Carpenter Technology Co. (NYSE:CRS) Sees Large Decrease in Short Interest

Carpenter Technology Co. (NYSE:CRS) was the recipient of a large decrease in short interest during the month of August. As of August 31st, there was short interest totalling 1,450,000 shares, a decrease of 10.5% from the August 15th total of 1,620,000 shares. Currently, 3.1% of the shares of the stock are sold short. Based on an average daily volume of 691,200 shares, the short-interest ratio is currently 2.1 days.

Carpenter Technology Trading Up 1.4 %

Shares of CRS stock traded up $2.03 on Tuesday, hitting $143.40. 217,836 shares of the stock traded hands, compared to its average volume of 585,155. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.84 and a current ratio of 3.41. Carpenter Technology has a twelve month low of $58.87 and a twelve month high of $148.94. The firm’s 50-day moving average price is $134.52 and its two-hundred day moving average price is $105.91. The stock has a market capitalization of $7.11 billion, a PE ratio of 54.70, a PEG ratio of 0.77 and a beta of 1.45.

Carpenter Technology (NYSE:CRS) last issued its earnings results on Thursday, July 25th. The basic materials company reported $1.82 EPS for the quarter, topping analysts’ consensus estimates of $1.51 by $0.31. Carpenter Technology had a net margin of 6.76% and a return on equity of 15.81%. The company had revenue of $798.70 million for the quarter, compared to the consensus estimate of $763.76 million. During the same period in the previous year, the firm earned $0.78 earnings per share. Carpenter Technology’s quarterly revenue was up 5.4% compared to the same quarter last year. As a group, analysts anticipate that Carpenter Technology will post 6.06 EPS for the current year.

Carpenter Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Tuesday, August 27th were given a $0.20 dividend. The ex-dividend date was Tuesday, August 27th. This represents a $0.80 annualized dividend and a yield of 0.56%. Carpenter Technology’s payout ratio is 30.42%.

Institutional Investors Weigh In On Carpenter Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CRS. Vanguard Group Inc. grew its holdings in shares of Carpenter Technology by 0.3% during the 1st quarter. Vanguard Group Inc. now owns 5,686,022 shares of the basic materials company’s stock worth $406,096,000 after purchasing an additional 15,564 shares during the period. Goldman Sachs Group Inc. boosted its stake in Carpenter Technology by 82.3% during the fourth quarter. Goldman Sachs Group Inc. now owns 972,222 shares of the basic materials company’s stock worth $68,833,000 after buying an additional 438,781 shares during the period. American Century Companies Inc. increased its position in shares of Carpenter Technology by 129.5% during the second quarter. American Century Companies Inc. now owns 849,097 shares of the basic materials company’s stock valued at $93,044,000 after acquiring an additional 479,047 shares during the last quarter. Hawk Ridge Capital Management LP raised its stake in shares of Carpenter Technology by 199.1% in the 4th quarter. Hawk Ridge Capital Management LP now owns 688,427 shares of the basic materials company’s stock valued at $48,741,000 after acquiring an additional 458,227 shares during the period. Finally, Wolf Hill Capital Management LP acquired a new position in shares of Carpenter Technology in the 2nd quarter worth approximately $73,850,000. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. TD Cowen raised their target price on Carpenter Technology from $116.00 to $125.00 and gave the company a “buy” rating in a research report on Monday, June 10th. Northcoast Research reaffirmed a “sell” rating and set a $89.00 target price on shares of Carpenter Technology in a research note on Friday, June 14th. BTIG Research upped their target price on shares of Carpenter Technology from $120.00 to $165.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. Benchmark raised their price target on shares of Carpenter Technology from $140.00 to $175.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Carpenter Technology in a research note on Tuesday, June 25th. They set a “buy” rating and a $144.00 price objective for the company. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $139.60.

About Carpenter Technology

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.