Carpenter Technology (NYSE:CRS) Trading Down 5.1% – Here’s What Happened

Carpenter Technology Corporation (NYSE:CRS) fell 5.1% on Monday . The company traded as low as $240.82 and last traded at $238.00. 407,500 shares traded hands during mid-day trading, a decline of 56% from the average session volume of 917,880 shares. The stock had previously closed at $250.85.

Analyst Upgrades and Downgrades

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

Carpenter Technology Stock Performance

The firm has a market capitalization of $12.05 billion, a PE ratio of 32.57, a price-to-earnings-growth ratio of 1.14 and a beta of 1.53. The company has a current ratio of 3.65, a quick ratio of 2.01 and a debt-to-equity ratio of 0.37. The business’s 50 day simple moving average is $249.96 and its two-hundred day simple moving average is $231.65.

Carpenter Technology (NYSE:CRS) last announced its earnings results 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 business had revenue of $755.60 million during the quarter, compared to analyst estimates of $790.73 million. Carpenter Technology had a net margin of 13.07% and a return on equity of 21.50%. The company’s quarterly revenue was down 5.4% compared to the same quarter last year. During the same period in the previous year, the business earned $1.82 EPS. Research analysts expect that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

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

Insider Transactions at Carpenter Technology

In other news, CEO Tony R. Thene sold 19,000 shares of the company’s stock in a transaction on Monday, August 18th. The stock was sold at an average price of $244.99, for a total value of $4,654,810.00. Following the completion of the sale, the chief executive officer directly owned 535,019 shares in the company, valued at $131,074,304.81. This represents a 3.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Steven E. Karol sold 3,433 shares of the company’s stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $245.78, for a total value of $843,762.74. Following the completion of the sale, the director owned 180,000 shares of the company’s stock, valued at $44,240,400. This trade represents a 1.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 28,124 shares of company stock worth $6,890,250 in the last three months. Corporate insiders own 2.90% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in CRS. Two Sigma Advisers LP boosted its holdings in shares of Carpenter Technology by 5.9% during the 4th quarter. Two Sigma Advisers LP now owns 1,800 shares of the basic materials company’s stock valued at $305,000 after purchasing an additional 100 shares during the last quarter. Public Employees Retirement System of Ohio raised its position in shares of Carpenter Technology by 177.5% during the 4th quarter. Public Employees Retirement System of Ohio now owns 1,540 shares of the basic materials company’s stock valued at $261,000 after buying an additional 985 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its position in shares of Carpenter Technology by 4.5% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 12,486 shares of the basic materials company’s stock valued at $2,119,000 after buying an additional 538 shares in the last quarter. Versant Capital Management Inc raised its position in shares of Carpenter Technology by 27.3% during the 1st quarter. Versant Capital Management Inc now owns 359 shares of the basic materials company’s stock valued at $65,000 after buying an additional 77 shares in the last quarter. Finally, GAMMA Investing LLC raised its position 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 valued at $86,825,000 after buying an additional 476,764 shares in the last quarter. Institutional investors 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.