Hodges Capital Management Inc. Sells 9,082 Shares of Carpenter Technology Corporation $CRS

Hodges Capital Management Inc. reduced its position in Carpenter Technology Corporation (NYSE:CRS) by 21.5% during the third quarter, Holdings Channel.com reports. 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.’s holdings in Carpenter Technology were worth $8,130,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in CRS. Axxcess Wealth Management LLC boosted its position in shares of Carpenter Technology by 86.2% during the 3rd quarter. Axxcess Wealth Management LLC now owns 1,378 shares of the basic materials company’s stock valued at $338,000 after acquiring an additional 638 shares during the last quarter. GSA Capital Partners LLP bought a new position in Carpenter Technology during the third quarter valued at $501,000. Rothschild Investment LLC purchased a new position in shares of Carpenter Technology in the 3rd quarter worth $144,000. JPMorgan Chase & Co. increased its holdings in shares of Carpenter Technology by 5.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 208,919 shares of the basic materials company’s stock worth $51,298,000 after buying an additional 10,148 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D increased its holdings in shares of Carpenter Technology by 5.6% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 17,819 shares of the basic materials company’s stock worth $4,375,000 after buying an additional 950 shares during the last quarter. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. TD Cowen restated a “buy” rating on shares of Carpenter Technology in a research report on Friday, November 14th. JPMorgan Chase & Co. raised their price target on Carpenter Technology from $388.00 to $394.00 and gave the stock an “overweight” rating in a research report on Friday, January 30th. BTIG Research boosted their price objective on shares of Carpenter Technology from $365.00 to $375.00 and gave the company a “buy” rating in a research report on Friday, January 30th. KeyCorp upgraded shares of Carpenter Technology from a “sector weight” rating to an “overweight” rating and set a $380.00 target price for the company in a report on Thursday, November 13th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Carpenter Technology in a report on Tuesday, January 27th. Eight analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Carpenter Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $373.43.

Insiders Place Their Bets

In other news, COO Brian J. Malloy sold 43,688 shares of the business’s 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 approximately $24,013,493.75. The trade was a 35.65% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Elizabeth A. Socci sold 3,900 shares of the company’s 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 owned 9,594 shares of the company’s stock, valued at $3,082,072.50. This trade represents a 28.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 79,358 shares of company stock worth $24,254,008 over the last quarter. Company insiders own 2.90% of the company’s stock.

Carpenter Technology Price Performance

Shares of CRS stock opened at $374.95 on Wednesday. Carpenter Technology Corporation has a twelve month low of $138.61 and a twelve month high of $390.70. The company has a current ratio of 4.25, a quick ratio of 2.26 and a debt-to-equity ratio of 0.35. The stock has a fifty day simple moving average of $335.35 and a two-hundred day simple moving average of $293.93. The stock has a market capitalization of $18.68 billion, a price-to-earnings ratio of 43.55, a P/E/G ratio of 1.50 and a beta of 1.30.

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

Carpenter Technology Announces Dividend

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

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.