying an additional 979,313 shares during the period. Invesco Ltd. raised its stake in shares of Carpenter Technology by 37.1% in the first quarter. Invesco Ltd. now owns 2,107,676 shares of the basic materials company’s stock worth $381,869,000 after buying an additional 570,441 shares during the period. Egerton Capital UK LLP bought a new position in shares of Carpenter Technology in the first quarter worth about $329,727,000. SurgoCap Partners LP raised its stake in shares of Carpenter Technology by 117.6% in the fourth quarter. SurgoCap Partners LP now owns 1,442,069 shares of the basic materials company’s stock worth $244,734,000 after buying an additional 779,357 shares during the period. Finally, Geode Capital Management LLC raised its stake in shares of Carpenter Technology by 3.5% in the fourth quarter. Geode Capital Management LLC now owns 1,138,615 shares of the basic materials company’s stock worth $193,279,000 after buying an additional 38,411 shares during the period. Institutional investors own 92.03% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Cowen reaffirmed a “buy” rating on shares of Carpenter Technology in a report on Thursday. JPMorgan Chase & Co. upped 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. Benchmark upped their price target on Carpenter Technology from $250.00 to $300.00 and gave the company a “buy” rating in a report on Monday, June 9th. Finally, Northcoast Research raised Carpenter Technology from a “sell” rating to a “neutral” rating in a report on Wednesday, April 9th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $229.75.

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.