Penn Capital Management Company LLC Sells 50,666 Shares of Carpenter Technology Corporation $CRS

Penn Capital Management Company LLC cut its holdings in Carpenter Technology Corporation (NYSE:CRS) by 90.9% during the third quarter, Holdings Channel reports. The institutional investor owned 5,042 shares of the basic materials company’s stock after selling 50,666 shares during the quarter. Penn Capital Management Company LLC’s holdings in Carpenter Technology were worth $1,257,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the business. State Street Corp boosted its stake in Carpenter Technology by 10.1% during the third quarter. State Street Corp now owns 2,096,145 shares of the basic materials company’s stock worth $514,687,000 after acquiring an additional 192,533 shares in the last quarter. SurgoCap Partners LP grew its holdings in Carpenter Technology by 29.5% in the third quarter. SurgoCap Partners LP now owns 1,198,895 shares of the basic materials company’s stock worth $294,377,000 after purchasing an additional 272,896 shares during the period. Ameriprise Financial Inc. increased its stake in shares of Carpenter Technology by 20.5% during the third quarter. Ameriprise Financial Inc. now owns 631,088 shares of the basic materials company’s stock valued at $154,840,000 after purchasing an additional 107,552 shares in the last quarter. Qube Research & Technologies Ltd lifted its holdings in shares of Carpenter Technology by 111.6% during the third quarter. Qube Research & Technologies Ltd now owns 617,948 shares of the basic materials company’s stock valued at $151,731,000 after purchasing an additional 325,919 shares during the last quarter. Finally, Barclays PLC lifted its holdings in shares of Carpenter Technology by 5.8% during the third quarter. Barclays PLC now owns 591,981 shares of the basic materials company’s stock valued at $145,355,000 after purchasing an additional 32,645 shares during the last quarter. 92.03% of the stock is currently owned by institutional investors.

Carpenter Technology Trading Up 1.3%

NYSE:CRS opened at $386.53 on Thursday. The stock has a market cap of $19.25 billion, a price-to-earnings ratio of 44.89, a PEG ratio of 1.50 and a beta of 1.22. 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 company’s 50 day moving average price is $362.44 and its 200-day moving average price is $314.78. Carpenter Technology Corporation has a 52 week low of $138.61 and a 52 week high of $412.31.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings data on Thursday, January 29th. The basic materials company reported $2.33 earnings per share for the quarter, topping analysts’ consensus estimates of $2.20 by $0.13. The company had revenue of $728.00 million during the quarter, compared to analyst estimates of $733.76 million. Carpenter Technology had a net margin of 14.77% and a return on equity of 23.63%. The firm’s revenue for the quarter was up 7.5% on a year-over-year basis. During the same period in the previous year, the business earned $1.66 EPS. On average, equities research analysts forecast that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Stockholders of record on Tuesday, January 27th were paid a $0.20 dividend. The ex-dividend date was Tuesday, January 27th. This represents a $0.80 annualized dividend and a dividend yield of 0.2%. Carpenter Technology’s payout ratio is currently 9.29%.

Analyst Upgrades and Downgrades

CRS has been the topic of several recent research reports. Weiss Ratings restated a “buy (b)” rating on shares of Carpenter Technology in a research note on Tuesday, January 27th. JPMorgan Chase & Co. lifted their price objective on Carpenter Technology from $388.00 to $394.00 and gave the company an “overweight” rating in a research note on Friday, January 30th. Wall Street Zen raised Carpenter Technology from a “hold” rating to a “buy” rating in a report on Saturday, January 31st. Susquehanna began coverage on Carpenter Technology in a research note on Tuesday, March 3rd. They issued a “positive” rating and a $470.00 target price on the stock. Finally, BTIG Research raised their price target on Carpenter Technology from $365.00 to $375.00 and gave the company a “buy” rating in a report on Friday, January 30th. Nine research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $385.50.

Insider Buying and Selling at Carpenter Technology

In related news, Director Steven E. Karol sold 3,500 shares of Carpenter Technology stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $381.12, for a total value of $1,333,920.00. Following the completion of the sale, the director directly owned 225,381 shares in the company, valued at approximately $85,897,206.72. This trade represents a 1.53% decrease in their position. 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 dated Tuesday, February 24th. The stock was sold at an average price of $391.78, for a total value of $6,190,124.00. Following the completion of the transaction, the senior vice president directly owned 73,739 shares of the company’s stock, valued at approximately $28,889,465.42. This trade represents a 17.65% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 22,300 shares of company stock valued at $8,664,044 in the last 90 days. Company insiders own 2.90% of the company’s stock.

About Carpenter Technology

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.