Connors Investor Services Inc. Sells 101 Shares of Carpenter Technology Corporation $CRS

Connors Investor Services Inc. lessened its holdings in shares of Carpenter Technology Corporation (NYSE:CRS) by 9.1% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,007 shares of the basic materials company’s stock after selling 101 shares during the quarter. Connors Investor Services Inc.’s holdings in Carpenter Technology were worth $278,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in CRS. GAMMA Investing LLC boosted its stake in shares of Carpenter Technology by 7.7% during the 1st quarter. GAMMA Investing LLC now owns 2,645 shares of the basic materials company’s stock worth $479,000 after acquiring an additional 188 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its position in shares of Carpenter Technology by 27.8% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 15,953 shares of the basic materials company’s stock valued at $2,890,000 after purchasing an additional 3,467 shares during the period. State of Alaska Department of Revenue raised its position in shares of Carpenter Technology by 2.9% in the first quarter. State of Alaska Department of Revenue now owns 5,850 shares of the basic materials company’s stock valued at $1,059,000 after purchasing an additional 165 shares during the period. Oppenheimer & Co. Inc. bought a new position in shares of Carpenter Technology in the first quarter valued at approximately $678,000. Finally, Bessemer Group Inc. raised its position in shares of Carpenter Technology by 50.3% in the first quarter. Bessemer Group Inc. now owns 230 shares of the basic materials company’s stock valued at $42,000 after purchasing an additional 77 shares during the period. Institutional investors own 92.03% of the company’s stock.

Carpenter Technology Stock Performance

Carpenter Technology stock opened at $245.22 on Thursday. The stock has a 50-day simple moving average of $243.65 and a 200 day simple moving average of $238.83. The company has a quick ratio of 2.01, a current ratio of 3.65 and a debt-to-equity ratio of 0.37. Carpenter Technology Corporation has a 12-month low of $138.61 and a 12-month high of $290.84. The stock has a market capitalization of $12.22 billion, a price-to-earnings ratio of 33.05, a P/E/G ratio of 1.13 and a beta of 1.46.

Carpenter Technology (NYSE:CRS) last released its quarterly 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. Carpenter Technology had a return on equity of 21.50% and a net margin of 13.07%. On average, research analysts anticipate that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 4th. Shareholders of record on Tuesday, October 21st will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend is Tuesday, October 21st. Carpenter Technology’s payout ratio is currently 10.78%.

Analysts Set New Price Targets

A number of research firms have recently commented on CRS. BTIG Research reissued a “buy” rating on shares of Carpenter Technology in a research report on Monday, August 4th. Weiss Ratings reissued a “buy (b+)” rating on shares of Carpenter Technology in a research report on Wednesday, October 8th. Jones Trading began coverage on shares of Carpenter Technology in a research report on Wednesday. They issued a “buy” rating and a $400.00 price target on the stock. Finally, Zacks Research lowered shares of Carpenter Technology from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 1st. Six research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $308.75.

Insiders Place Their Bets

In other Carpenter Technology news, Director Steven E. Karol sold 3,433 shares of the business’s stock in a transaction dated Tuesday, September 9th. The stock was sold at an average price of $245.78, for a total transaction of $843,762.74. Following the completion of the sale, the director directly owned 180,000 shares of the company’s stock, valued at approximately $44,240,400. The trade was a 1.87% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Tony R. Thene sold 19,000 shares of the business’s stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $244.99, for a total value of $4,654,810.00. Following the sale, the chief executive officer directly owned 535,019 shares of the company’s stock, valued at $131,074,304.81. This represents a 3.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 28,124 shares of company stock valued at $6,890,250. 2.90% of the stock is currently owned by insiders.

Carpenter Technology Profile

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.