Pinnbrook Capital Management LP Sells 12,170 Shares of Carpenter Technology Corporation $CRS

Key Points

• Pinnbrook Capital Management LP cut its stake in Carpenter Technology (NYSE:CRS) by 38.5%, selling 12,170 shares and leaving 19,426 shares valued at about $4.77 million per its latest SEC filing.
• About 92.03% of CRS is owned by institutional investors, with large funds like WCM (+77.9% to 357,498 shares) and American Century (+4.0% to 467,702 shares) increasing their positions during the quarter.
• Analyst sentiment is broadly positive — nine Buys vs. two Holds and an average rating of “Moderate Buy” with a mean price target of $385.50, while several firms have recently raised targets (e.g., JPMorgan $394, Susquehanna $470).

Pinnbrook Capital Management LP decreased its position in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 38.5% during the 3rd quarter, according to the company in its most recent filing with the SEC. 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.

Other hedge funds have also recently bought and sold shares of the company. WCM Investment Management LLC increased its position in Carpenter Technology by 77.9% in the third quarter. WCM Investment Management LLC now owns 357,498 shares of the basic materials company's stock worth $86,261,000 after purchasing an additional 156,554 shares during the period. American Century Companies Inc. lifted its position in Carpenter Technology by 4.0% during the 3rd quarter. American Century Companies Inc. now owns 467,702 shares of the basic materials company's stock valued at $114,841,000 after purchasing an additional 18,201 shares during the period. Bright Futures Wealth Management LLC. bought a new position in shares of Carpenter Technology in the 3rd quarter valued at about $674,000. Prudential Financial Inc. grew its position in shares of Carpenter Technology by 43.3% during the 2nd quarter. Prudential Financial Inc. now owns 56,082 shares of the basic materials company's stock worth $15,500,000 after buying an additional 16,954 shares during the period. Finally, Campbell & CO Investment Adviser LLC acquired a new stake in shares of Carpenter Technology during the 3rd quarter worth approximately $1,373,000. 92.03% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

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

Insider Activity

In related news, Director Steven E. Karol sold 3,500 shares of the business's stock in a transaction that occurred on 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 transaction, the director directly owned 225,381 shares in the company, valued at approximately $85,897,206.72. The trade was a 1.53% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP James D. Dee sold 15,800 shares of the stock in a transaction that occurred on 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 sale, the senior vice president directly owned 73,739 shares of the company's stock, valued at approximately $28,889,465.42. The trade was a 17.65% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 22,300 shares of company stock valued at $8,664,044 over the last 90 days. Corporate insiders own 2.90% of the company's stock.

Carpenter Technology Trading Down 4.0%

CRS opened at $362.00 on Friday. The firm's fifty day moving average is $359.94 and its two-hundred day moving average is $311.36. The firm has a market cap of $18.03 billion, a PE ratio of 42.04, a price-to-earnings-growth ratio of 1.48 and a beta of 1.22. Carpenter Technology Corporation has a twelve month low of $138.61 and a twelve month high of $412.31. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.26 and a current ratio of 4.25.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its quarterly earnings data on Thursday, January 29th. The basic materials company reported $2.33 EPS for the quarter, beating analysts' consensus estimates of $2.20 by $0.13. The business had revenue of $728.00 million during the quarter, compared to analysts' expectations of $733.76 million. Carpenter Technology had a net margin of 14.77% and a return on equity of 23.63%. The firm's quarterly revenue was up 7.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.66 EPS. Equities research analysts anticipate that Carpenter Technology Corporation will post 6.83 EPS for the current year.

Carpenter Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Shareholders 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 was Tuesday, January 27th. Carpenter Technology's dividend payout ratio 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.

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