Allspring Global Investments Holdings LLC Purchases 479,985 Shares of Carpenter Technology Co. (NYSE:CRS)

Allspring Global Investments Holdings LLC increased its holdings in Carpenter Technology Co. (NYSE:CRS) by 428.4% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 592,034 shares of the basic materials company’s stock after purchasing an additional 479,985 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Carpenter Technology were worth $103,714,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. UMB Bank n.a. raised its position in Carpenter Technology by 169.0% during the fourth quarter. UMB Bank n.a. now owns 304 shares of the basic materials company’s stock valued at $52,000 after purchasing an additional 191 shares during the period. nVerses Capital LLC bought a new position in shares of Carpenter Technology during the 3rd quarter valued at approximately $64,000. Banque Cantonale Vaudoise purchased a new stake in Carpenter Technology during the 3rd quarter valued at $65,000. Wilmington Savings Fund Society FSB bought a new stake in Carpenter Technology in the third quarter worth $80,000. Finally, Morse Asset Management Inc purchased a new position in Carpenter Technology during the third quarter worth $84,000. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on CRS shares. JPMorgan Chase & Co. increased their target price on shares of Carpenter Technology from $220.00 to $235.00 and gave the company an “overweight” rating in a research note on Monday, January 27th. Benchmark reiterated a “buy” rating and set a $175.00 price target on shares of Carpenter Technology in a report on Friday, October 25th. One investment analyst has rated the stock with a sell rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $155.50.

Carpenter Technology Stock Performance

CRS stock opened at $186.69 on Thursday. Carpenter Technology Co. has a twelve month low of $60.65 and a twelve month high of $213.65. The firm has a market cap of $9.33 billion, a price-to-earnings ratio of 35.22, a PEG ratio of 0.88 and a beta of 1.54. The business’s fifty day simple moving average is $187.00 and its two-hundred day simple moving average is $167.56. The company has a quick ratio of 1.92, a current ratio of 3.80 and a debt-to-equity ratio of 0.40.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings results on Thursday, January 30th. The basic materials company reported $1.66 EPS for the quarter, topping the consensus estimate of $1.58 by $0.08. Carpenter Technology had a net margin of 9.34% and a return on equity of 19.88%. Analysts predict that Carpenter Technology Co. will post 6.83 earnings per share for the current year.

Carpenter Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 6th. Investors of record on Friday, February 28th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Tuesday, January 28th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.43%. Carpenter Technology’s payout ratio is 15.09%.

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.