Carpenter Technology Co. (NYSE:CRS) Shares Sold by Veracity Capital LLC

Veracity Capital LLC lowered its position in Carpenter Technology Co. (NYSE:CRS) by 25.8% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 10,409 shares of the basic materials company’s stock after selling 3,622 shares during the quarter. Veracity Capital LLC’s holdings in Carpenter Technology were worth $743,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of CRS. Natixis Advisors L.P. acquired a new position in shares of Carpenter Technology in the 3rd quarter valued at approximately $1,496,000. Teza Capital Management LLC acquired a new position in shares of Carpenter Technology in the 3rd quarter worth approximately $203,000. Gotham Asset Management LLC bought a new stake in shares of Carpenter Technology in the 3rd quarter valued at approximately $649,000. Advisors Asset Management Inc. acquired a new stake in shares of Carpenter Technology during the 3rd quarter valued at approximately $574,000. Finally, Evergreen Capital Management LLC acquired a new position in Carpenter Technology in the third quarter worth $246,000. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Carpenter Technology Price Performance

Shares of CRS traded up $1.31 during midday trading on Thursday, reaching $106.54. The stock had a trading volume of 278,186 shares, compared to its average volume of 793,559. The firm’s 50 day moving average price is $104.24 and its 200-day moving average price is $80.99. Carpenter Technology Co. has a 52 week low of $51.94 and a 52 week high of $112.75. The company has a market capitalization of $5.29 billion, a P/E ratio of 40.51 and a beta of 1.44. The company has a debt-to-equity ratio of 0.46, a current ratio of 3.20 and a quick ratio of 1.45.

Carpenter Technology (NYSE:CRS) last released its earnings results on Wednesday, May 1st. The basic materials company reported $1.19 EPS for the quarter, topping analysts’ consensus estimates of $0.94 by $0.25. The business had revenue of $684.90 million for the quarter, compared to the consensus estimate of $707.73 million. Carpenter Technology had a net margin of 4.83% and a return on equity of 12.75%. The business’s revenue for the quarter was down .8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.38 EPS. On average, analysts forecast that Carpenter Technology Co. will post 4.35 earnings per share for the current fiscal year.

Carpenter Technology Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 6th. Investors of record on Tuesday, April 23rd were paid a $0.20 dividend. The ex-dividend date of this dividend was Monday, April 22nd. This represents a $0.80 dividend on an annualized basis and a yield of 0.75%. This is a boost from Carpenter Technology’s previous quarterly dividend of $0.18. Carpenter Technology’s dividend payout ratio (DPR) is currently 30.42%.

Insiders Place Their Bets

In related news, Director Steven E. Karol sold 31,000 shares of the company’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $100.57, for a total value of $3,117,670.00. Following the completion of the sale, the director now owns 244,126 shares in the company, valued at approximately $24,551,751.82. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, Director Steven E. Karol sold 31,000 shares of the stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $100.57, for a total value of $3,117,670.00. Following the completion of the sale, the director now directly owns 244,126 shares of the company’s stock, valued at approximately $24,551,751.82. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Elizabeth A. Socci sold 802 shares of Carpenter Technology stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $102.11, for a total value of $81,892.22. Following the transaction, the vice president now directly owns 11,509 shares in the company, valued at approximately $1,175,183.99. The disclosure for this sale can be found here. In the last quarter, insiders have sold 59,678 shares of company stock worth $6,261,693. Company insiders own 3.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on CRS shares. Deutsche Bank Aktiengesellschaft began coverage on shares of Carpenter Technology in a report on Tuesday, June 25th. They issued a “buy” rating and a $144.00 price target for the company. Benchmark reiterated a “buy” rating and issued a $140.00 target price on shares of Carpenter Technology in a research note on Tuesday, May 28th. TD Cowen lifted their price objective on shares of Carpenter Technology from $116.00 to $125.00 and gave the company a “buy” rating in a research report on Monday, June 10th. BTIG Research began coverage on shares of Carpenter Technology in a research note on Wednesday, June 26th. They issued a “buy” rating and a $120.00 price target on the stock. Finally, Northcoast Research reissued a “sell” rating and issued a $89.00 price objective on shares of Carpenter Technology in a report on Friday, June 14th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $123.60.

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.