Carpenter Technology Co. (NYSE:CRS) Director Anastasios John Hart Sells 1,000 Shares

Carpenter Technology Co. (NYSE:CRS) Director Anastasios John Hart sold 1,000 shares of the company’s stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $243.72, for a total value of $243,720.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

Carpenter Technology Trading Up 0.4%

Shares of CRS stock opened at $249.61 on Tuesday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.92 and a current ratio of 3.80. Carpenter Technology Co. has a 52-week low of $95.17 and a 52-week high of $256.52. The company has a market capitalization of $12.43 billion, a PE ratio of 47.10, a price-to-earnings-growth ratio of 0.93 and a beta of 1.37. The business’s fifty day moving average is $214.37 and its 200 day moving average is $196.56.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.88 EPS for the quarter, topping the consensus estimate of $1.74 by $0.14. The firm had revenue of $727.00 million for the quarter, compared to the consensus estimate of $729.67 million. Carpenter Technology had a return on equity of 19.88% and a net margin of 9.34%. The company’s quarterly revenue was up 6.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.19 earnings per share. On average, equities research analysts anticipate that Carpenter Technology Co. will post 6.83 EPS for the current fiscal year.

Carpenter Technology announced that its board has authorized a stock buyback plan on Thursday, April 24th that permits the company to buyback $400.00 million in outstanding shares. This buyback authorization permits the basic materials company to repurchase up to 4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Carpenter Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Tuesday, April 22nd were paid a $0.20 dividend. The ex-dividend date was Tuesday, April 22nd. This represents a $0.80 annualized dividend and a dividend yield of 0.32%. Carpenter Technology’s payout ratio is presently 11.33%.

Hedge Funds Weigh In On Carpenter Technology

Several large investors have recently made changes to their positions in CRS. Kestra Investment Management LLC purchased a new position in shares of Carpenter Technology during the fourth quarter valued at approximately $25,000. Rise Advisors LLC purchased a new stake in Carpenter Technology during the 1st quarter valued at $31,000. IMA Advisory Services Inc. purchased a new stake in Carpenter Technology during the 1st quarter valued at $36,000. Bessemer Group Inc. raised its stake in Carpenter Technology by 50.3% during the 1st quarter. Bessemer Group Inc. now owns 230 shares of the basic materials company’s stock valued at $42,000 after buying an additional 77 shares during the last quarter. Finally, Ameriflex Group Inc. bought a new stake in shares of Carpenter Technology during the 4th quarter valued at $44,000. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently commented on CRS. JPMorgan Chase & Co. increased their price objective on Carpenter Technology from $240.00 to $245.00 and gave the stock an “overweight” rating in a research note on Monday, April 28th. Benchmark increased their price objective on Carpenter Technology from $250.00 to $300.00 and gave the company a “buy” rating in a report on Monday, June 9th. Northcoast Research raised Carpenter Technology from a “sell” rating to a “neutral” rating in a report on Wednesday, April 9th. Finally, Cowen reaffirmed a “buy” rating on shares of Carpenter Technology in a report on Thursday. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $229.75.

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.