Allspring Global Investments Holdings LLC Buys 71,872 Shares of Carpenter Technology Corporation $CRS

Allspring Global Investments Holdings LLC raised its stake in Carpenter Technology Corporation (NYSE:CRS) by 15.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 550,055 shares of the basic materials company’s stock after buying an additional 71,872 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Carpenter Technology were worth $138,328,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the stock. JB Capital LLC grew its position in Carpenter Technology by 7.5% during the 3rd quarter. JB Capital LLC now owns 16,543 shares of the basic materials company’s stock worth $4,062,000 after acquiring an additional 1,160 shares during the last quarter. Merit Financial Group LLC bought a new position in Carpenter Technology in the third quarter valued at about $226,000. Shilanski & Associates Inc. acquired a new stake in shares of Carpenter Technology during the third quarter valued at about $1,939,000. Ethic Inc. grew its holdings in shares of Carpenter Technology by 83.3% during the third quarter. Ethic Inc. now owns 3,936 shares of the basic materials company’s stock worth $967,000 after purchasing an additional 1,789 shares during the last quarter. Finally, Mezzasalma Advisors LLC increased its stake in shares of Carpenter Technology by 4.7% in the third quarter. Mezzasalma Advisors LLC now owns 12,287 shares of the basic materials company’s stock valued at $3,017,000 after buying an additional 546 shares during the period. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. BTIG Research boosted their target price on shares of Carpenter Technology from $305.00 to $365.00 and gave the stock a “buy” rating in a report on Monday, October 27th. Zacks Research downgraded shares of Carpenter Technology from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 1st. TD Cowen boosted their price objective on shares of Carpenter Technology from $305.00 to $340.00 and gave the stock a “buy” rating in a research note on Friday, October 24th. JPMorgan Chase & Co. increased their price objective on Carpenter Technology from $305.00 to $388.00 and gave the company an “overweight” rating in a report on Wednesday, October 29th. Finally, Deutsche Bank Aktiengesellschaft set a $425.00 target price on Carpenter Technology and gave the stock a “buy” rating in a research report on Friday, October 24th. Nine analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $371.14.

Carpenter Technology Trading Down 2.0%

CRS opened at $318.92 on Wednesday. The company has a fifty day moving average price of $317.55 and a two-hundred day moving average price of $277.03. Carpenter Technology Corporation has a 1-year low of $138.61 and a 1-year high of $342.11. The company has a market cap of $15.89 billion, a P/E ratio of 38.99, a price-to-earnings-growth ratio of 1.36 and a beta of 1.31. The company has a current ratio of 4.44, a quick ratio of 2.37 and a debt-to-equity ratio of 0.36.

Carpenter Technology (NYSE:CRS) last issued its earnings results on Thursday, October 23rd. The basic materials company reported $2.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.13 by $0.30. Carpenter Technology had a return on equity of 22.68% and a net margin of 14.30%.The company had revenue of $733.70 million for the quarter, compared to analysts’ expectations of $741.18 million. During the same period last year, the business earned $1.73 EPS. Carpenter Technology’s quarterly revenue was up 2.2% compared to the same quarter last year. Analysts predict that Carpenter Technology Corporation will post 6.83 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 4th. Stockholders of record on Tuesday, October 21st were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date was Tuesday, October 21st. Carpenter Technology’s dividend payout ratio (DPR) is currently 9.78%.

Insider Activity

In other news, VP Elizabeth A. Socci sold 3,900 shares of the business’s stock in a transaction dated Wednesday, November 26th. The shares were sold at an average price of $321.25, for a total transaction of $1,252,875.00. Following the completion of the sale, the vice president directly owned 9,594 shares of the company’s stock, valued at $3,082,072.50. The trade was a 28.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Brian J. Malloy sold 4,130 shares of the firm’s stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $303.52, for a total transaction of $1,253,537.60. Following the completion of the transaction, the chief operating officer directly owned 78,875 shares in the company, valued at approximately $23,940,140. The trade was a 4.98% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 79,358 shares of company stock valued at $24,254,008. 2.90% of the stock is currently owned by insiders.

Carpenter Technology Company 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.