Carpenter Technology Co. (NYSE:CRS) Short Interest Update

Carpenter Technology Co. (NYSE:CRS) was the target of a significant growth in short interest in September. As of September 30th, there was short interest totalling 1,610,000 shares, a growth of 5.9% from the September 15th total of 1,520,000 shares. Approximately 3.4% of the shares of the stock are sold short. Based on an average daily trading volume, of 612,900 shares, the days-to-cover ratio is presently 2.6 days.

Analyst Ratings Changes

A number of research analysts have recently issued reports on CRS shares. Deutsche Bank Aktiengesellschaft began coverage on Carpenter Technology in a research report on Tuesday, June 25th. They set a “buy” rating and a $144.00 target price on the stock. BTIG Research lifted their target price on shares of Carpenter Technology from $120.00 to $165.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. Finally, Benchmark upped their price target on shares of Carpenter Technology from $140.00 to $175.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. One research analyst has rated the stock with a sell rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $139.60.

Carpenter Technology Price Performance

CRS stock traded down $0.16 during midday trading on Thursday, reaching $159.55. The stock had a trading volume of 356,176 shares, compared to its average volume of 583,621. Carpenter Technology has a 52-week low of $58.87 and a 52-week high of $166.51. The company has a current ratio of 3.41, a quick ratio of 1.84 and a debt-to-equity ratio of 0.43. The company’s fifty day simple moving average is $148.54 and its 200 day simple moving average is $119.81. The company has a market cap of $7.91 billion, a price-to-earnings ratio of 60.67, a price-to-earnings-growth ratio of 0.83 and a beta of 1.45.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings results on Thursday, July 25th. The basic materials company reported $1.82 earnings per share for the quarter, topping the consensus estimate of $1.51 by $0.31. Carpenter Technology had a net margin of 6.76% and a return on equity of 15.81%. The firm had revenue of $798.70 million for the quarter, compared to the consensus estimate of $763.76 million. During the same period last year, the firm posted $0.78 earnings per share. The company’s revenue for the quarter was up 5.4% on a year-over-year basis. As a group, sell-side analysts predict that Carpenter Technology will post 6.63 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Tuesday, October 22nd will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.50%. The ex-dividend date is Tuesday, October 22nd. Carpenter Technology’s dividend payout ratio is currently 30.42%.

Institutional Investors Weigh In On Carpenter Technology

Large investors have recently made changes to their positions in the stock. CWM LLC grew its holdings in Carpenter Technology by 12.6% in the 2nd quarter. CWM LLC now owns 921 shares of the basic materials company’s stock valued at $101,000 after buying an additional 103 shares in the last quarter. GAMMA Investing LLC increased its position in Carpenter Technology by 9.2% during the second quarter. GAMMA Investing LLC now owns 1,614 shares of the basic materials company’s stock worth $177,000 after purchasing an additional 136 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake in Carpenter Technology by 58.0% during the second quarter. EverSource Wealth Advisors LLC now owns 485 shares of the basic materials company’s stock worth $53,000 after purchasing an additional 178 shares during the period. American International Group Inc. raised its stake in Carpenter Technology by 0.7% during the fourth quarter. American International Group Inc. now owns 26,653 shares of the basic materials company’s stock worth $1,887,000 after purchasing an additional 188 shares during the period. Finally, Wealth Enhancement Advisory Services LLC boosted its holdings 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 last quarter. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

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.