Short Interest in Carpenter Technology Co. (NYSE:CRS) Increases By 6.0%

Carpenter Technology Co. (NYSE:CRS) saw a significant growth in short interest in the month of November. As of November 15th, there was short interest totalling 2,290,000 shares, a growth of 6.0% from the October 31st total of 2,160,000 shares. Based on an average daily volume of 580,100 shares, the short-interest ratio is presently 3.9 days. Approximately 4.8% of the shares of the company are sold short.

Carpenter Technology Trading Up 0.7 %

Shares of Carpenter Technology stock traded up $1.29 on Wednesday, reaching $193.99. 35,170 shares of the company were exchanged, compared to its average volume of 589,228. The company has a current ratio of 3.84, a quick ratio of 2.00 and a debt-to-equity ratio of 0.42. Carpenter Technology has a fifty-two week low of $58.87 and a fifty-two week high of $198.24. The firm has a market capitalization of $9.67 billion, a price-to-earnings ratio of 42.91, a price-to-earnings-growth ratio of 0.97 and a beta of 1.52. The stock has a fifty day moving average price of $168.88 and a 200-day moving average price of $140.14.

Carpenter Technology (NYSE:CRS) last released its earnings results on Thursday, October 24th. The basic materials company reported $1.73 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.15. Carpenter Technology had a net margin of 8.05% and a return on equity of 18.01%. The business had revenue of $717.60 million for the quarter, compared to the consensus estimate of $742.96 million. During the same period last year, the firm posted $0.88 earnings per share. The firm’s quarterly revenue was up 10.1% compared to the same quarter last year. On average, analysts expect that Carpenter Technology will post 6.74 EPS for the current year.

Carpenter Technology Dividend Announcement

The firm 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 $0.20 dividend. The ex-dividend date is Tuesday, October 22nd. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.41%. Carpenter Technology’s payout ratio is currently 17.82%.

Analyst Ratings Changes

Several research firms have commented on CRS. JPMorgan Chase & Co. started coverage on shares of Carpenter Technology in a research note on Friday, November 22nd. They set an “overweight” rating and a $220.00 target price on the stock. Benchmark reissued a “buy” rating and issued a $175.00 price objective on shares of Carpenter Technology in a research note on Friday, October 25th. One investment analyst has rated the stock with a sell rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, Carpenter Technology has a consensus rating of “Moderate Buy” and a consensus price target of $153.00.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of CRS. Franklin Resources Inc. grew its stake in Carpenter Technology by 9.7% during the 3rd quarter. Franklin Resources Inc. now owns 368,077 shares of the basic materials company’s stock valued at $57,891,000 after acquiring an additional 32,442 shares in the last quarter. Tidal Investments LLC increased its stake in Carpenter Technology by 91.9% in the 3rd quarter. Tidal Investments LLC now owns 21,083 shares of the basic materials company’s stock valued at $3,364,000 after buying an additional 10,094 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in shares of Carpenter Technology during the 3rd quarter valued at $80,000. Virtue Capital Management LLC purchased a new position in shares of Carpenter Technology during the 3rd quarter valued at $860,000. Finally, Geode Capital Management LLC increased its stake in shares of Carpenter Technology by 1.6% in the third quarter. Geode Capital Management LLC now owns 1,100,204 shares of the basic materials company’s stock worth $175,607,000 after acquiring an additional 17,497 shares during the last quarter. 92.03% of the stock is owned by institutional investors and hedge funds.

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.