Short Interest in Carpenter Technology Co. (NYSE:CRS) Declines By 5.8%

Carpenter Technology Co. (NYSE:CRS) was the recipient of a large decrease in short interest in July. As of July 15th, there was short interest totalling 1,130,000 shares, a decrease of 5.8% from the June 30th total of 1,200,000 shares. Currently, 2.4% of the shares of the stock are short sold. Based on an average daily trading volume, of 706,600 shares, the days-to-cover ratio is currently 1.6 days.

Carpenter Technology Trading Up 3.2 %

Shares of CRS stock opened at $145.87 on Thursday. The company has a quick ratio of 1.84, a current ratio of 3.41 and a debt-to-equity ratio of 0.43. Carpenter Technology has a fifty-two week low of $56.42 and a fifty-two week high of $148.49. The firm’s 50 day moving average price is $110.88 and its two-hundred day moving average price is $87.67. The stock has a market cap of $7.24 billion, a price-to-earnings ratio of 55.46, a price-to-earnings-growth ratio of 0.84 and a beta of 1.44.

Carpenter Technology (NYSE:CRS) last posted its earnings results on Thursday, July 25th. The basic materials company reported $1.82 earnings per share for the quarter, beating 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 business had revenue of $798.70 million for the quarter, compared to analyst estimates of $763.76 million. During the same quarter in the previous year, the business posted $0.78 EPS. The business’s quarterly revenue was up 5.4% on a year-over-year basis. On average, analysts anticipate that Carpenter Technology will post 5.84 EPS for the current year.

Analyst Ratings Changes

A number of analysts have issued reports on CRS shares. TD Cowen raised their price target on Carpenter Technology from $116.00 to $125.00 and gave the stock a “buy” rating in a research note on Monday, June 10th. Benchmark boosted their target price on shares of Carpenter Technology from $140.00 to $175.00 and gave the company a “buy” rating in a report on Friday, July 26th. Northcoast Research reaffirmed a “sell” rating and set a $89.00 price target on shares of Carpenter Technology in a research report on Friday, June 14th. Deutsche Bank Aktiengesellschaft began coverage on shares of Carpenter Technology in a report on Tuesday, June 25th. They issued a “buy” rating and a $144.00 price target on the stock. Finally, BTIG Research upped their price objective on Carpenter Technology from $120.00 to $165.00 and gave the stock a “buy” rating in a report on Tuesday. One 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. Based on data from MarketBeat.com, Carpenter Technology currently has a consensus rating of “Moderate Buy” and an average target price of $139.60.

Insider Activity at Carpenter Technology

In related news, SVP James D. Dee sold 23,518 shares of the stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $111.26, for a total transaction of $2,616,612.68. Following the sale, the senior vice president now owns 84,798 shares of the company’s stock, valued at $9,434,625.48. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, SVP James D. Dee sold 23,518 shares of the business’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $111.26, for a total value of $2,616,612.68. Following the completion of the transaction, the senior vice president now owns 84,798 shares of the company’s stock, valued at $9,434,625.48. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Marshall D. Akins sold 4,358 shares of the firm’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $102.23, for a total transaction of $445,518.34. Following the sale, the vice president now owns 23,014 shares in the company, valued at approximately $2,352,721.22. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 59,678 shares of company stock valued at $6,261,693. 3.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Carpenter Technology

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in shares of Carpenter Technology by 0.3% during the first 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 in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Carpenter Technology by 1.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,616,808 shares of the basic materials company’s stock worth $256,072,000 after buying an additional 43,589 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in Carpenter Technology by 82.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 972,222 shares of the basic materials company’s stock valued at $68,833,000 after buying an additional 438,781 shares during the last quarter. Hawk Ridge Capital Management LP grew its stake in shares of Carpenter Technology by 199.1% during the fourth 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 in the last quarter. Finally, Bayberry Capital Partners LP purchased a new stake in shares of Carpenter Technology during the first quarter worth about $35,887,000. Hedge funds and other institutional investors own 92.03% of the company’s stock.

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.