Carpenter Technology (NYSE:CRS) COO Sells $1,253,537.60 in Stock

Carpenter Technology Corporation (NYSE:CRS) COO Brian Malloy sold 4,130 shares of Carpenter Technology stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $303.52, for a total transaction of $1,253,537.60. Following the completion of the transaction, the chief operating officer directly owned 78,875 shares of the company’s stock, valued at $23,940,140. This trade represents a 4.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link.

Carpenter Technology Price Performance

CRS opened at $321.45 on Friday. The company has a quick ratio of 2.37, a current ratio of 4.44 and a debt-to-equity ratio of 0.36. The company’s 50-day moving average price is $298.18 and its 200 day moving average price is $269.88. Carpenter Technology Corporation has a fifty-two week low of $138.61 and a fifty-two week high of $342.11. The firm has a market cap of $16.01 billion, a price-to-earnings ratio of 39.30, a price-to-earnings-growth ratio of 1.34 and a beta of 1.31.

Carpenter Technology (NYSE:CRS) last issued its earnings results on Thursday, October 23rd. The basic materials company reported $2.43 EPS for the quarter, beating analysts’ consensus estimates of $2.13 by $0.30. The company had revenue of $733.70 million during the quarter, compared to the consensus estimate of $741.18 million. Carpenter Technology had a return on equity of 22.68% and a net margin of 14.30%.Carpenter Technology’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.73 earnings per share. As a group, sell-side 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 disclosed a quarterly dividend, which was paid on Thursday, December 4th. Investors of record on Tuesday, October 21st were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date was Tuesday, October 21st. Carpenter Technology’s dividend payout ratio is presently 9.78%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on CRS shares. TD Cowen raised their target price on Carpenter Technology from $305.00 to $340.00 and gave the company a “buy” rating in a research note on Friday, October 24th. Cowen reiterated a “buy” rating on shares of Carpenter Technology in a research report on Friday, November 14th. Weiss Ratings reissued a “buy (b)” rating on shares of Carpenter Technology in a research note on Thursday, October 30th. Jones Trading started coverage on shares of Carpenter Technology in a research report on Wednesday, October 22nd. They issued a “buy” rating and a $400.00 target price for the company. Finally, Deutsche Bank Aktiengesellschaft set a $425.00 price target on Carpenter Technology and gave the company a “buy” rating in a report on Friday, October 24th. Nine equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, Carpenter Technology has an average rating of “Moderate Buy” and a consensus price target of $371.14.

Hedge Funds Weigh In On Carpenter Technology

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Nuveen LLC bought a new stake in shares of Carpenter Technology during the 1st quarter worth about $63,136,000. Independent Advisor Alliance bought a new position in shares of Carpenter Technology in the first quarter valued at approximately $353,000. Russell Investments Group Ltd. increased its stake in shares of Carpenter Technology by 3.4% during the first quarter. Russell Investments Group Ltd. now owns 41,274 shares of the basic materials company’s stock valued at $7,478,000 after acquiring an additional 1,361 shares during the period. Lord Abbett & CO. LLC bought a new stake in Carpenter Technology during the first quarter worth approximately $14,092,000. Finally, Cookson Peirce & Co. Inc. lifted its position in Carpenter Technology by 16.6% in the first quarter. Cookson Peirce & Co. Inc. now owns 7,069 shares of the basic materials company’s stock worth $1,281,000 after purchasing an additional 1,007 shares during the period. 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.