Bosun Asset Management LLC Cuts Holdings in Carpenter Technology Corporation $CRS

Bosun Asset Management LLC lowered its stake in Carpenter Technology Corporation (NYSE:CRS) by 37.1% during the second quarter, Holdings Channel.com reports. The firm owned 5,055 shares of the basic materials company’s stock after selling 2,987 shares during the quarter. Bosun Asset Management LLC’s holdings in Carpenter Technology were worth $1,397,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Rise Advisors LLC purchased a new stake in shares of Carpenter Technology during the first quarter worth approximately $31,000. MAI Capital Management lifted its stake in Carpenter Technology by 118.8% in the second quarter. MAI Capital Management now owns 221 shares of the basic materials company’s stock worth $61,000 after acquiring an additional 120 shares during the last quarter. Penserra Capital Management LLC acquired a new position in Carpenter Technology during the 2nd quarter worth approximately $71,000. Quantbot Technologies LP purchased a new stake in shares of Carpenter Technology in the 2nd quarter valued at approximately $80,000. Finally, Hantz Financial Services Inc. increased its position in shares of Carpenter Technology by 1,657.9% in the 2nd quarter. Hantz Financial Services Inc. now owns 334 shares of the basic materials company’s stock valued at $92,000 after purchasing an additional 315 shares during the last quarter. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Insider Buying and Selling

In related news, VP Elizabeth A. Socci sold 3,900 shares of the stock in a transaction on Wednesday, November 26th. The shares were sold at an average price of $321.25, for a total transaction of $1,252,875.00. Following the completion of the sale, the vice president owned 9,594 shares in the company, valued at $3,082,072.50. This represents a 28.90% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Steven E. Karol sold 3,433 shares of the firm’s stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $245.78, for a total transaction of $843,762.74. Following the transaction, the director directly owned 180,000 shares in the company, valued at $44,240,400. The trade was a 1.87% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 2.90% of the company’s stock.

Wall Street Analyst Weigh In

CRS has been the subject of several recent analyst reports. JPMorgan Chase & Co. lifted their price objective on shares of Carpenter Technology from $305.00 to $388.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 29th. Zacks Research downgraded Carpenter Technology from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 1st. TD Cowen upped their price objective on Carpenter Technology from $305.00 to $340.00 and gave the stock a “buy” rating in a research report on Friday, October 24th. Cowen reissued a “buy” rating on shares of Carpenter Technology in a research report on Friday, November 14th. Finally, Jones Trading initiated coverage on Carpenter Technology in a research note on Wednesday, October 22nd. They set a “buy” rating and a $400.00 target price for the company. Nine analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $371.14.

Carpenter Technology Stock Performance

Shares of CRS stock opened at $307.41 on Friday. The stock’s 50-day moving average is $291.73 and its two-hundred day moving average is $267.07. The firm has a market cap of $15.32 billion, a price-to-earnings ratio of 37.58, a PEG ratio of 1.29 and a beta of 1.31. Carpenter Technology Corporation has a 1 year low of $138.61 and a 1 year high of $342.11. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.37 and a current ratio of 4.44.

Carpenter Technology (NYSE:CRS) last posted its earnings results on Thursday, October 23rd. The basic materials company reported $2.43 earnings per share for the quarter, beating the consensus estimate of $2.13 by $0.30. The business had revenue of $733.70 million during the quarter, compared to the consensus estimate of $741.18 million. Carpenter Technology had a return on equity of 22.68% and a net margin of 14.30%.The business’s quarterly revenue was up 2.2% on a year-over-year basis. During the same period in the previous year, the business earned $1.73 EPS. Analysts predict 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, December 4th. Stockholders of record on Tuesday, October 21st were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.3%. The ex-dividend date of this dividend was Tuesday, October 21st. Carpenter Technology’s dividend payout ratio is presently 9.78%.

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.