Peregrine Asset Advisers Inc. Invests $4.06 Million in Carpenter Technology Corporation $CRS

Key Points

• Peregrine Asset Advisers opened a new position in Carpenter Technology (CRS) in Q4, purchasing 12,903 shares valued at approximately $4.06 million.
• Analyst sentiment is broadly positive: nine analysts rate CRS a Buy and two rate it Hold, with an average price target of $435.33 and several firms recently raising their targets.
• In the latest quarter Carpenter reported EPS of $2.77 (beat) versus a $2.59 estimate but missed on revenue at $655.6M versus a $797M consensus; the company also declared a $0.20 quarterly dividend (0.2% yield).

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

Several other institutional investors also recently modified their holdings of CRS. Brown Miller Wealth Management LLC grew its holdings in Carpenter Technology by 2.4% during the fourth quarter. Brown Miller Wealth Management LLC now owns 1,411 shares of the basic materials company's stock valued at $444,000 after purchasing an additional 33 shares during the period. Clearstead Advisors LLC grew its holdings in Carpenter Technology by 17.9% during the third quarter. Clearstead Advisors LLC now owns 237 shares of the basic materials company's stock valued at $58,000 after purchasing an additional 36 shares during the period. Glass Jacobson Investment Advisors llc grew its holdings in Carpenter Technology by 3.9% during the third quarter. Glass Jacobson Investment Advisors llc now owns 974 shares of the basic materials company's stock valued at $239,000 after purchasing an additional 37 shares during the period. Independent Advisor Alliance grew its holdings in Carpenter Technology by 0.6% during the third quarter. Independent Advisor Alliance now owns 6,674 shares of the basic materials company's stock valued at $1,639,000 after purchasing an additional 43 shares during the period. Finally, Armstrong Advisory Group Inc. grew its holdings in Carpenter Technology by 57.3% during the fourth quarter. Armstrong Advisory Group Inc. now owns 118 shares of the basic materials company's stock valued at $37,000 after purchasing an additional 43 shares during the period. Institutional investors and hedge funds own 92.03% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $500.00 price objective on shares of Carpenter Technology in a report on Thursday. Susquehanna boosted their price objective on shares of Carpenter Technology from $470.00 to $495.00 and gave the company a "positive" rating in a report on Thursday. Wells Fargo & Company initiated coverage on shares of Carpenter Technology in a report on Wednesday, April 1st. They set an "equal weight" rating and a $400.00 price objective for the company. JPMorgan Chase & Co. lifted their price target on shares of Carpenter Technology from $465.00 to $470.00 and gave the company an "overweight" rating in a research note on Thursday. Finally, TD Cowen boosted 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. Nine investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $435.33.

Carpenter Technology Price Performance

Shares of CRS opened at $430.47 on Monday. The company has a market cap of $21.39 billion, a price-to-earnings ratio of 45.31, a PEG ratio of 1.64 and a beta of 1.24. Carpenter Technology Corporation has a 1-year low of $204.47 and a 1-year high of $459.18. The company's fifty day simple moving average is $404.38 and its 200 day simple moving average is $351.85. The company has a current ratio of 3.73, a quick ratio of 2.08 and a debt-to-equity ratio of 0.33.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its quarterly earnings data on Wednesday, April 29th. The basic materials company reported $2.77 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 firm had revenue of $655.60 million for the quarter, compared to the consensus estimate of $797.00 million. During the same period in the previous year, the company earned $1.88 earnings per share. The company's quarterly revenue was up 11.6% on a year-over-year basis. On average, research analysts forecast that Carpenter Technology Corporation will post 10.36 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

The business 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 $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.2%. The ex-dividend date is Tuesday, April 28th. Carpenter Technology's payout ratio is currently 8.42%.

Insider Buying and Selling at Carpenter Technology

In other Carpenter Technology news, SVP James D. Dee sold 15,800 shares of the company's stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $391.78, for a total value of $6,190,124.00. Following the transaction, the senior vice president directly owned 73,739 shares in the company, valued at $28,889,465.42. The trade was a 17.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Steven E. Karol sold 3,500 shares of the company's stock in a transaction on Thursday, February 19th. The shares were sold at an average price of $381.12, for a total transaction of $1,333,920.00. Following the completion of the transaction, the director owned 225,381 shares in the company, valued at approximately $85,897,206.72. This represents a 1.53% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 22,300 shares of company stock worth $8,664,044. Corporate insiders own 2.90% of the company's stock.

About Carpenter Technology

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.

Want to see what other hedge funds are holding CRS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Carpenter Technology Corporation (NYSE:CRS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.