Allspring Global Investments Holdings LLC Increases Stock Holdings in Carpenter Technology Co. (NYSE:CRS)

Allspring Global Investments Holdings LLC raised its position in shares of Carpenter Technology Co. (NYSE:CRS) by 428.4% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 592,034 shares of the basic materials company’s stock after purchasing an additional 479,985 shares during the quarter. Allspring Global Investments Holdings LLC owned 1.19% of Carpenter Technology worth $103,714,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. FMR LLC grew its position in Carpenter Technology by 47.1% during the third quarter. FMR LLC now owns 3,465,295 shares of the basic materials company’s stock valued at $552,992,000 after buying an additional 1,108,963 shares during the period. Assenagon Asset Management S.A. boosted its stake in shares of Carpenter Technology by 1,538.1% during the 3rd quarter. Assenagon Asset Management S.A. now owns 213,391 shares of the basic materials company’s stock worth $34,053,000 after acquiring an additional 200,364 shares during the last quarter. Forest Avenue Capital Management LP bought a new stake in shares of Carpenter Technology during the 3rd quarter valued at $25,262,000. WCM Investment Management LLC purchased a new stake in shares of Carpenter Technology in the 3rd quarter worth $18,868,000. Finally, Holocene Advisors LP bought a new position in Carpenter Technology in the 3rd quarter worth $17,337,000. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Carpenter Technology Trading Up 0.8 %

CRS stock opened at $186.69 on Thursday. The company has a debt-to-equity ratio of 0.40, a current ratio of 3.80 and a quick ratio of 1.92. Carpenter Technology Co. has a 1-year low of $60.65 and a 1-year high of $213.65. The business has a 50 day simple moving average of $187.00 and a two-hundred day simple moving average of $167.56. The company has a market capitalization of $9.33 billion, a price-to-earnings ratio of 35.22, a PEG ratio of 0.88 and a beta of 1.54.

Carpenter Technology (NYSE:CRS) last released its 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%. Research analysts anticipate that Carpenter Technology Co. will post 6.83 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 6th. Stockholders of record on Friday, February 28th will be given a dividend of $0.20 per share. 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%.

Analysts Set New Price Targets

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

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.