Carpenter Technology (NYSE:CRS) Stock Price Down 6.9% – Here’s What Happened
by Teresa Graham · The Cerbat GemShares of Carpenter Technology Corporation (NYSE:CRS – Get Free Report) traded down 6.9% on Thursday . The stock traded as low as $317.41 and last traded at $316.78. 453,692 shares were traded during trading, a decline of 42% from the average session volume of 785,627 shares. The stock had previously closed at $340.28.
Analyst Ratings Changes
A number of analysts have recently issued reports on the stock. Deutsche Bank Aktiengesellschaft set a $425.00 price objective on shares of Carpenter Technology and gave the stock a “buy” rating in a research report on Friday, October 24th. BTIG Research boosted their price target on shares of Carpenter Technology from $305.00 to $365.00 and gave the stock a “buy” rating in a research report on Monday, October 27th. JPMorgan Chase & Co. raised their price objective on Carpenter Technology from $305.00 to $388.00 and gave the company an “overweight” rating in a report on Wednesday, October 29th. Weiss Ratings reiterated a “buy (b)” rating on shares of Carpenter Technology in a report on Thursday, October 30th. Finally, Cowen reissued a “buy” rating on shares of Carpenter Technology in a research report on Friday, November 14th. Nine research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, Carpenter Technology has an average rating of “Moderate Buy” and an average price target of $371.14.
Read Our Latest Research Report on CRS
Carpenter Technology Stock Down 9.3%
The firm has a market cap of $15.38 billion, a P/E ratio of 37.92, a P/E/G ratio of 1.40 and a beta of 1.29. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.37 and a current ratio of 4.44. The firm’s fifty day moving average is $321.03 and its 200 day moving average is $280.18.
Carpenter Technology (NYSE:CRS – Get Free Report) last issued its quarterly earnings data on Thursday, October 23rd. The basic materials company reported $2.43 earnings per share for the quarter, topping the consensus estimate of $2.13 by $0.30. Carpenter Technology had a net margin of 14.30% and a return on equity of 22.68%. The business had revenue of $733.70 million during the quarter, compared to analysts’ expectations of $741.18 million. During the same quarter in the previous year, the company earned $1.73 EPS. The business’s revenue was up 2.2% on a year-over-year basis. As a group, equities research analysts anticipate that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other Carpenter Technology news, COO Brian J. Malloy sold 43,688 shares of Carpenter Technology stock in a transaction on Wednesday, December 10th. The stock was sold at an average price of $304.45, for a total value of $13,300,811.60. Following the completion of the transaction, the chief operating officer directly owned 78,875 shares of the company’s stock, valued at $24,013,493.75. The trade was a 35.65% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Elizabeth A. Socci sold 3,900 shares of the stock in a transaction on Wednesday, November 26th. The stock was sold at an average price of $321.25, for a total value of $1,252,875.00. Following the sale, the vice president directly owned 9,594 shares in the company, valued at approximately $3,082,072.50. This trade represents a 28.90% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 79,358 shares of company stock worth $24,254,008. Corporate insiders own 2.90% of the company’s stock.
Institutional Inflows and Outflows
Several institutional investors have recently bought and sold shares of CRS. Armstrong Advisory Group Inc. boosted its stake in shares of Carpenter Technology by 57.3% in the 4th quarter. Armstrong Advisory Group Inc. now owns 118 shares of the basic materials company’s stock valued at $37,000 after purchasing an additional 43 shares in the last quarter. NorthCrest Asset Manangement LLC bought a new position in Carpenter Technology in the 4th quarter valued at approximately $222,000. Renaissance Investment Group LLC bought a new stake in Carpenter Technology during the 4th quarter worth approximately $8,141,000. Union Bancaire Privee UBP SA acquired a new position in Carpenter Technology in the 4th quarter valued at approximately $6,212,000. Finally, Marathon Mission Inc. acquired a new position in shares of Carpenter Technology during the fourth quarter worth $230,000. Institutional investors and hedge funds own 92.03% of the company’s stock.
Carpenter Technology Company 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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.