Steven E. Karol Sells 31,000 Shares of Carpenter Technology Co. (NYSE:CRS) Stock

Carpenter Technology Co. (NYSE:CRS) Director Steven E. Karol sold 31,000 shares of the stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $100.57, for a total transaction of $3,117,670.00. Following the completion of the transaction, the director now directly owns 244,126 shares of the company’s stock, valued at approximately $24,551,751.82. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

Carpenter Technology Stock Performance

CRS stock opened at $106.11 on Friday. Carpenter Technology Co. has a twelve month low of $44.40 and a twelve month high of $106.71. The firm has a market cap of $5.26 billion, a price-to-earnings ratio of 40.35 and a beta of 1.47. The business’s fifty day simple moving average is $77.18 and its two-hundred day simple moving average is $70.16. The company has a quick ratio of 1.45, a current ratio of 3.20 and a debt-to-equity ratio of 0.46.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings data on Wednesday, May 1st. The basic materials company reported $1.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.94 by $0.25. The company had revenue of $684.90 million during the quarter, compared to analysts’ expectations of $707.73 million. Carpenter Technology had a net margin of 4.83% and a return on equity of 12.75%. The firm’s quarterly revenue was down .8% on a year-over-year basis. During the same period in the previous year, the company earned $0.38 EPS. Analysts predict that Carpenter Technology Co. will post 3.97 earnings per share for the current year.

Carpenter Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 6th. Investors of record on Tuesday, April 23rd will be issued a $0.20 dividend. This is an increase from Carpenter Technology’s previous quarterly dividend of $0.18. This represents a $0.80 annualized dividend and a dividend yield of 0.75%. The ex-dividend date of this dividend is Monday, April 22nd. Carpenter Technology’s payout ratio is presently 30.42%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on CRS shares. Northcoast Research reaffirmed a “neutral” rating on shares of Carpenter Technology in a research note on Monday. TD Cowen raised their price target on Carpenter Technology from $90.00 to $116.00 and gave the stock a “buy” rating in a research report on Thursday, May 2nd. Finally, Benchmark boosted their price objective on shares of Carpenter Technology from $100.00 to $140.00 and gave the company a “buy” rating in a research report on Wednesday. Two equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, Carpenter Technology presently has a consensus rating of “Moderate Buy” and an average target price of $109.67.

Hedge Funds Weigh In On Carpenter Technology

A number of hedge funds and other institutional investors have recently modified their holdings of CRS. Cape Investment Advisory Inc. purchased a new stake in Carpenter Technology during the fourth quarter worth $29,000. Whittier Trust Co. bought a new position in shares of Carpenter Technology in the 1st quarter worth $30,000. Johnson Financial Group Inc. purchased a new stake in shares of Carpenter Technology during the 4th quarter worth $31,000. Westend Capital Management LLC bought a new stake in Carpenter Technology during the first quarter valued at about $36,000. Finally, Fifth Third Bancorp grew its stake in Carpenter Technology by 322.5% in the fourth quarter. Fifth Third Bancorp now owns 1,162 shares of the basic materials company’s stock valued at $82,000 after purchasing an additional 887 shares during the last quarter. 92.03% of the stock is currently owned by 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.