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

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

Several other large investors have also bought and sold shares of CRS. Geneos Wealth Management Inc. acquired a new stake in Carpenter Technology during the 2nd quarter worth $28,000. Whittier Trust Co. of Nevada Inc. bought a new stake in shares of Carpenter Technology during the 1st quarter valued at $30,000. SJS Investment Consulting Inc. lifted its stake in shares of Carpenter Technology by 81.8% in the 1st quarter. SJS Investment Consulting Inc. now owns 80 shares of the basic materials company’s stock valued at $32,000 after purchasing an additional 36 shares during the period. Headlands Technologies LLC acquired a new position in shares of Carpenter Technology in the 2nd quarter valued at $43,000. Finally, Rakuten Securities Inc. bought a new position in shares of Carpenter Technology in the 2nd quarter worth $45,000. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CRS has been the subject of a number of analyst reports. KeyCorp decreased their price objective on Carpenter Technology from $644.00 to $608.00 and set an “overweight” rating for the company in a research note on Monday, August 3rd. TD Cowen increased their target price on Carpenter Technology from $470.00 to $650.00 and gave the company a “buy” rating in a research note on Monday, July 13th. Susquehanna reduced their target price on Carpenter Technology from $680.00 to $600.00 and set a “positive” rating on the stock in a report on Friday, July 31st. Weiss Ratings lowered Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a research report on Wednesday, June 3rd. Finally, BTIG Research upped 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. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $577.25.

Carpenter Technology Trading Down 4.3%

CRS opened at $509.03 on Thursday. The stock has a market capitalization of $25.23 billion, a P/E ratio of 48.39, a P/E/G ratio of 1.93 and a beta of 1.25. Carpenter Technology Corporation has a 12 month low of $228.00 and a 12 month high of $625.98. The firm’s fifty day simple moving average is $569.66 and its 200 day simple moving average is $467.22. The company has a current ratio of 3.81, a quick ratio of 2.23 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. Carpenter Technology had a net margin of 16.96% and a return on equity of 26.46%. The firm had revenue of $679.70 million during the quarter, compared to analyst estimates of $863.33 million. During the same period in the prior year, the business earned $2.21 EPS. The company’s revenue for the quarter was up 12.6% compared to the same quarter last year. As a group, research analysts anticipate that Carpenter Technology Corporation will post 12.92 EPS for the current fiscal year.

Carpenter Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Tuesday, August 25th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend 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%.

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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.