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

Penn Capital Management Company LLC lowered its stake in Carpenter Technology Corporation (NYSE:CRS) by 90.9% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund 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 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Geneos Wealth Management Inc. purchased a new position in shares of Carpenter Technology in the second quarter worth $28,000. Headlands Technologies LLC purchased a new stake in Carpenter Technology during the 2nd quarter valued at $43,000. Rakuten Securities Inc. purchased a new stake in Carpenter Technology during the 2nd quarter valued at $45,000. Root Financial Partners LLC bought a new stake in Carpenter Technology in the 3rd quarter worth $41,000. Finally, MassMutual Private Wealth & Trust FSB increased its position in shares of Carpenter Technology by 54.1% in the third quarter. MassMutual Private Wealth & Trust FSB now owns 171 shares of the basic materials company’s stock valued at $42,000 after acquiring an additional 60 shares during the period. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Carpenter Technology Stock Up 1.3%

Shares of NYSE CRS opened at $386.53 on Thursday. The company has a current ratio of 4.25, a quick ratio of 2.26 and a debt-to-equity ratio of 0.35. Carpenter Technology Corporation has a 12 month low of $138.61 and a 12 month high of $412.31. The firm has a market capitalization of $19.25 billion, a PE ratio of 44.89, a price-to-earnings-growth ratio of 1.50 and a beta of 1.22. The firm has a fifty day simple moving average of $362.44 and a two-hundred day simple moving average of $314.78.

Carpenter Technology (NYSE:CRS) last announced its earnings results on Thursday, January 29th. The basic materials company reported $2.33 earnings per share for the quarter, beating analysts’ consensus estimates of $2.20 by $0.13. Carpenter Technology had a net margin of 14.77% and a return on equity of 23.63%. The firm had revenue of $728.00 million for the quarter, compared to analyst estimates of $733.76 million. During the same quarter in the previous year, the firm posted $1.66 EPS. The company’s revenue for the quarter was up 7.5% compared to the same quarter last year. Equities analysts expect that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

Carpenter Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 5th. Shareholders of record on Tuesday, January 27th were 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 was Tuesday, January 27th. Carpenter Technology’s payout ratio is presently 9.29%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on CRS. Wall Street Zen raised shares of Carpenter Technology from a “hold” rating to a “buy” rating in a research note on Saturday, January 31st. BTIG Research raised their target price on Carpenter Technology from $365.00 to $375.00 and gave the stock a “buy” rating in a research note on Friday, January 30th. Weiss Ratings restated a “buy (b)” rating on shares of Carpenter Technology in a report on Tuesday, January 27th. Susquehanna began coverage on Carpenter Technology in a research report on Tuesday, March 3rd. They set a “positive” rating and a $470.00 price target for the company. Finally, JPMorgan Chase & Co. increased their price objective on Carpenter Technology from $388.00 to $394.00 and gave the stock an “overweight” rating in a report on Friday, January 30th. Nine investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Carpenter Technology currently has an average rating of “Moderate Buy” and a consensus target price of $385.50.

Insider Activity at Carpenter Technology

In other Carpenter Technology news, Director Steven E. Karol sold 3,500 shares of the company’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 transaction of $1,333,920.00. Following the transaction, the director owned 225,381 shares in the company, valued at approximately $85,897,206.72. This represents a 1.53% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 completion of the transaction, the senior vice president directly owned 73,739 shares of the company’s stock, valued at $28,889,465.42. This represents a 17.65% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 22,300 shares of company stock worth $8,664,044. Insiders own 2.90% of the company’s stock.

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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.