Pinnbrook Capital Management LP Has $4.77 Million Stake in Carpenter Technology Corporation $CRS

Pinnbrook Capital Management LP reduced its stake in Carpenter Technology Corporation (NYSE:CRS) by 38.5% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,426 shares of the basic materials company’s stock after selling 12,170 shares during the quarter. Pinnbrook Capital Management LP’s holdings in Carpenter Technology were worth $4,770,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CRS. Clearstead Advisors LLC increased its holdings in Carpenter Technology by 17.9% during the 3rd quarter. Clearstead Advisors LLC now owns 237 shares of the basic materials company’s stock worth $58,000 after purchasing an additional 36 shares in the last quarter. Glass Jacobson Investment Advisors llc raised its stake 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 valued at $239,000 after purchasing an additional 37 shares during the period. ANB Bank lifted its holdings in shares of Carpenter Technology by 3.3% in the second quarter. ANB Bank now owns 1,304 shares of the basic materials company’s stock valued at $360,000 after purchasing an additional 42 shares in the last quarter. Panagora Asset Management Inc. lifted its holdings in shares of 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 valued at $404,000 after purchasing an additional 43 shares in the last quarter. Finally, Independent Advisor Alliance boosted its position in shares of Carpenter Technology by 0.6% during the third quarter. Independent Advisor Alliance now owns 6,674 shares of the basic materials company’s stock worth $1,639,000 after buying an additional 43 shares during the period. 92.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CRS has been the subject of a number of research reports. Susquehanna assumed coverage on Carpenter Technology in a report on Tuesday, March 3rd. They set a “positive” rating and a $470.00 price objective for the company. Wall Street Zen upgraded Carpenter Technology from a “hold” rating to a “buy” rating in a research note on Saturday, January 31st. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Carpenter Technology in a research report on Tuesday, January 27th. TD Cowen reaffirmed a “buy” rating on shares of Carpenter Technology in a research note on Friday, November 14th. Finally, BTIG Research boosted their price objective on shares of Carpenter Technology from $365.00 to $375.00 and gave the stock a “buy” rating in a research report on Friday, January 30th. Nine research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Carpenter Technology currently has an average rating of “Moderate Buy” and an average target price of $385.50.

Insider Activity at Carpenter Technology

In related news, Director Steven E. Karol sold 3,500 shares of the firm’s stock in a transaction on Thursday, February 19th. The shares were sold at an average price of $381.12, for a total value of $1,333,920.00. Following the completion of the transaction, the director directly owned 225,381 shares of the company’s stock, valued at approximately $85,897,206.72. This trade represents a 1.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP James D. Dee sold 15,800 shares of the business’s stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $391.78, for a total transaction of $6,190,124.00. Following the transaction, the senior vice president owned 73,739 shares in the company, valued at approximately $28,889,465.42. The trade was a 17.65% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 22,300 shares of company stock valued at $8,664,044. 2.90% of the stock is currently owned by insiders.

Carpenter Technology Price Performance

NYSE:CRS opened at $362.00 on Friday. Carpenter Technology Corporation has a 52-week low of $138.61 and a 52-week high of $412.31. The company has a market cap of $18.03 billion, a P/E ratio of 42.04, a P/E/G ratio of 1.48 and a beta of 1.22. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.26 and a current ratio of 4.25. The stock’s 50-day simple moving average is $359.94 and its 200 day simple moving average is $311.36.

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

Carpenter Technology Dividend Announcement

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