Insider Selling: Carpenter Technology Co. (NYSE:CRS) SVP Sells $2,616,612.68 in Stock

Carpenter Technology Co. (NYSE:CRS) SVP James D. Dee sold 23,518 shares of the business’s stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $111.26, for a total value of $2,616,612.68. Following the transaction, the senior vice president now owns 84,798 shares in the company, valued at $9,434,625.48. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Carpenter Technology Trading Up 1.2 %

Shares of Carpenter Technology stock opened at $109.59 on Friday. Carpenter Technology Co. has a fifty-two week low of $44.40 and a fifty-two week high of $112.32. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.45 and a current ratio of 3.20. The firm has a market capitalization of $5.44 billion, a price-to-earnings ratio of 41.67 and a beta of 1.47. The stock has a 50 day moving average of $86.51 and a 200 day moving average of $73.61.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings results on Wednesday, May 1st. The basic materials company reported $1.19 earnings per share for the quarter, topping analysts’ consensus estimates of $0.94 by $0.25. The business had revenue of $684.90 million during the quarter, compared to analysts’ expectations of $707.73 million. Carpenter Technology had a return on equity of 12.75% and a net margin of 4.83%. The company’s revenue was down .8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.38 EPS. As a group, research analysts predict that Carpenter Technology Co. will post 4.31 earnings per share for the current year.

Carpenter Technology Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 6th. Stockholders of record on Tuesday, April 23rd will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.73%. This is an increase from Carpenter Technology’s previous quarterly dividend of $0.18. The ex-dividend date is Monday, April 22nd. Carpenter Technology’s payout ratio is 30.42%.

Analyst Ratings Changes

CRS has been the topic of a number of recent research reports. TD Cowen boosted their price objective on Carpenter Technology from $90.00 to $116.00 and gave the stock a “buy” rating in a research note on Thursday, May 2nd. Benchmark lifted their price target on Carpenter Technology from $100.00 to $140.00 and gave the stock a “buy” rating in a report on Wednesday, May 8th. Finally, Northcoast Research reissued a “neutral” rating on shares of Carpenter Technology in a report on Monday, May 6th. Two research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $109.67.

Hedge Funds Weigh In On Carpenter Technology

Hedge funds have recently made changes to their positions in the stock. Bayberry Capital Partners LP purchased a new stake in Carpenter Technology in the first quarter valued at approximately $35,887,000. Hawk Ridge Capital Management LP raised its holdings in shares of Carpenter Technology by 199.1% in the 4th quarter. Hawk Ridge Capital Management LP now owns 688,427 shares of the basic materials company’s stock valued at $48,741,000 after buying an additional 458,227 shares during the period. Goldman Sachs Group Inc. lifted its stake in Carpenter Technology by 82.3% during the 4th quarter. Goldman Sachs Group Inc. now owns 972,222 shares of the basic materials company’s stock worth $68,833,000 after acquiring an additional 438,781 shares in the last quarter. Hennessy Advisors Inc. purchased a new position in Carpenter Technology during the 4th quarter valued at about $27,407,000. Finally, Norges Bank acquired a new position in Carpenter Technology in the 4th quarter valued at about $22,901,000. Hedge funds and other institutional investors own 92.03% of the company’s stock.

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.