Allspring Global Investments Holdings LLC Trims Stock Position in Carpenter Technology Corporation $CRS

Key Points

• Allspring Global Investments Holdings LLC has decreased its stake in Carpenter Technology Corporation by 22.8%, now holding 478,183 shares valued at approximately $129.9 million.
• JPMorgan Chase & Co. raised its price target on Carpenter Technology shares from $245.00 to $305.00, reflecting a positive outlook from analysts.
• The company declared a quarterly dividend of $0.20 per share, set to be paid on December 4th, representing an annual yield of 0.3%.

Allspring Global Investments Holdings LLC decreased its holdings in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 22.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 478,183 shares of the basic materials company's stock after selling 140,974 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.96% of Carpenter Technology worth $129,946,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Invesco Ltd. boosted its position in shares of Carpenter Technology by 37.1% in the first quarter. Invesco Ltd. now owns 2,107,676 shares of the basic materials company's stock worth $381,869,000 after acquiring an additional 570,441 shares during the last quarter. Egerton Capital UK LLP acquired a new position in shares of Carpenter Technology in the 1st quarter valued at $329,727,000. Advent International L.P. grew its stake in shares of Carpenter Technology by 12.1% during the 1st quarter. Advent International L.P. now owns 804,832 shares of the basic materials company's stock valued at $145,819,000 after buying an additional 87,186 shares during the period. American Century Companies Inc. increased its holdings in shares of Carpenter Technology by 13.9% during the 1st quarter. American Century Companies Inc. now owns 588,889 shares of the basic materials company's stock worth $106,695,000 after buying an additional 71,747 shares during the last quarter. Finally, Driehaus Capital Management LLC raised its position in shares of Carpenter Technology by 79.2% in the 1st quarter. Driehaus Capital Management LLC now owns 572,946 shares of the basic materials company's stock worth $103,806,000 after buying an additional 253,163 shares during the period. Institutional investors and hedge funds own 92.03% of the company's stock.

Analyst Ratings Changes

CRS has been the subject of a number of research reports. Weiss Ratings reissued a "buy (b+)" rating on shares of Carpenter Technology in a research report on Wednesday, October 8th. BTIG Research reiterated a "buy" rating on shares of Carpenter Technology in a report on Monday, August 4th. JPMorgan Chase & Co. raised their price target on shares of Carpenter Technology from $245.00 to $305.00 and gave the company an "overweight" rating in a report on Tuesday, June 17th. Finally, Zacks Research cut shares of Carpenter Technology from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, October 1st. Five research 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, the company currently has a consensus rating of "Moderate Buy" and an average target price of $278.33.

Carpenter Technology Price Performance

CRS stock opened at $240.65 on Monday. The firm has a market cap of $12.00 billion, a P/E ratio of 32.43, a price-to-earnings-growth ratio of 1.09 and a beta of 1.46. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.01 and a current ratio of 3.65. Carpenter Technology Corporation has a 1 year low of $138.61 and a 1 year high of $290.84. The stock has a 50-day simple moving average of $245.37 and a 200-day simple moving average of $235.96.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The basic materials company reported $2.21 EPS for the quarter, topping the consensus estimate of $2.03 by $0.18. Carpenter Technology had a return on equity of 21.50% and a net margin of 13.07%.The firm had revenue of $755.60 million for the quarter, compared to analyst estimates of $790.73 million. During the same period in the previous year, the company posted $1.82 EPS. Carpenter Technology's revenue for the quarter was down 5.4% on a year-over-year basis. On average, equities analysts predict that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 4th. Investors of record on Tuesday, October 21st will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend is Tuesday, October 21st. Carpenter Technology's dividend payout ratio (DPR) is presently 10.78%.

Insider Buying and Selling

In other news, CEO Tony R. Thene sold 19,000 shares of Carpenter Technology stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $244.99, for a total transaction of $4,654,810.00. Following the sale, the chief executive officer directly owned 535,019 shares of the company's stock, valued at approximately $131,074,304.81. The trade was a 3.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Steven E. Karol sold 3,433 shares of the stock in a transaction dated Tuesday, September 9th. The shares were sold at an average price of $245.78, for a total value of $843,762.74. Following the completion of the transaction, the director directly owned 180,000 shares of the company's stock, valued at $44,240,400. This represents a 1.87% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 28,124 shares of company stock valued at $6,890,250 in the last quarter. Company insiders own 2.90% of the company's stock.

About Carpenter Technology

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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