ValuEngine Downgrades Carpenter Technology (NYSE:CRS) to Sell

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ValuEngine downgraded shares of Carpenter Technology (NYSE:CRS) from a hold rating to a sell rating in a research note published on Wednesday, November 20th, ValuEngine reports.

Separately, Zacks Investment Research lowered shares of Carpenter Technology from a hold rating to a sell rating and set a $54.00 target price for the company. in a research note on Wednesday, October 16th.

Shares of Carpenter Technology stock opened at $53.57 on Wednesday. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.81 and a quick ratio of 1.01. The company has a market capitalization of $2.56 billion, a P/E ratio of 15.48 and a beta of 2.34. The business has a 50-day moving average of $51.87 and a two-hundred day moving average of $48.51. Carpenter Technology has a 1 year low of $32.77 and a 1 year high of $56.33.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings results on Thursday, October 24th. The basic materials company reported $0.85 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.89 by ($0.04). Carpenter Technology had a net margin of 7.38% and a return on equity of 10.81%. The company had revenue of $585.40 million during the quarter, compared to analyst estimates of $604.78 million. During the same quarter last year, the company earned $0.65 EPS. The firm’s quarterly revenue was up 2.3% compared to the same quarter last year. On average, equities analysts anticipate that Carpenter Technology will post 3.92 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 5th. Investors of record on Tuesday, October 22nd were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, October 21st. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.49%. Carpenter Technology’s payout ratio is presently 23.12%.

In other Carpenter Technology news, Director Steven E. Karol sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $55.00, for a total transaction of $275,000.00. Following the completion of the transaction, the director now owns 230,543 shares of the company’s stock, valued at approximately $12,679,865. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Gregory A. Pratt sold 17,528 shares of Carpenter Technology stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $52.31, for a total transaction of $916,889.68. Following the completion of the sale, the director now owns 22,141 shares in the company, valued at $1,158,195.71. The disclosure for this sale can be found here. In the last three months, insiders sold 40,056 shares of company stock worth $2,073,548. 3.90% of the stock is owned by insiders.

A number of large investors have recently modified their holdings of CRS. Vanguard Group Inc. grew its holdings in shares of Carpenter Technology by 1.5% in the 2nd quarter. Vanguard Group Inc. now owns 4,583,098 shares of the basic materials company’s stock valued at $219,897,000 after acquiring an additional 66,079 shares in the last quarter. Northern Trust Corp increased its position in shares of Carpenter Technology by 6.6% during the 2nd quarter. Northern Trust Corp now owns 1,219,898 shares of the basic materials company’s stock worth $58,531,000 after purchasing an additional 76,053 shares during the last quarter. Invesco Ltd. raised its stake in shares of Carpenter Technology by 5.1% during the 2nd quarter. Invesco Ltd. now owns 1,123,034 shares of the basic materials company’s stock worth $53,884,000 after purchasing an additional 54,307 shares in the last quarter. Granite Investment Partners LLC raised its stake in shares of Carpenter Technology by 6.2% during the 2nd quarter. Granite Investment Partners LLC now owns 517,254 shares of the basic materials company’s stock worth $24,818,000 after purchasing an additional 30,235 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Carpenter Technology by 2.6% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 472,756 shares of the basic materials company’s stock worth $22,683,000 after purchasing an additional 12,085 shares in the last quarter. 92.00% of the stock is currently owned by hedge funds and other institutional investors.

About Carpenter Technology

Carpenter Technology Corporation manufactures, fabricates, and distributes specialty metals worldwide. The company operates through two segments, Specialty Alloys Operations and Performance Engineered Products. It offers specialty alloys, including titanium alloys, powder metals, stainless steels, alloy steels, and tool steels, as well as drilling tools; and metal powders and parts.

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