Carpenter Technology Corporation $CRS Stock: Allspring Global Investments Holdings LLC Lowers Position

Key Points

• Allspring Global Investments cut its Carpenter Technology stake by 7% in the third quarter, selling 29,671 shares and ending the period with 395,156 shares valued at about $151.6 million. Institutional investors collectively own 92.03% of the company.
• Carpenter Technology reported quarterly EPS of $3.25, ahead of the $3.04 consensus, while revenue of $634.8 million came in below analysts’ $830.85 million estimate. Revenue increased 8.8% year over year.
• Analysts’ average rating is “Moderate Buy,” with a consensus price target of $476.43; several firms recently reduced their targets. The stock opened at $278.21, and the company declared a quarterly dividend of $0.20 per share.

Allspring Global Investments Holdings LLC reduced its position in Carpenter Technology Corporation (NYSE:CRS - Free Report) by 7.0% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 395,156 shares of the basic materials company's stock after selling 29,671 shares during the period. Allspring Global Investments Holdings LLC owned about 0.80% of Carpenter Technology worth $151,617,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Candriam S.C.A. bought a new position in Carpenter Technology during the third quarter valued at approximately $3,579,000. Ethic Inc. grew its position in Carpenter Technology by 24.6% in the third quarter. Ethic Inc. now owns 7,338 shares of the basic materials company's stock worth $2,853,000 after acquiring an additional 1,450 shares in the last quarter. StoneX Group Inc. bought a new stake in Carpenter Technology in the third quarter worth approximately $460,000. Pictet Asset Management Holding SA grew its position in Carpenter Technology by 311.5% in the third quarter. Pictet Asset Management Holding SA now owns 30,390 shares of the basic materials company's stock worth $11,816,000 after acquiring an additional 23,005 shares in the last quarter. Finally, Alps Advisors Inc. increased its stake in shares of Carpenter Technology by 2.9% during the 3rd quarter. Alps Advisors Inc. now owns 4,340 shares of the basic materials company's stock worth $1,687,000 after purchasing an additional 122 shares during the last quarter. 92.03% of the stock is owned by hedge funds and other institutional investors.

Carpenter Technology Stock Performance

NYSE:CRS opened at $278.21 on Monday. The firm has a market capitalization of $13.78 billion, a PE ratio of 24.53, a PEG ratio of 0.98 and a beta of 1.43. Carpenter Technology Corporation has a 1 year low of $270.49 and a 1 year high of $625.98. The company has a current ratio of 3.94, a quick ratio of 2.05 and a debt-to-equity ratio of 0.32. The firm's fifty day simple moving average is $381.03 and its 200 day simple moving average is $441.36.

Carpenter Technology (NYSE:CRS - Get Free Report) last released its quarterly earnings results on Thursday, October 22nd. The basic materials company reported $3.25 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.04 by $0.21. The company had revenue of $634.80 million during the quarter, compared to analysts' expectations of $830.85 million. Carpenter Technology had a net margin of 17.87% and a return on equity of 27.50%. The business's quarterly revenue was up 8.8% compared to the same quarter last year. During the same period in the prior year, the company earned $2.43 earnings per share. On average, sell-side analysts anticipate that Carpenter Technology Corporation will post 13.41 EPS for the current year.

Carpenter Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 3rd. Stockholders of record on Tuesday, October 20th will be issued a dividend of $0.20 per share. The ex-dividend date is Tuesday, October 20th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.3%. Carpenter Technology's payout ratio is 7.05%.

Analysts Set New Price Targets

CRS has been the subject of a number of recent research reports. TD Cowen decreased their price objective on shares of Carpenter Technology from $650.00 to $500.00 and set a "buy" rating for the company in a report on Friday, October 9th. JPMorgan Chase & Co. lowered their target price on shares of Carpenter Technology from $700.00 to $520.00 and set an "overweight" rating on the stock in a research report on Wednesday, October 14th. Weiss Ratings lowered Carpenter Technology from a "buy (b-)" rating to a "hold (c+)" rating in a report on Wednesday. Zacks Research cut Carpenter Technology from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, September 15th. Finally, Wall Street Zen upgraded Carpenter Technology from a "hold" rating to a "buy" rating in a research note on Saturday, October 24th. Five research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, Carpenter Technology presently has an average rating of "Moderate Buy" and a consensus target price of $476.43.

Insider Activity

In related news, CEO Tony R. Thene sold 57,456 shares of the business's stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $483.90, for a total transaction of $27,802,958.40. Following the transaction, the chief executive officer owned 439,631 shares of the company's stock, valued at approximately $212,737,440.90. The trade was a 11.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Steven E. Karol sold 3,275 shares of the business's stock in a transaction on Friday, September 4th. The stock was sold at an average price of $474.08, for a total transaction of $1,552,612.00. Following the transaction, the director directly owned 177,000 shares in the company, valued at $83,912,160. This trade represents a 1.82% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 112,996 shares of company stock valued at $54,644,436. 2.90% of the stock is owned by company insiders.

Carpenter Technology Company Profile

Carpenter Technology Corporation develops, manufactures and distributes specialty alloys and engineered materials for applications that require high performance in demanding environments. Its products include specialty steels, nickel- and cobalt-based alloys, titanium alloys, and precision-engineered components.

The company serves customers in industries including aerospace and defense, medical, energy, transportation and industrial manufacturing. Its materials are used in products and equipment where strength, heat resistance, corrosion resistance or other specialized properties are important.

Founded in 1889 as Carpenter Steel Company, the business has expanded from its early steelmaking roots into a global supplier of specialty materials.

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