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

Carpenter Technology Co. (NYSE:CRS) was the target of a significant decline in short interest in August. As of August 31st, there was short interest totalling 1,450,000 shares, a decline of 10.5% from the August 15th total of 1,620,000 shares. Based on an average daily trading volume, of 691,200 shares, the days-to-cover ratio is currently 2.1 days. Currently, 3.1% of the company’s shares are sold short.

Wall Street Analyst Weigh In

A number of analysts have issued reports on CRS shares. Deutsche Bank Aktiengesellschaft started coverage on shares of Carpenter Technology in a research note on Tuesday, June 25th. They set a “buy” rating and a $144.00 price target on the stock. Northcoast Research reiterated a “sell” rating and set a $89.00 target price on shares of Carpenter Technology in a report on Friday, June 14th. Benchmark boosted 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. BTIG Research upped their price objective on Carpenter Technology from $120.00 to $165.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. Finally, TD Cowen lifted their target price on Carpenter Technology from $116.00 to $125.00 and gave the company a “buy” rating in a report on Monday, June 10th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $139.60.

Carpenter Technology Stock Up 1.4 %

Shares of NYSE:CRS traded up $2.03 during trading hours on Tuesday, reaching $143.40. The stock had a trading volume of 217,836 shares, compared to its average volume of 585,155. Carpenter Technology has a 1 year low of $58.87 and a 1 year high of $148.94. The firm’s 50 day moving average is $134.52 and its 200-day moving average is $105.91. The stock has a market capitalization of $7.11 billion, a price-to-earnings ratio of 54.70, a P/E/G ratio of 0.77 and a beta of 1.45. 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 (NYSE:CRS) last posted its earnings results on Thursday, July 25th. The basic materials company reported $1.82 EPS for the quarter, beating the consensus estimate of $1.51 by $0.31. The firm had revenue of $798.70 million for the quarter, compared to analyst estimates of $763.76 million. Carpenter Technology had a return on equity of 15.81% and a net margin of 6.76%. Carpenter Technology’s revenue for the quarter was up 5.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.78 earnings per share. Research analysts predict that Carpenter Technology will post 6.06 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

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

Hedge Funds Weigh In On Carpenter Technology

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in shares of Carpenter Technology by 0.3% in the 1st quarter. Vanguard Group Inc. now owns 5,686,022 shares of the basic materials company’s stock valued at $406,096,000 after buying an additional 15,564 shares in the last quarter. Goldman Sachs Group Inc. increased its position 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 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 worth $93,044,000 after buying an additional 479,047 shares during the period. Hawk Ridge Capital Management LP raised its position in 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 purchasing an additional 458,227 shares during the last quarter. Finally, Wolf Hill Capital Management LP purchased a new position in Carpenter Technology during the 2nd quarter worth $73,850,000. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

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.