Carpenter Technology (NYSE:CRS) Shares Gap Down – Time to Sell?

Carpenter Technology Corporation (NYSE:CRS)’s share price gapped down before the market opened on Thursday. The stock had previously closed at $368.16, but opened at $330.00. Carpenter Technology shares last traded at $300.1760, with a volume of 427,473 shares changing hands.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Wall Street Zen downgraded shares of Carpenter Technology from a “buy” rating to a “hold” rating in a research report on Saturday, October 10th. KeyCorp reduced their price target on shares of Carpenter Technology from $608.00 to $465.00 and set an “overweight” rating for the company in a research note on Thursday, October 8th. BTIG Research increased their price objective on shares of Carpenter Technology from $450.00 to $620.00 and gave the company a “buy” rating in a report on Friday, July 31st. Wells Fargo & Company decreased their price objective on shares of Carpenter Technology from $540.00 to $430.00 and set an “equal weight” rating for the company in a report on Wednesday, September 30th. Finally, TD Cowen lowered their price objective on shares of Carpenter Technology from $650.00 to $500.00 and set a “buy” rating on the stock in a research note on Friday, October 9th. Seven research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $519.29.

Carpenter Technology Trading Down 21.4%

The company has a market capitalization of $14.33 billion, a price-to-earnings ratio of 27.52, a PEG ratio of 1.30 and a beta of 1.29. The firm has a 50-day moving average price of $433.10 and a 200-day moving average price of $480.80. 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 (NYSE:CRS) last posted its quarterly earnings data on Thursday, October 22nd. The basic materials company reported $3.25 EPS for the quarter, topping analysts’ consensus estimates of $3.04 by $0.21. Carpenter Technology had a return on equity of 26.46% and a net margin of 16.96%. The firm’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.43 EPS. As a group, sell-side analysts predict that Carpenter Technology Corporation will post 13.30 EPS for the current year.

Carpenter Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 3rd. Investors of record on Tuesday, October 20th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend is Tuesday, October 20th. Carpenter Technology’s payout ratio is presently 7.60%.

Insider Buying and Selling

In other Carpenter Technology news, CEO Tony R. Thene sold 57,456 shares of the company’s stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $483.90, for a total value of $27,802,958.40. Following the completion of the sale, the chief executive officer directly owned 439,631 shares of the company’s stock, valued at approximately $212,737,440.90. This represents a 11.56% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ramin Younessi sold 438 shares of the company’s stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $493.15, for a total transaction of $215,999.70. Following the completion of the sale, the director directly owned 1,953 shares of the company’s stock, valued at $963,121.95. The trade was a 18.32% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 112,996 shares of company stock valued at $54,644,436 over the last three months. Company insiders own 2.90% of the company’s stock.

Hedge Funds Weigh In On Carpenter Technology

Hedge funds have recently made changes to their positions in the business. Wealthcare Advisory Partners LLC boosted its holdings in Carpenter Technology by 1.7% during the second quarter. Wealthcare Advisory Partners LLC now owns 1,148 shares of the basic materials company’s stock worth $708,000 after buying an additional 19 shares in the last quarter. Essential Partners LLC grew its position in Carpenter Technology by 9.9% in the first quarter. Essential Partners LLC now owns 378 shares of the basic materials company’s stock worth $149,000 after buying an additional 34 shares during the last quarter. SJS Investment Consulting Inc. increased its holdings in shares of Carpenter Technology by 81.8% in the first quarter. SJS Investment Consulting Inc. now owns 80 shares of the basic materials company’s stock valued at $32,000 after buying an additional 36 shares in the last quarter. TrueWealth Advisors LLC increased its holdings in shares of Carpenter Technology by 1.3% in the second quarter. TrueWealth Advisors LLC now owns 2,789 shares of the basic materials company’s stock valued at $1,720,000 after buying an additional 36 shares in the last quarter. Finally, Mezzasalma Advisors LLC increased its holdings in shares of Carpenter Technology by 0.3% in the third quarter. Mezzasalma Advisors LLC now owns 14,518 shares of the basic materials company’s stock valued at $5,645,000 after buying an additional 37 shares in the last quarter. Institutional investors and hedge funds own 92.03% of the company’s stock.

Carpenter Technology Company Profile

Carpenter Technology Corporation is a manufacturer of premium specialty metals and engineered materials for demanding applications. The company produces stainless steels, nickel- and cobalt-based alloys, titanium, powder metals, and other high-performance materials designed to withstand extreme temperatures, corrosion, stress, and wear.

Its products are used in aerospace and defense, medical devices, energy, transportation, industrial equipment, and other specialized markets. Carpenter Technology supplies materials in forms such as bar, wire, strip, sheet, and powder, and also provides processing and engineered component solutions through its performance-engineered products operations.

Founded in 1889 as Carpenter Steel Company, the company has developed a global customer base supported by manufacturing, research, and service operations in the United States and international markets.