Allspring Global Investments Holdings LLC Acquires 27,123 Shares of Carpenter Technology Corporation (NYSE:CRS)

Allspring Global Investments Holdings LLC raised its holdings in shares of Carpenter Technology Corporation (NYSE:CRS - Free Report) by 4.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 619,157 shares of the basic materials company's stock after purchasing an additional 27,123 shares during the period. Allspring Global Investments Holdings LLC owned 1.24% of Carpenter Technology worth $113,114,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of CRS. Sanctuary Advisors LLC bought a new position in Carpenter Technology during the 4th quarter valued at approximately $193,000. Y Intercept Hong Kong Ltd bought a new position in shares of Carpenter Technology in the 4th quarter worth approximately $500,000. Amalgamated Bank raised its position in shares of Carpenter Technology by 55.1% in the 4th quarter. Amalgamated Bank now owns 22,731 shares of the basic materials company's stock worth $3,858,000 after acquiring an additional 8,076 shares in the last quarter. Mutual of America Capital Management LLC raised its position in shares of Carpenter Technology by 250.5% in the 4th quarter. Mutual of America Capital Management LLC now owns 26,330 shares of the basic materials company's stock worth $4,468,000 after acquiring an additional 18,817 shares in the last quarter. Finally, Fisher Asset Management LLC raised its position in shares of Carpenter Technology by 7.1% in the 4th quarter. Fisher Asset Management LLC now owns 390,229 shares of the basic materials company's stock worth $66,226,000 after acquiring an additional 25,917 shares in the last quarter. Institutional investors own 92.03% of the company's stock.

Carpenter Technology Stock Performance

Carpenter Technology stock opened at $277.57 on Friday. The company has a quick ratio of 1.89, a current ratio of 3.75 and a debt-to-equity ratio of 0.39. The company has a market capitalization of $13.82 billion, a P/E ratio of 39.32, a PEG ratio of 1.16 and a beta of 1.37. The stock's 50 day moving average is $230.45 and its 200 day moving average is $200.97. Carpenter Technology Corporation has a twelve month low of $103.37 and a twelve month high of $279.51.

Carpenter Technology (NYSE:CRS - Get Free Report) last posted its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.88 earnings per share for the quarter, topping the consensus estimate of $1.74 by $0.14. The company had revenue of $727.00 million for the quarter, compared to the consensus estimate of $729.67 million. Carpenter Technology had a return on equity of 21.16% and a net margin of 12.26%. The firm's quarterly revenue was up 6.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.19 EPS. On average, equities research analysts predict that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology announced that its Board of Directors has approved a stock repurchase plan on Thursday, April 24th that allows the company to buyback $400.00 million in outstanding shares. This buyback authorization allows the basic materials company to repurchase up to 4% of its stock through open market purchases. Stock buyback plans are often an indication that the company's management believes its stock is undervalued.

Carpenter Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Tuesday, April 22nd were paid a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, April 22nd. This represents a $0.80 annualized dividend and a dividend yield of 0.29%. Carpenter Technology's payout ratio is currently 11.33%.

Insider Buying and Selling

In other Carpenter Technology news, Director Anastasios John Hart sold 1,000 shares of the stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $243.72, for a total transaction of $243,720.00. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director I Martin Inglis sold 3,433 shares of the stock in a transaction on Tuesday, April 29th. The shares were sold at an average price of $197.66, for a total value of $678,566.78. Following the sale, the director now owns 6,732 shares in the company, valued at approximately $1,330,647.12. This represents a 33.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.90% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on CRS shares. Cowen reissued a "buy" rating on shares of Carpenter Technology in a research report on Thursday, June 12th. Benchmark increased their target price on Carpenter Technology from $250.00 to $300.00 and gave the stock a "buy" rating in a research report on Monday, June 9th. JPMorgan Chase & Co. increased their target price on Carpenter Technology from $245.00 to $305.00 and gave the stock an "overweight" rating in a research report on Tuesday, June 17th. Finally, Northcoast Research raised Carpenter Technology from a "sell" rating to a "neutral" rating in a research report on Wednesday, April 9th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, Carpenter Technology presently has an average rating of "Moderate Buy" and a consensus target price of $278.33.

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.

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