Key Points
- COO Brian Malloy sold 4,130 shares on December 11 at an average of $303.52 for a total of $1,253,537.60, trimming his stake to 78,875 shares (a 4.98% decrease).
- Carpenter reported quarterly EPS of $2.43 (beating estimates by $0.30) with revenue of $733.7M slightly below expectations, and pays a quarterly dividend of $0.20 ($0.80 annually, ~0.2% yield).
- Analysts have been raising targets and ratings—JPMorgan lifted its target to $388 and the consensus average price target is $371.14, giving Carpenter a "Moderate Buy" outlook.
Carpenter Technology Corporation (NYSE:CRS - Get Free Report) COO Brian Malloy sold 4,130 shares of Carpenter Technology stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $303.52, for a total transaction of $1,253,537.60. Following the sale, the chief operating officer owned 78,875 shares in the company, valued at $23,940,140. This represents a 4.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.
Carpenter Technology Stock Performance
Shares of CRS stock opened at $321.56 on Friday. The stock's 50-day moving average is $296.69 and its two-hundred day moving average is $269.02. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.37 and a current ratio of 4.44. Carpenter Technology Corporation has a 1 year low of $138.61 and a 1 year high of $342.11. The firm has a market cap of $16.02 billion, a price-to-earnings ratio of 39.31, a PEG ratio of 1.28 and a beta of 1.31.
Carpenter Technology (NYSE:CRS - Get Free Report) last announced its earnings results on Thursday, October 23rd. The basic materials company reported $2.43 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.13 by $0.30. The firm had revenue of $733.70 million during the quarter, compared to analysts' expectations of $741.18 million. Carpenter Technology had a return on equity of 22.68% and a net margin of 14.30%.The business's revenue was up 2.2% on a year-over-year basis. During the same period in the prior year, the firm earned $1.73 EPS. Analysts predict that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.
Carpenter Technology Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Thursday, December 4th. Stockholders of record on Tuesday, October 21st were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend was Tuesday, October 21st. Carpenter Technology's payout ratio is presently 9.78%.
Institutional Inflows and Outflows
Several large investors have recently added to or reduced their stakes in CRS. Severin Investments LLC acquired a new stake in Carpenter Technology in the third quarter valued at about $403,000. Swiss Life Asset Management Ltd raised its stake in shares of Carpenter Technology by 75.9% during the 3rd quarter. Swiss Life Asset Management Ltd now owns 2,292 shares of the basic materials company's stock worth $563,000 after buying an additional 989 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Carpenter Technology by 5.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 208,919 shares of the basic materials company's stock valued at $51,298,000 after buying an additional 10,148 shares during the period. CIBC Private Wealth Group LLC boosted its stake in shares of Carpenter Technology by 4.6% in the third quarter. CIBC Private Wealth Group LLC now owns 2,387 shares of the basic materials company's stock valued at $586,000 after buying an additional 106 shares in the last quarter. Finally, CIBC Bancorp USA Inc. purchased a new stake in shares of Carpenter Technology in the third quarter valued at approximately $586,000. 92.03% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
Several analysts recently commented on the stock. JPMorgan Chase & Co. upped their price target on shares of Carpenter Technology from $305.00 to $388.00 and gave the company an "overweight" rating in a research report on Wednesday, October 29th. Weiss Ratings restated a "buy (b)" rating on shares of Carpenter Technology in a research note on Thursday, October 30th. BTIG Research increased their target price on shares of Carpenter Technology from $305.00 to $365.00 and gave the stock a "buy" rating in a research note on Monday, October 27th. Deutsche Bank Aktiengesellschaft set a $425.00 price target on Carpenter Technology and gave the stock a "buy" rating in a report on Friday, October 24th. Finally, Zacks Research downgraded Carpenter Technology from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, October 1st. Nine investment 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 presently has an average rating of "Moderate Buy" and an average price target of $371.14.
Get Our Latest Report on CRS
Carpenter Technology Company Profile
(
Get Free Report)
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.
Featured Articles
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
