Is the Market Overreacting to the News that Sent These Four Stocks Lower Today?

Carpenter Technology Corporation (NYSE:CRS) has lost over 13% today amid a downgrade from JPMorgan Chase & Co. The analyst lowered the stock to ‘Neutral’ from ‘Overweight’, alongside a price target of $36. Among hedge funds, the stock also saw a decrease in popularity heading into the third quarter, as the number of investors that owned shares of Carpenter Technology Corporation (NYSE:CRS) fell to 12 from 17, while the aggregate value of their holdings slid to $155.62 million and was equal to 8% of the company’s outstanding stock at the end of June. Joe Huber‘s Huber Capital Management is the top shareholder of Carpenter Technology Corporation (NYSE:CRS), holding 2.97 million shares as of June 30.

Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) fell by over 20% after the company issued an update for investors in which it had stated that it would review its potential strategic alternatives to increase shareholder value and had withdrawn its adjusted EBITDA guidance for the current year, “due to anticipated project losses, delays and lower than expected new business environmental & remediation segment during the third quarter.” Overall, Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD)’s stock has slumped by over 52% year-to-date and has been under the radars of most smart money investors so far. Only six funds from our database reported stakes equal to 9.10% of the company`s worth as of the end of June, down from 11 a quarter earlier. The largest shareholder among these funds is Peter Schliemann’s Rutabaga Capital Management, which owns 4.62 million shares according to its latest 13F.

Disclosure: None