Third Point Slashes Carpenter Technology Stake 31% Amid CEO Shake-Up and Insider Selling
CRS sits 96% above its 52-week low of $228.
Summary
Dan Loeb's Third Point cut its Carpenter Technology stake by 31% in Q2, selling 95,000 shares. The filing, made public in August, shows the position dropped from 310,000 to 215,000 shares. This comes after the sudden death of incoming CEO Brian Malloy in July and the announced departures of two directors. Insider selling has also picked up, with CEO Tony Thene selling $52.9 million worth of stock for estate and tax planning. The stock has pulled back 16.62% over the past month despite strong aerospace and defense demand. The combination of a major investor reducing exposure, leadership uncertainty, and insider sales could pressure the stock further.
At the time of this announcement, CRS was trading at $446.70 on NYSE in the Manufacturing sector, with a market capitalization of approximately $22.2B. The 52-week trading range was $228.00 to $625.99. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Benzinga.