Peregrine Asset Advisers Inc. Acquires New Holdings in Carpenter Technology Corporation $CRS

Peregrine Asset Advisers Inc. purchased a new position in shares of Carpenter Technology Corporation (NYSE:CRS) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 12,903 shares of the basic materials company’s stock, valued at approximately $4,062,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. Brown Miller Wealth Management LLC raised its holdings in Carpenter Technology by 2.4% during the 4th quarter. Brown Miller Wealth Management LLC now owns 1,411 shares of the basic materials company’s stock worth $444,000 after purchasing an additional 33 shares during the last quarter. Clearstead Advisors LLC grew its position in shares of Carpenter Technology by 17.9% during the 3rd quarter. Clearstead Advisors LLC now owns 237 shares of the basic materials company’s stock worth $58,000 after buying an additional 36 shares during the period. Glass Jacobson Investment Advisors llc grew its position in shares of Carpenter Technology by 3.9% during the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 974 shares of the basic materials company’s stock worth $239,000 after buying an additional 37 shares during the period. Independent Advisor Alliance grew its position in shares of Carpenter Technology by 0.6% during the 3rd quarter. Independent Advisor Alliance now owns 6,674 shares of the basic materials company’s stock worth $1,639,000 after buying an additional 43 shares during the period. Finally, Armstrong Advisory Group Inc. grew its position in shares of Carpenter Technology by 57.3% during the 4th quarter. Armstrong Advisory Group Inc. now owns 118 shares of the basic materials company’s stock worth $37,000 after buying an additional 43 shares during the period. Institutional investors own 92.03% of the company’s stock.

Insiders Place Their Bets

In other Carpenter Technology news, SVP James D. Dee sold 15,800 shares of Carpenter Technology stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $391.78, for a total transaction of $6,190,124.00. Following the transaction, the senior vice president directly owned 73,739 shares of the company’s stock, valued at $28,889,465.42. The trade was a 17.65% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Steven E. Karol sold 3,500 shares of Carpenter Technology stock in a transaction on Thursday, February 19th. The stock was sold at an average price of $381.12, for a total value of $1,333,920.00. Following the sale, the director owned 225,381 shares in the company, valued at $85,897,206.72. The trade was a 1.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 22,300 shares of company stock worth $8,664,044 over the last ninety days. Insiders own 2.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on CRS. KeyCorp raised their price objective on shares of Carpenter Technology from $380.00 to $453.00 and gave the stock an “overweight” rating in a research report on Thursday, April 9th. Susquehanna raised their price objective on shares of Carpenter Technology from $470.00 to $495.00 and gave the stock a “positive” rating in a research report on Thursday. TD Cowen raised their price objective on shares of Carpenter Technology from $430.00 to $450.00 and gave the stock a “buy” rating in a research report on Thursday. BTIG Research raised their price objective on shares of Carpenter Technology from $375.00 to $450.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $500.00 price target on shares of Carpenter Technology in a research report on Thursday. Nine investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $435.33.

Carpenter Technology Stock Performance

NYSE CRS opened at $430.47 on Monday. The company has a fifty day simple moving average of $404.38 and a 200 day simple moving average of $351.85. Carpenter Technology Corporation has a 12-month low of $204.47 and a 12-month high of $459.18. The company has a current ratio of 3.73, a quick ratio of 2.08 and a debt-to-equity ratio of 0.33. The company has a market cap of $21.39 billion, a P/E ratio of 45.31, a PEG ratio of 1.64 and a beta of 1.24.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings results on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.59 by $0.18. Carpenter Technology had a net margin of 15.82% and a return on equity of 25.02%. The business had revenue of $655.60 million during the quarter, compared to the consensus estimate of $797.00 million. During the same quarter last year, the firm posted $1.88 EPS. Carpenter Technology’s revenue was up 11.6% compared to the same quarter last year. Sell-side analysts predict that Carpenter Technology Corporation will post 10.36 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 4th. Shareholders of record on Tuesday, April 28th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend is Tuesday, April 28th. Carpenter Technology’s payout ratio is currently 8.42%.

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.