Peregrine Asset Advisers Inc. Invests $2.69 Million in Carpenter Technology Corporation (NYSE:CRS)

Peregrine Asset Advisers Inc. purchased a new stake in Carpenter Technology Corporation (NYSE:CRS - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 14,849 shares of the basic materials company's stock, valued at approximately $2,690,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Pictet Asset Management Holding SA lifted its stake in Carpenter Technology by 14.6% during the fourth quarter. Pictet Asset Management Holding SA now owns 6,865 shares of the basic materials company's stock worth $1,165,000 after purchasing an additional 877 shares in the last quarter. Stratos Wealth Partners LTD. grew its stake in Carpenter Technology by 22.9% during the 1st quarter. Stratos Wealth Partners LTD. now owns 2,968 shares of the basic materials company's stock worth $538,000 after purchasing an additional 553 shares in the last quarter. Bessemer Group Inc. grew its stake in Carpenter Technology by 50.3% during the 1st quarter. Bessemer Group Inc. now owns 230 shares of the basic materials company's stock worth $42,000 after purchasing an additional 77 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in Carpenter Technology by 27.8% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 15,953 shares of the basic materials company's stock worth $2,890,000 after purchasing an additional 3,467 shares in the last quarter. Finally, Fifth Third Bancorp grew its stake in Carpenter Technology by 13.6% during the 1st quarter. Fifth Third Bancorp now owns 651 shares of the basic materials company's stock worth $118,000 after purchasing an additional 78 shares in the last quarter. Hedge funds and other institutional investors own 92.03% of the company's stock.

Insiders Place Their Bets

In related news, Director I Martin Inglis sold 3,433 shares of the company's stock in a transaction dated Tuesday, April 29th. The shares were sold at an average price of $197.66, for a total value of $678,566.78. Following the sale, the director owned 6,732 shares of the company's stock, valued at $1,330,647.12. The trade was a 33.77% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Anastasios John Hart sold 1,000 shares of the company's stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $243.72, for a total transaction of $243,720.00. The disclosure for this sale can be found here. 2.90% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. JPMorgan Chase & Co. raised their price target on Carpenter Technology from $245.00 to $305.00 and gave the stock an "overweight" rating in a report on Tuesday, June 17th. Northcoast Research raised Carpenter Technology from a "sell" rating to a "neutral" rating in a report on Wednesday, April 9th. Benchmark lifted their price objective on Carpenter Technology from $250.00 to $300.00 and gave the company a "buy" rating in a report on Monday, June 9th. Finally, Cowen reaffirmed a "buy" rating on shares of Carpenter Technology in a report on Thursday, June 12th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Carpenter Technology has an average rating of "Moderate Buy" and an average target price of $278.33.

Carpenter Technology Price Performance

Shares of NYSE CRS traded down $6.53 during mid-day trading on Tuesday, reaching $274.46. 1,117,824 shares of the company traded hands, compared to its average volume of 814,024. Carpenter Technology Corporation has a fifty-two week low of $117.57 and a fifty-two week high of $290.84. The company has a debt-to-equity ratio of 0.39, a current ratio of 3.75 and a quick ratio of 1.89. The firm has a market cap of $13.66 billion, a PE ratio of 38.88, a price-to-earnings-growth ratio of 0.95 and a beta of 1.39. The stock has a fifty day simple moving average of $254.21 and a 200-day simple moving average of $212.34.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued its earnings results on Thursday, April 24th. The basic materials company reported $1.88 earnings per share for the quarter, topping analysts' consensus estimates of $1.74 by $0.14. Carpenter Technology had a net margin of 12.26% and a return on equity of 21.16%. The firm had revenue of $727.00 million during the quarter, compared to analysts' expectations of $729.67 million. During the same period last year, the firm posted $1.19 earnings per share. The firm's revenue for the quarter was up 6.1% compared to the same quarter last year. Equities research analysts anticipate that Carpenter Technology Corporation will post 6.83 EPS for the current fiscal year.

Carpenter Technology declared that its Board of Directors has authorized a stock buyback plan on Thursday, April 24th that allows the company to repurchase $400.00 million in outstanding shares. This repurchase authorization allows the basic materials company to purchase up to 4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board of directors believes its stock is undervalued.

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.