Carpenter Technology Corp 's (NYSE:CRS) Vice President and Chief Commercial Officer, Marshall D. Akins, has sold a total of $445,518 worth of company stock, according to a recent SEC filing. The transactions, which took place on May 8, 2024, involved the sale of 4,358 shares at a price of $102.23 each.
In addition to the sale, the filing also revealed that Akins acquired shares through the exercise of options. Specifically, he exercised options to acquire 2,673 shares at $58.94 per share and another 1,685 shares at $44.13 per share, totaling $231,905 for both transactions. These options were part of the company's Stock-Based Incentive Compensation Plan for Officers and Key Employees.
Following these transactions, Akins' direct ownership in Carpenter Technology Corp includes 23,013.77 shares. It is noted that this amount includes shares acquired under the Carpenter Technology Corporation Dividend Reinvestment Program.
Carpenter Technology Corp, based in Philadelphia, PA, operates in the manufacturing sector, specializing in steel works, blast furnaces, and rolling mills.
The SEC filing was signed on behalf of Akins by James D. Dee through the power of attorney on May 10, 2024.
InvestingPro Insights
As Carpenter Technology Corp's (NYSE:CRS) Vice President and Chief Commercial Officer Marshall D. Akins adjusts his stake in the company, investors may be keen to understand the current financial health and market performance of CRS. Based on recent data from InvestingPro, here are some insights that could be relevant:
The company's market capitalization stands at a robust $5.19 billion, reflecting investor confidence in its business operations and market position. With a Price/Earnings (P/E) ratio of 39.32, Carpenter Technology Corp is trading at a high earnings multiple, which suggests that investors are expecting higher future earnings growth compared to the wider market. However, this high valuation is also supported by a solid revenue growth of 15.43% in the last twelve months as of Q3 2024, indicating that the company is expanding its financial top line.
InvestingPro Tips highlight that net income is expected to grow this year, and three analysts have revised their earnings upwards for the upcoming period. These revisions might suggest that the company's future profitability could exceed current market expectations. Additionally, the stock is trading near its 52-week high, with a price that is 97.02% of the high point reached in this period, demonstrating strong investor sentiment and a potentially bullish outlook for the stock.
For individuals looking to delve deeper into Carpenter Technology Corp's financial metrics and gain further insights, there are additional InvestingPro Tips available at https://www.investing.com/pro/CRS. Interested readers can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, which includes access to a comprehensive list of 14 InvestingPro Tips that could further inform investment decisions.
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