Allspring Global Investments Holdings LLC Sells 233 Shares of Carpenter Technology Co. (NYSE:CRS)

Allspring Global Investments Holdings LLC reduced its holdings in shares of Carpenter Technology Co. (NYSE:CRS) by 0.7% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 32,723 shares of the basic materials company’s stock after selling 233 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Carpenter Technology were worth $2,337,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Hennessy Advisors Inc. boosted its stake in Carpenter Technology by 19.2% in the 1st quarter. Hennessy Advisors Inc. now owns 461,500 shares of the basic materials company’s stock valued at $32,960,000 after purchasing an additional 74,400 shares during the period. Wealth Enhancement Advisory Services LLC boosted its stake in Carpenter Technology by 1.9% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 11,557 shares of the basic materials company’s stock valued at $825,000 after purchasing an additional 215 shares during the period. Westend Capital Management LLC bought a new stake in Carpenter Technology in the 1st quarter valued at $36,000. Orser Capital Management LLC boosted its stake in Carpenter Technology by 10.8% in the 1st quarter. Orser Capital Management LLC now owns 31,930 shares of the basic materials company’s stock valued at $2,280,000 after purchasing an additional 3,110 shares during the period. Finally, Goldman Sachs Group Inc. boosted its stake in Carpenter Technology by 82.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 972,222 shares of the basic materials company’s stock valued at $68,833,000 after purchasing an additional 438,781 shares during the period. 92.03% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, VP Elizabeth A. Socci sold 802 shares of the business’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $102.11, for a total transaction of $81,892.22. Following the sale, the vice president now owns 11,509 shares in the company, valued at approximately $1,175,183.99. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Carpenter Technology news, VP Marshall D. Akins sold 4,358 shares of the company’s stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $102.23, for a total value of $445,518.34. Following the sale, the vice president now owns 23,014 shares in the company, valued at approximately $2,352,721.22. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Elizabeth A. Socci sold 802 shares of the company’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $102.11, for a total value of $81,892.22. Following the completion of the sale, the vice president now owns 11,509 shares in the company, valued at approximately $1,175,183.99. The disclosure for this sale can be found here. Insiders have sold 59,678 shares of company stock worth $6,261,693 in the last 90 days. Insiders own 3.40% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on CRS shares. BTIG Research started coverage on Carpenter Technology in a report on Wednesday, June 26th. They issued a “buy” rating and a $120.00 price objective for the company. Northcoast Research reaffirmed a “sell” rating and issued a $89.00 price objective on shares of Carpenter Technology in a report on Friday, June 14th. Benchmark reaffirmed a “buy” rating and issued a $140.00 price objective on shares of Carpenter Technology in a report on Tuesday, May 28th. Deutsche Bank Aktiengesellschaft started coverage on Carpenter Technology in a report on Tuesday, June 25th. They issued a “buy” rating and a $144.00 price objective for the company. Finally, TD Cowen lifted their price objective on Carpenter Technology from $116.00 to $125.00 and gave the company a “buy” rating in a report on Monday, June 10th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $123.60.

Carpenter Technology Price Performance

Carpenter Technology stock opened at $105.21 on Wednesday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.45 and a current ratio of 3.20. Carpenter Technology Co. has a 52 week low of $51.94 and a 52 week high of $112.75. The stock has a market capitalization of $5.22 billion, a P/E ratio of 40.00 and a beta of 1.44. The stock has a fifty day moving average of $103.22 and a 200-day moving average of $80.63.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings results on Wednesday, May 1st. The basic materials company reported $1.19 EPS for the quarter, topping analysts’ consensus estimates of $0.94 by $0.25. The company had revenue of $684.90 million during the quarter, compared to analysts’ expectations of $707.73 million. Carpenter Technology had a return on equity of 12.75% and a net margin of 4.83%. Carpenter Technology’s revenue was down .8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.38 EPS. On average, sell-side analysts expect that Carpenter Technology Co. will post 4.35 earnings per share for the current fiscal year.

Carpenter Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 6th. Investors of record on Tuesday, April 23rd were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, April 22nd. This represents a $0.80 dividend on an annualized basis and a yield of 0.76%. This is a positive change from Carpenter Technology’s previous quarterly dividend of $0.18. Carpenter Technology’s payout ratio is currently 30.42%.

Carpenter Technology 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.