Hodges Capital Management Inc. Sells 1,889 Shares of Carpenter Technology Corporation $CRS

Hodges Capital Management Inc. trimmed its holdings in shares of Carpenter Technology Corporation (NYSE:CRS) by 5.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 31,223 shares of the basic materials company’s stock after selling 1,889 shares during the quarter. Hodges Capital Management Inc. owned 0.06% of Carpenter Technology worth $9,830,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. Janney Montgomery Scott LLC raised its position in shares of Carpenter Technology by 9.9% during the 4th quarter. Janney Montgomery Scott LLC now owns 25,454 shares of the basic materials company’s stock valued at $8,014,000 after buying an additional 2,303 shares in the last quarter. GW&K Investment Management LLC raised its position in shares of Carpenter Technology by 1.5% during the 4th quarter. GW&K Investment Management LLC now owns 76,060 shares of the basic materials company’s stock valued at $23,947,000 after buying an additional 1,118 shares in the last quarter. Focus Partners Advisor Solutions LLC raised its position in shares of Carpenter Technology by 29.6% during the 4th quarter. Focus Partners Advisor Solutions LLC now owns 2,001 shares of the basic materials company’s stock valued at $630,000 after buying an additional 457 shares in the last quarter. Cerity Partners LLC raised its position in shares of Carpenter Technology by 29.5% during the 4th quarter. Cerity Partners LLC now owns 11,257 shares of the basic materials company’s stock valued at $3,544,000 after buying an additional 2,566 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC raised its position in shares of Carpenter Technology by 5.8% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 6,820 shares of the basic materials company’s stock valued at $2,147,000 after buying an additional 371 shares in the last quarter. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Carpenter Technology Stock Performance

Shares of NYSE:CRS opened at $524.90 on Thursday. The company has a market capitalization of $26.08 billion, a price-to-earnings ratio of 55.25, a PEG ratio of 1.94 and a beta of 1.25. Carpenter Technology Corporation has a 12 month low of $228.00 and a 12 month high of $537.41. The firm’s 50-day moving average is $439.73 and its 200 day moving average is $380.88. The company has a current ratio of 3.73, a quick ratio of 2.08 and a debt-to-equity ratio of 0.33.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings results on Wednesday, April 29th. The basic materials company reported $2.77 EPS for the quarter, beating the consensus estimate of $2.59 by $0.18. The company had revenue of $655.60 million for the quarter, compared to the consensus estimate of $797.00 million. Carpenter Technology had a net margin of 15.82% and a return on equity of 25.02%. The firm’s revenue was up 11.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.88 EPS. Research analysts predict that Carpenter Technology Corporation will post 10.55 EPS for the current year.

Carpenter Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Tuesday, April 28th were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.2%. The ex-dividend date was Tuesday, April 28th. Carpenter Technology’s dividend payout ratio is presently 8.42%.

Analyst Ratings Changes

Several analysts have recently issued reports on CRS shares. TD Cowen upped their target price on shares of Carpenter Technology from $450.00 to $470.00 and gave the company a “buy” rating in a research report on Friday, May 22nd. Weiss Ratings cut shares of Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a research report on Wednesday, June 3rd. BTIG Research upped their target price on shares of Carpenter Technology from $375.00 to $450.00 and gave the company a “buy” rating in a research report on Thursday, April 30th. Susquehanna upped their target price on shares of Carpenter Technology from $470.00 to $495.00 and gave the company a “positive” rating in a research report on Thursday, April 30th. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $500.00 target price on shares of Carpenter Technology in a research report on Thursday, April 30th. Eight research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $458.63.

Insider Activity

In other Carpenter Technology news, Director Anastasios John Hart sold 750 shares of the company’s stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $423.86, for a total value of $317,895.00. Following the transaction, the director directly owned 750 shares in the company, valued at $317,895. This represents a 50.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Marshall D. Akins sold 11,815 shares of the company’s stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $441.36, for a total transaction of $5,214,668.40. Following the completion of the transaction, the vice president owned 18,344 shares in the company, valued at $8,096,307.84. This represents a 39.18% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 2.90% of the company’s stock.

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.