Allspring Global Investments Holdings LLC Sells 64,933 Shares of Carpenter Technology Corporation $CRS

by · The Markets Daily

Allspring Global Investments Holdings LLC trimmed its position in Carpenter Technology Corporation (NYSE:CRS – Free Report) by 12.3% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 463,109 shares of the basic materials company’s stock after selling 64,933 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Carpenter Technology were worth $187,244,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Covestor Ltd increased its stake in shares of Carpenter Technology by 334.3% in the 4th quarter. Covestor Ltd now owns 3,492 shares of the basic materials company’s stock worth $1,099,000 after purchasing an additional 2,688 shares in the last quarter. Concurrent Investment Advisors LLC lifted its position in Carpenter Technology by 127.7% during the fourth quarter. Concurrent Investment Advisors LLC now owns 5,141 shares of the basic materials company’s stock valued at $1,619,000 after purchasing an additional 2,883 shares in the last quarter. Renaissance Investment Group LLC bought a new stake in Carpenter Technology during the fourth quarter valued at about $8,141,000. Peregrine Asset Advisers Inc. bought a new stake in Carpenter Technology during the fourth quarter valued at about $4,062,000. Finally, UBS Group AG increased its position in Carpenter Technology by 171.2% in the fourth quarter. UBS Group AG now owns 606,501 shares of the basic materials company’s stock worth $190,951,000 after buying an additional 382,865 shares in the last quarter. 92.03% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, Director Anastasios John Hart sold 750 shares of the company’s stock in a transaction on Monday, May 4th. The shares were sold at an average price of $423.86, for a total transaction of $317,895.00. Following the completion of the transaction, the director owned 750 shares in the company, valued at approximately $317,895. This represents a 50.00% 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, VP Marshall D. Akins sold 11,815 shares of the firm’s stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $441.36, for a total transaction of $5,214,668.40. Following the transaction, the vice president directly owned 18,344 shares of the company’s stock, valued at $8,096,307.84. The trade was a 39.18% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 2.90% of the stock is currently owned by corporate insiders.

Carpenter Technology Stock Down 4.0%

NYSE CRS opened at $553.85 on Friday. The stock’s 50 day moving average is $522.47 and its 200 day moving average is $429.51. The company has a current ratio of 3.73, a quick ratio of 2.08 and a debt-to-equity ratio of 0.33. Carpenter Technology Corporation has a 12 month low of $228.00 and a 12 month high of $625.98. The stock has a market cap of $27.52 billion, a PE ratio of 58.30, a P/E/G ratio of 1.62 and a beta of 1.22.

Carpenter Technology (NYSE:CRS – Get Free Report) last announced its quarterly earnings data on Wednesday, April 29th. The basic materials company reported $2.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.59 by $0.18. The business had revenue of $655.60 million during the quarter, compared to analyst estimates of $797.00 million. Carpenter Technology had a net margin of 15.82% and a return on equity of 25.02%. The company’s revenue was up 11.6% on a year-over-year basis. During the same period last year, the firm posted $1.88 EPS. Research analysts predict that Carpenter Technology Corporation will post 10.57 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently commented on CRS. Weiss Ratings downgraded Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a research note on Wednesday, June 3rd. Wells Fargo & Company boosted their price objective on Carpenter Technology from $400.00 to $425.00 and gave the company an “equal weight” rating in a research note on Monday, May 4th. TD Cowen increased their target price on shares of Carpenter Technology from $470.00 to $650.00 and gave the stock a “buy” rating in a report on Monday. KeyCorp raised their target price on shares of Carpenter Technology from $459.00 to $644.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 30th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Carpenter Technology from $470.00 to $705.00 and gave the company an “overweight” rating in a report on Tuesday. Eight equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $556.75.

Get Our Latest Analysis on Carpenter Technology

Carpenter Technology Company Profile

(Free Report)

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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.

See Also

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