Allspring Global Investments Holdings LLC Sells 64,933 Shares of Carpenter Technology Corporation $CRS

Allspring Global Investments Holdings LLC cut its holdings in shares of Carpenter Technology Corporation (NYSE:CRS) by 12.3% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 463,109 shares of the basic materials company’s stock after selling 64,933 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.93% of Carpenter Technology worth $187,244,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Sands Capital Management LLC purchased a new position in Carpenter Technology in the 4th quarter worth $195,731,000. Norges Bank bought a new position in shares of Carpenter Technology during the fourth quarter valued at about $195,254,000. TOMS Capital Investment Management LP purchased a new position in shares of Carpenter Technology in the second quarter worth about $106,683,000. UBS Group AG increased its holdings in shares of Carpenter Technology by 171.2% in the fourth quarter. UBS Group AG now owns 606,501 shares of the basic materials company’s stock worth $190,951,000 after buying an additional 382,865 shares during the period. Finally, Invesco Ltd. lifted its stake in shares of Carpenter Technology by 18.8% in the 4th quarter. Invesco Ltd. now owns 2,071,657 shares of the basic materials company’s stock valued at $652,241,000 after acquiring an additional 327,302 shares during the last quarter. 92.03% of the stock is currently owned by institutional investors.

Insider Transactions at Carpenter Technology

In other news, VP Marshall D. Akins sold 11,815 shares of the business’s stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $441.36, for a total value of $5,214,668.40. Following the completion of the transaction, the vice president owned 18,344 shares in the company, valued at $8,096,307.84. The trade was a 39.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Anastasios John Hart sold 750 shares of the business’s stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $423.86, for a total value of $317,895.00. Following the completion of the transaction, the director directly owned 750 shares of the company’s stock, valued at approximately $317,895. This trade represents a 50.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 2.90% of the stock is currently owned by company insiders.

Carpenter Technology Stock Performance

NYSE:CRS opened at $553.85 on Friday. The firm’s fifty day simple moving average is $522.47 and its 200 day simple moving average is $429.51. The stock has a market cap of $27.52 billion, a P/E ratio of 58.30, a price-to-earnings-growth ratio of 1.62 and a beta of 1.22. The company has a quick ratio of 2.08, a current ratio of 3.73 and a debt-to-equity ratio of 0.33. Carpenter Technology Corporation has a twelve month low of $228.00 and a twelve month high of $625.98.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings results on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.59 by $0.18. Carpenter Technology had a net margin of 15.82% and a return on equity of 25.02%. The company had revenue of $655.60 million during the quarter, compared to the consensus estimate of $797.00 million. During the same period in the prior year, the firm earned $1.88 earnings per share. Carpenter Technology’s revenue was up 11.6% on a year-over-year basis. As a group, research analysts predict that Carpenter Technology Corporation will post 10.57 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on CRS shares. KeyCorp increased their target price on Carpenter Technology from $459.00 to $644.00 and gave the company an “overweight” rating in a report on Tuesday, June 30th. TD Cowen lifted their price target on Carpenter Technology from $470.00 to $650.00 and gave the stock a “buy” rating in a research note on Monday. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $500.00 price objective on shares of Carpenter Technology in a research report on Thursday, April 30th. Weiss Ratings cut shares of Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a report on Wednesday, June 3rd. Finally, Susquehanna upped their price target on shares of Carpenter Technology from $495.00 to $680.00 and gave the company a “positive” rating in a report on Thursday, July 9th. Eight analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, Carpenter Technology has an average rating of “Moderate Buy” and an average target price of $556.75.

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.