Dan Loeb‘s Third Point LLC trimmed its Carpenter Technology Corp. (NYSE:CRS) stake in the second quarter, ahead of a leadership shake-up and a cooling rally that followed in the weeks after.
A Reduced Position
According to its 13F filing, a quarterly report of investment holdings that must be submitted to the Securities and Exchange Commission within 45 days after the end of each quarter, Third Point sold 95,000 shares of Carpenter Technology. This reduced its stake by 31%, from 310,000 shares in the first quarter of 2026 to 215,000 shares.
The filing, which was made public in August, covered positions as of Jun. 30. Carpenter Technology’s share price rose from $394.15 at the end of the first quarter to $616.84 at the end of the second quarter, an increase of approximately 56.5%.
Despite holding fewer shares, Third Point’s remaining stake in the Philadelphia-based specialty alloy manufacturer increased in value by 9% from the previous quarter, rising from $122.2 million to $132.6 million.
