Short Interest in Carpenter Technology Co. (NYSE:CRS) Grows By 5.9%

by · The Cerbat Gem

Carpenter Technology Co. (NYSE:CRS – Get Free Report) saw a significant growth in short interest during the month of 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. Based on an average daily trading volume, of 612,900 shares, the days-to-cover ratio is presently 2.6 days. Currently, 3.4% of the company’s shares are sold short.

Analyst Ratings Changes

A number of equities research analysts have weighed in on CRS shares. BTIG Research lifted their price target 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. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Carpenter Technology in a research report on Tuesday, June 25th. They set a “buy” rating and a $144.00 price objective for the company. Finally, Benchmark boosted their target price on Carpenter Technology from $140.00 to $175.00 and gave the company a “buy” rating in a research report on Friday, July 26th. One equities research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $139.60.

Read Our Latest Stock Analysis on CRS

Institutional Investors Weigh In On Carpenter Technology

Several large investors have recently bought and sold shares of the stock. Whittier Trust Co. acquired a new stake in shares of Carpenter Technology in the 1st quarter valued at $30,000. Kimelman & Baird LLC acquired a new stake in Carpenter Technology in the second quarter valued at $33,000. Westend Capital Management LLC acquired a new stake in Carpenter Technology in the first quarter valued at $36,000. National Bank of Canada FI purchased a new stake in Carpenter Technology during the 2nd quarter worth about $49,000. Finally, EverSource Wealth Advisors LLC boosted its position in shares of Carpenter Technology by 58.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 485 shares of the basic materials company’s stock worth $53,000 after acquiring an additional 178 shares in the last quarter. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Carpenter Technology Stock Down 0.1 %

Shares of CRS traded down $0.16 during mid-day trading on Thursday, hitting $159.55. 356,176 shares of the company’s stock were exchanged, compared to its average volume of 583,621. The stock’s 50-day moving average is $148.54 and its 200-day moving average is $119.81. 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 fifty-two week low of $58.87 and a fifty-two week high of $166.51. The company has a market cap of $7.91 billion, a price-to-earnings ratio of 60.67, a P/E/G ratio of 0.83 and a beta of 1.45.

Carpenter Technology (NYSE:CRS – Get Free Report) last released its earnings results on Thursday, July 25th. The basic materials company reported $1.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.51 by $0.31. The company had revenue of $798.70 million for the quarter, compared to analyst estimates of $763.76 million. Carpenter Technology had a net margin of 6.76% and a return on equity of 15.81%. The firm’s quarterly revenue was up 5.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.78 EPS. On average, sell-side analysts anticipate 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. Investors of record on Tuesday, October 22nd will be issued a $0.20 dividend. The ex-dividend date of this dividend is Tuesday, October 22nd. This represents a $0.80 dividend on an annualized basis and a yield of 0.50%. Carpenter Technology’s dividend payout ratio (DPR) is presently 30.42%.

About Carpenter Technology

(Get 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.

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