Perigon Wealth Management LLC Takes $618,000 Position in Carpenter Technology Corporation $CRS

Perigon Wealth Management LLC acquired a new position in Carpenter Technology Corporation (NYSE:CRS) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 1,001 shares of the basic materials company’s stock, valued at approximately $618,000.

Other large investors have also added to or reduced their stakes in the company. Wealthcare Advisory Partners LLC grew its position in Carpenter Technology by 1.7% in the second quarter. Wealthcare Advisory Partners LLC now owns 1,148 shares of the basic materials company’s stock valued at $708,000 after purchasing an additional 19 shares in the last quarter. Meeder Advisory Services Inc. lifted its position in Carpenter Technology by 3.7% during the 4th quarter. Meeder Advisory Services Inc. now owns 889 shares of the basic materials company’s stock worth $280,000 after buying an additional 32 shares in the last quarter. Abel Hall LLC lifted its position in Carpenter Technology by 3.2% during the 4th quarter. Abel Hall LLC now owns 1,019 shares of the basic materials company’s stock worth $321,000 after buying an additional 32 shares in the last quarter. Northwestern Mutual Investment Management Company LLC boosted its stake in shares of Carpenter Technology by 0.3% during the 4th quarter. Northwestern Mutual Investment Management Company LLC now owns 11,146 shares of the basic materials company’s stock worth $3,509,000 after buying an additional 34 shares during the last quarter. Finally, Essential Partners LLC boosted its stake in shares of Carpenter Technology by 9.9% during the 1st quarter. Essential Partners LLC now owns 378 shares of the basic materials company’s stock worth $149,000 after buying an additional 34 shares during the last quarter. Institutional investors and hedge funds own 92.03% of the company’s stock.

Carpenter Technology Trading Down 4.3%

Shares of NYSE:CRS opened at $509.03 on Thursday. Carpenter Technology Corporation has a 12-month low of $228.00 and a 12-month high of $625.98. The stock has a market cap of $25.23 billion, a PE ratio of 48.39, a P/E/G ratio of 1.93 and a beta of 1.25. The business has a 50 day moving average of $569.66 and a 200-day moving average of $467.22. The company has a quick ratio of 2.23, a current ratio of 3.81 and a debt-to-equity ratio of 0.31.

Carpenter Technology (NYSE:CRS) last announced its earnings results on Thursday, July 30th. The basic materials company reported $3.23 earnings per share for the quarter, topping analysts’ consensus estimates of $3.09 by $0.14. The company had revenue of $679.70 million for the quarter, compared to analyst estimates of $863.33 million. Carpenter Technology had a return on equity of 26.46% and a net margin of 16.96%.The firm’s quarterly revenue was up 12.6% compared to the same quarter last year. During the same quarter last year, the company earned $2.21 earnings per share. As a group, equities research analysts forecast that Carpenter Technology Corporation will post 12.92 earnings per share for the current year.

Carpenter Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Tuesday, August 25th will be issued a $0.20 dividend. 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, August 25th. Carpenter Technology’s dividend payout ratio is currently 7.60%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on CRS shares. JPMorgan Chase & Co. lowered their target price on Carpenter Technology from $705.00 to $700.00 and set an “overweight” rating on the stock in a research report on Friday, July 31st. Wells Fargo & Company increased their price target on Carpenter Technology from $425.00 to $540.00 and gave the company an “equal weight” rating in a research report on Tuesday, August 4th. BTIG Research raised their price target on Carpenter Technology from $450.00 to $620.00 and gave the company a “buy” rating in a research note on Friday, July 31st. Zacks Research raised Carpenter Technology from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 15th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $500.00 price target on shares of Carpenter Technology in a research report on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $577.25.

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.