Key Points
- Director Steven Karol sold 3,275 Carpenter Technology shares at an average price of $474.08, generating $1.55 million. His remaining stake totaled 177,000 shares, worth approximately $83.9 million.
- Carpenter Technology reported quarterly EPS of $3.23, exceeding the $3.09 consensus estimate, while revenue rose 12.6% year over year to $679.7 million but fell short of analyst expectations.
- Analysts maintain a broadly positive view, with the stock receiving a consensus “Buy” rating and an average price target of $577.25; institutional investors own 92.03% of the shares.
Carpenter Technology Corporation (NYSE:CRS - Get Free Report) Director Steven Karol sold 3,275 shares of the business's stock in a transaction on Friday, September 4th. The stock was sold at an average price of $474.08, for a total transaction of $1,552,612.00. Following the completion of the transaction, the director owned 177,000 shares of the company's stock, valued at approximately $83,912,160. This trade represents a 1.82% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
Carpenter Technology Stock Up 0.1%
Shares of NYSE CRS opened at $459.16 on Thursday. The stock has a market cap of $22.76 billion, a P/E ratio of 43.65, a PEG ratio of 1.62 and a beta of 1.26. The company has a current ratio of 3.81, a quick ratio of 2.23 and a debt-to-equity ratio of 0.31. Carpenter Technology Corporation has a 12-month low of $228.00 and a 12-month high of $625.98. The business's fifty day simple moving average is $537.27 and its 200-day simple moving average is $479.72.
Carpenter Technology (NYSE:CRS - Get Free Report) last released its earnings results on Thursday, July 30th. The basic materials company reported $3.23 EPS for the quarter, topping the consensus estimate of $3.09 by $0.14. Carpenter Technology had a return on equity of 26.46% and a net margin of 16.96%.The firm had revenue of $679.70 million during the quarter, compared to analysts' expectations of $863.33 million. During the same period in the previous year, the firm posted $2.21 EPS. Carpenter Technology's revenue for the quarter was up 12.6% on a year-over-year basis. As a group, equities analysts predict that Carpenter Technology Corporation will post 13.28 EPS for the current fiscal year.
Carpenter Technology Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 3rd. Stockholders of record on Tuesday, August 25th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.2%. The ex-dividend date was Tuesday, August 25th. Carpenter Technology's dividend payout ratio (DPR) is presently 7.60%.
Institutional Inflows and Outflows
A number of hedge funds have recently made changes to their positions in CRS. Woodline Partners LP purchased a new stake in Carpenter Technology during the first quarter worth approximately $4,050,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Carpenter Technology by 1.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 104,785 shares of the basic materials company's stock valued at $18,985,000 after purchasing an additional 1,701 shares in the last quarter. Focus Partners Wealth increased its stake in Carpenter Technology by 7.3% in the first quarter. Focus Partners Wealth now owns 4,615 shares of the basic materials company's stock valued at $836,000 after purchasing an additional 314 shares during the last quarter. Quantbot Technologies LP purchased a new position in Carpenter Technology in the second quarter valued at approximately $80,000. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in Carpenter Technology during the second quarter worth approximately $533,000. Hedge funds and other institutional investors own 92.03% of the company's stock.
Analyst Upgrades and Downgrades
CRS has been the subject of a number of analyst reports. JPMorgan Chase & Co. lowered their price objective on Carpenter Technology from $705.00 to $700.00 and set an "overweight" rating for the company in a research report on Friday, July 31st. BTIG Research lifted their price target on shares of Carpenter Technology from $450.00 to $620.00 and gave the stock a "buy" rating in a research note on Friday, July 31st. KeyCorp lowered their price target on shares of Carpenter Technology from $644.00 to $608.00 and set an "overweight" rating for the company in a report on Monday, August 3rd. Wells Fargo & Company increased their price objective on shares of Carpenter Technology from $425.00 to $540.00 and gave the company an "equal weight" rating in a research report on Tuesday, August 4th. Finally, TD Cowen raised their price objective on shares of Carpenter Technology from $470.00 to $650.00 and gave the company a "buy" rating in a report on Monday, July 13th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $577.25.
Get Our Latest Report on CRS
Carpenter Technology Company Profile
(
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Carpenter Technology Corporation is a manufacturer of premium specialty alloys and engineered materials for demanding applications. The company develops and produces stainless steels, nickel- and cobalt-based alloys, titanium, powder metals, and other high-performance materials designed to withstand extreme temperatures, corrosion, wear, and stress.
Its products are used in the aerospace and defense, medical, energy, transportation, industrial, and consumer sectors. Carpenter also provides specialty manufacturing capabilities, including additive manufacturing powders, precision-engineered components, and materials tailored to specific customer requirements.
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