Hawk Ridge Capital Management LP Reduces Stock Position in Carpenter Technology Corporation $CRS

Key Points

• Hawk Ridge Capital Management reduced its stake in Carpenter Technology Corporation by 3.5%, owning 369,252 shares following the sale of 13,300 shares in the first quarter.
• Despite a recent 1.8% drop in Carpenter Technology's stock price, the company reported $2.21 EPS for the quarter, exceeding analysts' expectations.
• Carpenter Technology also announced a quarterly dividend of $0.20, marking an annualized yield of 0.3% with a payout ratio of 10.78%.

Hawk Ridge Capital Management LP lessened its stake in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 3.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 369,252 shares of the basic materials company's stock after selling 13,300 shares during the period. Carpenter Technology accounts for about 3.2% of Hawk Ridge Capital Management LP's portfolio, making the stock its 16th largest position. Hawk Ridge Capital Management LP owned 0.74% of Carpenter Technology worth $66,901,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in CRS. Stratos Wealth Partners LTD. lifted its holdings in Carpenter Technology by 22.9% during the first quarter. Stratos Wealth Partners LTD. now owns 2,968 shares of the basic materials company's stock worth $538,000 after buying an additional 553 shares during the period. Bessemer Group Inc. raised its position in shares of Carpenter Technology by 50.3% in the 1st quarter. Bessemer Group Inc. now owns 230 shares of the basic materials company's stock worth $42,000 after acquiring an additional 77 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Carpenter Technology by 27.8% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 15,953 shares of the basic materials company's stock worth $2,890,000 after purchasing an additional 3,467 shares during the last quarter. Fifth Third Bancorp boosted its position in Carpenter Technology by 13.6% during the first quarter. Fifth Third Bancorp now owns 651 shares of the basic materials company's stock valued at $118,000 after purchasing an additional 78 shares in the last quarter. Finally, Oppenheimer & Co. Inc. purchased a new position in Carpenter Technology in the first quarter valued at about $678,000. 92.03% of the stock is owned by hedge funds and other institutional investors.

Carpenter Technology Stock Down 1.8%

Carpenter Technology stock opened at $235.61 on Thursday. The business's 50-day moving average price is $262.02 and its 200 day moving average price is $225.53. The company has a quick ratio of 2.01, a current ratio of 3.65 and a debt-to-equity ratio of 0.37. The firm has a market cap of $11.74 billion, a price-to-earnings ratio of 31.75, a price-to-earnings-growth ratio of 1.10 and a beta of 1.52. Carpenter Technology Corporation has a 52 week low of $129.57 and a 52 week high of $290.84.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The basic materials company reported $2.21 EPS for the quarter, topping analysts' consensus estimates of $2.03 by $0.18. The business had revenue of $755.60 million for the quarter, compared to analysts' expectations of $790.73 million. Carpenter Technology had a net margin of 13.07% and a return on equity of 21.50%. The business's revenue was down 5.4% on a year-over-year basis. During the same quarter last year, the company earned $1.82 EPS. As a group, sell-side analysts anticipate that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

Carpenter Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Tuesday, August 26th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Tuesday, August 26th. This represents a $0.80 dividend on an annualized basis and a yield of 0.3%. Carpenter Technology's dividend payout ratio is presently 10.78%.

Wall Street Analyst Weigh In

CRS has been the topic of several research analyst reports. BTIG Research restated a "buy" rating on shares of Carpenter Technology in a research note on Monday, August 4th. JPMorgan Chase & Co. boosted their price target on Carpenter Technology from $245.00 to $305.00 and gave the stock an "overweight" rating in a research note on Tuesday, June 17th. Benchmark increased their price objective on shares of Carpenter Technology from $250.00 to $300.00 and gave the company a "buy" rating in a research report on Monday, June 9th. Finally, Cowen reiterated a "buy" rating on shares of Carpenter Technology in a research note on Thursday, June 12th. Four analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $278.33.

Insiders Place Their Bets

In other Carpenter Technology news, Director Anastasios John Hart sold 1,000 shares of the firm's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $243.72, for a total value of $243,720.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director I Martin Inglis sold 5,691 shares of the business's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $244.54, for a total value of $1,391,677.14. Following the completion of the sale, the director owned 6,732 shares of the company's stock, valued at $1,646,243.28. This trade represents a 45.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 25,691 shares of company stock worth $6,290,207. 2.90% of the stock is owned by corporate insiders.

Carpenter Technology Company 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.

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