Peregrine Asset Advisers Inc. Grows Position in Carpenter Technology Corporation $CRS

Peregrine Asset Advisers Inc. lifted its holdings in Carpenter Technology Corporation (NYSE:CRS) by 197.4% in the 2nd quarter, Holdings Channel reports. The firm owned 44,155 shares of the basic materials company’s stock after acquiring an additional 29,306 shares during the period. Carpenter Technology accounts for 3.8% of Peregrine Asset Advisers Inc.’s portfolio, making the stock its 3rd biggest holding. Peregrine Asset Advisers Inc.’s holdings in Carpenter Technology were worth $12,204,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the business. Bank of Montreal Can raised its stake in shares of Carpenter Technology by 125.5% in the second quarter. Bank of Montreal Can now owns 24,600 shares of the basic materials company’s stock worth $6,799,000 after purchasing an additional 13,691 shares during the last quarter. Moody Aldrich Partners LLC purchased a new position in shares of Carpenter Technology in the second quarter worth $345,000. Simon Quick Advisors LLC raised its stake in shares of Carpenter Technology by 5.4% in the second quarter. Simon Quick Advisors LLC now owns 2,209 shares of the basic materials company’s stock worth $611,000 after purchasing an additional 114 shares during the last quarter. Amalgamated Bank raised its stake in shares of Carpenter Technology by 5.2% in the second quarter. Amalgamated Bank now owns 23,054 shares of the basic materials company’s stock worth $6,372,000 after purchasing an additional 1,140 shares during the last quarter. Finally, Atria Investments Inc purchased a new position in shares of Carpenter Technology in the second quarter worth $242,000. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Insider Activity at Carpenter Technology

In related news, CEO Tony R. Thene sold 19,000 shares of the business’s stock in a transaction on Monday, August 18th. The stock was sold at an average price of $244.99, for a total transaction of $4,654,810.00. Following the completion of the transaction, the chief executive officer owned 535,019 shares in the company, valued at $131,074,304.81. The trade was a 3.43% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Steven E. Karol sold 3,433 shares of the business’s stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $245.78, for a total value of $843,762.74. Following the transaction, the director owned 180,000 shares of the company’s stock, valued at approximately $44,240,400. The trade was a 1.87% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 28,124 shares of company stock worth $6,890,250 in the last quarter. 2.90% of the stock is owned by company insiders.

Carpenter Technology Trading Down 0.9%

Shares of CRS stock opened at $316.03 on Monday. The company has a market cap of $15.74 billion, a PE ratio of 38.63, a price-to-earnings-growth ratio of 1.41 and a beta of 1.46. The company has a debt-to-equity ratio of 0.36, a current ratio of 4.44 and a quick ratio of 2.37. The stock’s 50 day simple moving average is $253.60 and its two-hundred day simple moving average is $247.68. Carpenter Technology Corporation has a 1 year low of $138.61 and a 1 year high of $330.50.

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

Carpenter Technology Announces Dividend

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

Analyst Upgrades and Downgrades

CRS has been the topic of a number of recent research reports. Deutsche Bank Aktiengesellschaft set a $425.00 target price on Carpenter Technology and gave the company a “buy” rating in a report on Friday, October 24th. JPMorgan Chase & Co. upped their price objective on Carpenter Technology from $305.00 to $388.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 29th. TD Cowen lifted their target price on Carpenter Technology from $305.00 to $340.00 and gave the company a “buy” rating in a research note on Friday, October 24th. BTIG Research lifted their target price on Carpenter Technology from $305.00 to $365.00 and gave the company a “buy” rating in a research note on Monday, October 27th. Finally, Jones Trading initiated coverage on Carpenter Technology in a research note on Wednesday, October 22nd. They set a “buy” rating and a $400.00 target price on the stock. Eight equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $369.67.

Carpenter Technology 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.