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

Allspring Global Investments Holdings LLC grew its holdings in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 4.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 619,157 shares of the basic materials company's stock after acquiring an additional 27,123 shares during the quarter. Allspring Global Investments Holdings LLC owned 1.24% of Carpenter Technology worth $113,114,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Pictet Asset Management Holding SA lifted its stake in Carpenter Technology by 14.6% during the fourth quarter. Pictet Asset Management Holding SA now owns 6,865 shares of the basic materials company's stock worth $1,165,000 after purchasing an additional 877 shares during the period. Wealth Enhancement Advisory Services LLC lifted its position in shares of Carpenter Technology by 27.8% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 15,953 shares of the basic materials company's stock worth $2,890,000 after purchasing an additional 3,467 shares in the last quarter. Fifth Third Bancorp grew its stake in shares of Carpenter Technology by 13.6% during the first quarter. Fifth Third Bancorp now owns 651 shares of the basic materials company's stock valued at $118,000 after purchasing an additional 78 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Carpenter Technology in the fourth quarter valued at approximately $18,731,000. Finally, Commonwealth Equity Services LLC raised its position in Carpenter Technology by 1.5% in the 4th quarter. Commonwealth Equity Services LLC now owns 10,880 shares of the basic materials company's stock worth $1,846,000 after purchasing an additional 160 shares during the last quarter. Institutional investors and hedge funds own 92.03% of the company's stock.

Wall Street Analyst Weigh In

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

Carpenter Technology Trading Up 1.1%

NYSE:CRS traded up $2.95 during mid-day trading on Wednesday, hitting $274.70. The company had a trading volume of 685,674 shares, compared to its average volume of 802,824. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.89 and a current ratio of 3.75. Carpenter Technology Corporation has a fifty-two week low of $103.37 and a fifty-two week high of $279.51. The firm has a market cap of $13.67 billion, a P/E ratio of 38.91, a P/E/G ratio of 1.16 and a beta of 1.39. The business's fifty day moving average is $234.51 and its two-hundred day moving average is $202.33.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its quarterly earnings data 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. Carpenter Technology had a net margin of 12.26% and a return on equity of 21.16%. The business had revenue of $727.00 million for the quarter, compared to analyst estimates of $729.67 million. During the same quarter last year, the firm earned $1.19 EPS. Carpenter Technology's quarterly revenue was up 6.1% compared to the same quarter last year. As a group, research analysts expect that Carpenter Technology Corporation will post 6.83 earnings per share for the current year.

Carpenter Technology Dividend Announcement

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

Carpenter Technology declared that its Board of Directors has authorized a share buyback program on Thursday, April 24th that authorizes the company to repurchase $400.00 million in shares. This repurchase authorization authorizes the basic materials company to purchase up to 4% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's management believes its shares are undervalued.

Insider Transactions at Carpenter Technology

In other news, Director I Martin Inglis sold 3,433 shares of the firm's stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $197.66, for a total transaction of $678,566.78. Following the sale, the director owned 6,732 shares of the company's stock, valued at $1,330,647.12. This trade represents a 33.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Anastasios John Hart sold 1,000 shares of the business's stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $243.72, for a total value of $243,720.00. The disclosure for this sale can be found here. 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.