Calamos Advisors LLC Trims Holdings in Carpenter Technology Corporation $CRS

Calamos Advisors LLC reduced its stake in shares of Carpenter Technology Corporation (NYSE:CRS) by 69.5% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,128 shares of the basic materials company’s stock after selling 13,984 shares during the quarter. Calamos Advisors LLC’s holdings in Carpenter Technology were worth $1,505,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Shilanski & Associates Inc. bought a new stake in Carpenter Technology during the 3rd quarter valued at about $1,939,000. Ethic Inc. increased its position in shares of Carpenter Technology by 83.3% during the third quarter. Ethic Inc. now owns 3,936 shares of the basic materials company’s stock worth $967,000 after acquiring an additional 1,789 shares during the period. Mezzasalma Advisors LLC raised its stake in shares of Carpenter Technology by 4.7% during the third quarter. Mezzasalma Advisors LLC now owns 12,287 shares of the basic materials company’s stock valued at $3,017,000 after acquiring an additional 546 shares in the last quarter. Burns Matteson Capital Management LLC bought a new stake in shares of Carpenter Technology during the third quarter valued at approximately $270,000. Finally, Whitaker Myers Wealth Managers LTD. purchased a new stake in shares of Carpenter Technology in the third quarter valued at approximately $797,000. 92.03% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on the company. Zacks Research downgraded Carpenter Technology from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 1st. Weiss Ratings restated a “buy (b)” rating on shares of Carpenter Technology in a research note on Thursday, October 30th. JPMorgan Chase & Co. lifted their price objective on Carpenter Technology from $305.00 to $388.00 and gave the company an “overweight” rating in a report on Wednesday, October 29th. Cowen reaffirmed a “buy” rating on shares of Carpenter Technology in a research note on Friday, November 14th. Finally, KeyCorp raised shares of Carpenter Technology from a “sector weight” rating to an “overweight” rating and set a $380.00 target price on the stock in a research report on Thursday, November 13th. Nine investment 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 a consensus rating of “Moderate Buy” and a consensus target price of $371.14.

Carpenter Technology Stock Performance

CRS stock opened at $314.75 on Friday. Carpenter Technology Corporation has a one year low of $138.61 and a one year high of $342.11. The firm has a market cap of $15.68 billion, a price-to-earnings ratio of 38.48, a PEG ratio of 1.32 and a beta of 1.29. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.37 and a current ratio of 4.44. The firm has a 50-day simple moving average of $319.25 and a two-hundred day simple moving average of $277.56.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings data on Thursday, October 23rd. The basic materials company reported $2.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.13 by $0.30. Carpenter Technology had a net margin of 14.30% and a return on equity of 22.68%. The firm had revenue of $733.70 million for the quarter, compared to the consensus estimate of $741.18 million. During the same quarter in the previous year, the firm earned $1.73 EPS. The company’s quarterly revenue was up 2.2% compared to the same quarter last year. On average, equities analysts forecast that Carpenter Technology Corporation will post 6.83 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 4th. Stockholders of record on Tuesday, October 21st were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.3%. The ex-dividend date was Tuesday, October 21st. Carpenter Technology’s dividend payout ratio is currently 9.78%.

Insider Buying and Selling at Carpenter Technology

In other news, COO Brian J. Malloy sold 4,130 shares of the firm’s stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $303.52, for a total value of $1,253,537.60. Following the completion of the sale, the chief operating officer owned 78,875 shares of the company’s stock, valued at $23,940,140. This trade represents a 4.98% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Elizabeth A. Socci sold 3,900 shares of the company’s stock in a transaction dated Wednesday, November 26th. The shares were sold at an average price of $321.25, for a total value of $1,252,875.00. Following the transaction, the vice president directly owned 9,594 shares in the company, valued at $3,082,072.50. This represents a 28.90% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 79,358 shares of company stock valued at $24,254,008. Company 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.