Penn Capital Management Company LLC Lowers Position in Carpenter Technology Co. (NYSE:CRS)

Penn Capital Management Company LLC decreased its position in shares of Carpenter Technology Co. (NYSE:CRS - Free Report) by 31.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 92,553 shares of the basic materials company's stock after selling 41,967 shares during the period. Carpenter Technology makes up 1.5% of Penn Capital Management Company LLC's holdings, making the stock its 11th biggest position. Penn Capital Management Company LLC owned 0.19% of Carpenter Technology worth $15,707,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. FMR LLC boosted its holdings in shares of Carpenter Technology by 28.3% in the 4th quarter. FMR LLC now owns 4,444,608 shares of the basic materials company's stock valued at $754,295,000 after purchasing an additional 979,313 shares in the last quarter. Norges Bank acquired a new position in Carpenter Technology during the fourth quarter worth about $100,505,000. Allspring Global Investments Holdings LLC boosted its stake in shares of Carpenter Technology by 428.4% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 592,034 shares of the basic materials company's stock valued at $103,714,000 after purchasing an additional 479,985 shares in the last quarter. Invesco Ltd. grew its holdings in shares of Carpenter Technology by 30.3% during the 4th quarter. Invesco Ltd. now owns 1,537,235 shares of the basic materials company's stock valued at $260,884,000 after purchasing an additional 357,417 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its position in Carpenter Technology by 120.4% during the 4th quarter. JPMorgan Chase & Co. now owns 331,874 shares of the basic materials company's stock worth $56,322,000 after purchasing an additional 181,317 shares in the last quarter. Institutional investors and hedge funds own 92.03% of the company's stock.

Carpenter Technology Trading Down 1.5 %

NYSE CRS traded down $3.06 during mid-day trading on Tuesday, reaching $195.94. 217,761 shares of the stock were exchanged, compared to its average volume of 751,055. The company has a debt-to-equity ratio of 0.40, a current ratio of 3.80 and a quick ratio of 1.92. The stock has a market cap of $9.79 billion, a P/E ratio of 36.94, a P/E/G ratio of 0.93 and a beta of 1.28. The stock has a 50 day simple moving average of $183.17 and a 200-day simple moving average of $182.16. Carpenter Technology Co. has a one year low of $82.46 and a one year high of $213.66.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued its earnings results on Thursday, April 24th. The basic materials company reported $1.88 earnings per share for the quarter, topping analysts' consensus estimates of $1.74 by $0.14. Carpenter Technology had a return on equity of 19.88% and a net margin of 9.34%. The business had revenue of $727.00 million during the quarter, compared to the consensus estimate of $729.67 million. During the same period in the previous year, the company posted $1.19 earnings per share. The firm's revenue for the quarter was up 6.1% on a year-over-year basis. On average, analysts anticipate that Carpenter Technology Co. will post 6.83 EPS for the current year.

Carpenter Technology declared that its Board of Directors has initiated a share repurchase plan on Thursday, April 24th that allows the company to buyback $400.00 million in shares. This buyback authorization allows the basic materials company to repurchase up to 4% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's board of directors believes its shares are undervalued.

Carpenter Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Shareholders of record on Tuesday, April 22nd will be paid a dividend of $0.20 per share. The ex-dividend date is Tuesday, April 22nd. This represents a $0.80 dividend on an annualized basis and a yield of 0.41%. Carpenter Technology's dividend payout ratio (DPR) is presently 11.33%.

Analyst Ratings Changes

Several equities analysts have commented on CRS shares. BTIG Research set a $230.00 target price on Carpenter Technology in a research report on Friday, January 31st. Northcoast Research raised shares of Carpenter Technology from a "sell" rating to a "neutral" rating in a research note on Wednesday, April 9th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Carpenter Technology from $240.00 to $245.00 and gave the stock an "overweight" rating in a research note on Monday. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $168.00.

Carpenter Technology 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.