Hodges Capital Management Inc. Sells 50,358 Shares of Carpenter Technology Co. (NYSE:CRS)

Hodges Capital Management Inc. reduced its position in shares of Carpenter Technology Co. (NYSE:CRS) by 32.7% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 103,849 shares of the basic materials company’s stock after selling 50,358 shares during the quarter. Hodges Capital Management Inc. owned 0.21% of Carpenter Technology worth $7,417,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Hawk Ridge Capital Management LP grew its position in Carpenter Technology by 199.1% during the fourth quarter. Hawk Ridge Capital Management LP now owns 688,427 shares of the basic materials company’s stock valued at $48,741,000 after buying an additional 458,227 shares during the period. Goldman Sachs Group Inc. increased its stake in shares of Carpenter Technology by 82.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 972,222 shares of the basic materials company’s stock worth $68,833,000 after purchasing an additional 438,781 shares in the last quarter. Hennessy Advisors Inc. bought a new position in Carpenter Technology in the 4th quarter worth $27,407,000. Norges Bank purchased a new position in Carpenter Technology during the fourth quarter valued at $22,901,000. Finally, Advent International L.P. bought a new stake in Carpenter Technology during the fourth quarter valued at about $16,394,000. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Insider Activity at Carpenter Technology

In other Carpenter Technology news, SVP James D. Dee sold 23,518 shares of the stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $111.26, for a total transaction of $2,616,612.68. Following the completion of the transaction, the senior vice president now owns 84,798 shares in the company, valued at $9,434,625.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Steven E. Karol sold 31,000 shares of the stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $100.57, for a total transaction of $3,117,670.00. Following the sale, the director now owns 244,126 shares in the company, valued at approximately $24,551,751.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP James D. Dee sold 23,518 shares of Carpenter Technology stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $111.26, for a total transaction of $2,616,612.68. Following the transaction, the senior vice president now directly owns 84,798 shares of the company’s stock, valued at $9,434,625.48. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 59,678 shares of company stock valued at $6,261,693. 3.40% of the stock is owned by corporate insiders.

Carpenter Technology Price Performance

NYSE CRS traded up $2.52 on Friday, reaching $109.58. The company had a trading volume of 3,299,243 shares, compared to its average volume of 644,542. The stock has a market capitalization of $5.44 billion, a PE ratio of 41.61 and a beta of 1.47. Carpenter Technology Co. has a 12 month low of $51.94 and a 12 month high of $112.75. The company has a quick ratio of 1.45, a current ratio of 3.20 and a debt-to-equity ratio of 0.46. The firm’s 50 day moving average price is $102.17 and its 200 day moving average price is $79.89.

Carpenter Technology (NYSE:CRS) last issued its earnings results on Wednesday, May 1st. The basic materials company reported $1.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.94 by $0.25. Carpenter Technology had a return on equity of 12.75% and a net margin of 4.83%. The firm had revenue of $684.90 million for the quarter, compared to analysts’ expectations of $707.73 million. During the same period in the previous year, the firm posted $0.38 earnings per share. The business’s revenue was down .8% compared to the same quarter last year. As a group, equities analysts predict that Carpenter Technology Co. will post 4.35 earnings per share for the current year.

Carpenter Technology Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 6th. Stockholders of record on Tuesday, April 23rd were given a dividend of $0.20 per share. This is an increase from Carpenter Technology’s previous quarterly dividend of $0.18. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.73%. The ex-dividend date was Monday, April 22nd. Carpenter Technology’s dividend payout ratio is currently 30.42%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on CRS shares. TD Cowen raised their price objective on Carpenter Technology from $116.00 to $125.00 and gave the stock a “buy” rating in a research note on Monday, June 10th. Benchmark reiterated a “buy” rating and issued a $140.00 price target on shares of Carpenter Technology in a research report on Tuesday, May 28th. Deutsche Bank Aktiengesellschaft began coverage on shares of Carpenter Technology in a research note on Tuesday. They set a “buy” rating and a $144.00 target price on the stock. BTIG Research initiated coverage on Carpenter Technology in a research note on Wednesday. They issued a “buy” rating and a $120.00 price target for the company. Finally, Northcoast Research restated a “sell” rating and issued a $89.00 price objective on shares of Carpenter Technology in a research report on Friday, June 14th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $123.60.

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.