Hodges Capital Management Inc. Lowers Stake in Carpenter Technology Corporation $CRS

Hodges Capital Management Inc. lowered its holdings in shares of Carpenter Technology Corporation (NYSE:CRS) by 21.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,112 shares of the basic materials company’s stock after selling 9,082 shares during the period. Hodges Capital Management Inc. owned approximately 0.07% of Carpenter Technology worth $8,130,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Glass Jacobson Investment Advisors llc boosted its position in shares of Carpenter Technology by 3.9% in the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 974 shares of the basic materials company’s stock worth $239,000 after purchasing an additional 37 shares in the last quarter. ANB Bank raised its stake in Carpenter Technology by 3.3% during the second quarter. ANB Bank now owns 1,304 shares of the basic materials company’s stock valued at $360,000 after buying an additional 42 shares during the last quarter. Panagora Asset Management Inc. boosted its holdings in Carpenter Technology by 3.0% in the second quarter. Panagora Asset Management Inc. now owns 1,462 shares of the basic materials company’s stock worth $404,000 after acquiring an additional 43 shares in the last quarter. Independent Advisor Alliance boosted its holdings in Carpenter Technology by 0.6% in the third quarter. Independent Advisor Alliance now owns 6,674 shares of the basic materials company’s stock worth $1,639,000 after acquiring an additional 43 shares in the last quarter. Finally, Versant Capital Management Inc grew its stake in shares of Carpenter Technology by 15.3% in the third quarter. Versant Capital Management Inc now owns 376 shares of the basic materials company’s stock worth $92,000 after acquiring an additional 50 shares during the last quarter. Institutional investors own 92.03% of the company’s stock.

Analyst Ratings Changes

Several analysts recently commented on CRS shares. Deutsche Bank Aktiengesellschaft set a $425.00 price objective on shares of Carpenter Technology and gave the company a “buy” rating in a research report on Friday, October 24th. BTIG Research increased their price target on shares of Carpenter Technology from $365.00 to $375.00 and gave the company a “buy” rating in a report on Friday, January 30th. JPMorgan Chase & Co. boosted their price objective on shares of Carpenter Technology from $388.00 to $394.00 and gave the stock an “overweight” rating in a report on Friday, January 30th. Weiss Ratings reiterated a “buy (b)” rating on shares of Carpenter Technology in a research note on Tuesday, January 27th. Finally, KeyCorp upgraded Carpenter Technology from a “sector weight” rating to an “overweight” rating and set a $380.00 price target for the company in a research note on Thursday, November 13th. Eight investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, Carpenter Technology presently has a consensus rating of “Moderate Buy” and an average target price of $373.43.

Insider Activity

In other Carpenter Technology news, VP Elizabeth A. Socci sold 3,900 shares of the company’s stock in a transaction that occurred on Wednesday, November 26th. The shares were sold at an average price of $321.25, for a total value of $1,252,875.00. Following the completion of the transaction, the vice president directly owned 9,594 shares in the company, valued at $3,082,072.50. This represents a 28.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Brian J. Malloy sold 43,688 shares of the company’s stock in a transaction dated 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 approximately $24,013,493.75. This trade represents a 35.65% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 79,358 shares of company stock worth $24,254,008 in the last ninety days. Corporate insiders own 2.90% of the company’s stock.

Carpenter Technology Price Performance

NYSE CRS opened at $374.95 on Wednesday. The company has a 50-day moving average price of $335.35 and a 200-day moving average price of $293.93. Carpenter Technology Corporation has a 52 week low of $138.61 and a 52 week high of $390.70. The company has a quick ratio of 2.26, a current ratio of 4.25 and a debt-to-equity ratio of 0.35. The firm has a market capitalization of $18.68 billion, a P/E ratio of 43.55, a PEG ratio of 1.50 and a beta of 1.30.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings results on Thursday, January 29th. The basic materials company reported $2.33 earnings per share for the quarter, topping the consensus estimate of $2.20 by $0.13. Carpenter Technology had a net margin of 14.77% and a return on equity of 23.63%. The business had revenue of $728.00 million for the quarter, compared to analysts’ expectations of $733.76 million. During the same quarter last year, the company posted $1.66 EPS. The company’s revenue was up 7.5% compared to the same quarter last year. Equities research analysts anticipate that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

Carpenter Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 5th. Stockholders of record on Tuesday, January 27th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Tuesday, January 27th. This represents a $0.80 annualized dividend and a dividend yield of 0.2%. Carpenter Technology’s dividend payout ratio (DPR) is 9.29%.

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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.