Peregrine Capital Management LLC Cuts Stake in Carpenter Technology Co. (NYSE:CRS)

Peregrine Capital Management LLC reduced its holdings in shares of Carpenter Technology Co. (NYSE:CRS) by 21.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 30,490 shares of the basic materials company’s stock after selling 8,342 shares during the period. Peregrine Capital Management LLC owned about 0.06% of Carpenter Technology worth $5,174,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in CRS. FMR LLC increased its stake in Carpenter Technology by 47.1% during the 3rd quarter. FMR LLC now owns 3,465,295 shares of the basic materials company’s stock worth $552,992,000 after buying an additional 1,108,963 shares during the period. Allspring Global Investments Holdings LLC increased its stake in Carpenter Technology by 428.4% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 592,034 shares of the basic materials company’s stock worth $103,714,000 after buying an additional 479,985 shares during the period. Assenagon Asset Management S.A. increased its stake in Carpenter Technology by 1,538.1% during the 3rd quarter. Assenagon Asset Management S.A. now owns 213,391 shares of the basic materials company’s stock worth $34,053,000 after buying an additional 200,364 shares during the period. Forest Avenue Capital Management LP purchased a new stake in Carpenter Technology during the 3rd quarter worth approximately $25,262,000. Finally, WCM Investment Management LLC purchased a new stake in Carpenter Technology during the 3rd quarter worth approximately $18,868,000. 92.03% of the stock is owned by hedge funds and other institutional investors.

Carpenter Technology Trading Up 2.0 %

NYSE CRS opened at $209.92 on Thursday. The firm has a 50 day moving average of $187.83 and a two-hundred day moving average of $169.44. Carpenter Technology Co. has a 52 week low of $62.99 and a 52 week high of $213.65. The company has a quick ratio of 1.92, a current ratio of 3.80 and a debt-to-equity ratio of 0.40. The stock has a market capitalization of $10.49 billion, a PE ratio of 39.61, a price-to-earnings-growth ratio of 0.88 and a beta of 1.54.

Carpenter Technology (NYSE:CRS) last issued its earnings results on Thursday, January 30th. The basic materials company reported $1.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.08. Carpenter Technology had a net margin of 9.34% and a return on equity of 19.88%. As a group, research analysts expect that Carpenter Technology Co. will post 6.83 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 6th. Stockholders of record on Friday, February 28th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.38%. The ex-dividend date is Tuesday, January 28th. Carpenter Technology’s payout ratio is 15.09%.

Analysts Set New Price Targets

Several research analysts have commented on the stock. JPMorgan Chase & Co. boosted their price target on shares of Carpenter Technology from $235.00 to $240.00 and gave the stock an “overweight” rating in a report on Wednesday. Benchmark reiterated a “buy” rating and set a $175.00 price target on shares of Carpenter Technology in a report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating and five have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $156.33.

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.