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

Hodges Capital Management Inc. reduced its stake in Carpenter Technology Corporation (NYSE:CRS) by 5.7% during the fourth quarter, Holdings Channel.com reports. The fund owned 31,223 shares of the basic materials company’s stock after selling 1,889 shares during the quarter. Hodges Capital Management Inc.’s holdings in Carpenter Technology were worth $9,830,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Geneos Wealth Management Inc. bought a new position in Carpenter Technology in the 2nd quarter worth about $28,000. Armstrong Advisory Group Inc. boosted its stake in shares of Carpenter Technology by 57.3% during the fourth quarter. Armstrong Advisory Group Inc. now owns 118 shares of the basic materials company’s stock valued at $37,000 after purchasing an additional 43 shares in the last quarter. Spire Wealth Management boosted its stake in shares of Carpenter Technology by 164.7% during the fourth quarter. Spire Wealth Management now owns 135 shares of the basic materials company’s stock valued at $42,000 after purchasing an additional 84 shares in the last quarter. Headlands Technologies LLC bought a new position in shares of Carpenter Technology during the second quarter valued at approximately $43,000. Finally, Rakuten Securities Inc. bought a new position in shares of Carpenter Technology during the second quarter valued at approximately $45,000. 92.03% of the stock is currently owned by institutional investors.

Insider Buying and Selling

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

Carpenter Technology Trading Up 0.2%

NYSE:CRS opened at $524.90 on Thursday. Carpenter Technology Corporation has a 52 week low of $228.00 and a 52 week high of $537.41. The firm has a 50 day moving average of $439.73 and a 200 day moving average of $380.88. The company has a quick ratio of 2.08, a current ratio of 3.73 and a debt-to-equity ratio of 0.33. The stock 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 (NYSE:CRS) last posted its earnings results on Wednesday, April 29th. The basic materials company reported $2.77 EPS for the quarter, beating analysts’ consensus estimates of $2.59 by $0.18. Carpenter Technology had a net margin of 15.82% and a return on equity of 25.02%. The company had revenue of $655.60 million during the quarter, compared to analysts’ expectations of $797.00 million. During the same quarter in the prior year, the company posted $1.88 earnings per share. Carpenter Technology’s revenue for the quarter was up 11.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Carpenter Technology Corporation will post 10.55 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

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

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on CRS shares. Weiss Ratings downgraded shares of Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a research note on Wednesday, June 3rd. TD Cowen increased their price objective on shares of Carpenter Technology from $450.00 to $470.00 and gave the company a “buy” rating in a research note on Friday, May 22nd. Susquehanna increased their price objective on shares of Carpenter Technology from $470.00 to $495.00 and gave the company a “positive” rating in a research note on Thursday, April 30th. JPMorgan Chase & Co. increased their price objective on shares of Carpenter Technology from $465.00 to $470.00 and gave the company an “overweight” rating in a research note on Thursday, April 30th. Finally, Wells Fargo & Company increased their price objective on shares of Carpenter Technology from $400.00 to $425.00 and gave the company an “equal weight” rating in a research note on Monday, May 4th. Eight equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $458.63.

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.