Short Interest in Carpenter Technology Co. (NYSE:CRS) Increases By 5.6%

Carpenter Technology Co. (NYSE:CRSGet Free Report) saw a large increase in short interest in October. As of October 15th, there was short interest totalling 1,700,000 shares, an increase of 5.6% from the September 30th total of 1,610,000 shares. Based on an average trading volume of 569,800 shares, the days-to-cover ratio is currently 3.0 days. Approximately 3.6% of the shares of the stock are short sold.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of CRS. Vanguard Group Inc. raised its holdings 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 valued at $406,096,000 after purchasing an additional 15,564 shares during the period. American Century Companies Inc. raised its stake in Carpenter Technology by 129.5% during the 2nd 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. Wolf Hill Capital Management LP bought a new position in Carpenter Technology in the second quarter worth approximately $73,850,000. Bayberry Capital Partners LP acquired a new stake in Carpenter Technology in the first quarter valued at approximately $35,887,000. Finally, Assenagon Asset Management S.A. increased its holdings in shares of Carpenter Technology by 1,538.1% during the third quarter. Assenagon Asset Management S.A. now owns 213,391 shares of the basic materials company’s stock valued at $34,053,000 after acquiring an additional 200,364 shares in the last quarter. Institutional investors and hedge funds own 92.03% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on CRS. BTIG Research increased their target price on Carpenter Technology from $120.00 to $165.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. Benchmark reiterated a “buy” rating and set a $175.00 target price on shares of Carpenter Technology in a research report on Friday, October 25th. One investment analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $139.60.

View Our Latest Report on CRS

Carpenter Technology Trading Down 2.0 %

Shares of CRS stock opened at $159.57 on Thursday. The stock has a 50-day moving average of $151.42 and a 200-day moving average of $125.27. 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 stock has a market cap of $7.92 billion, a price-to-earnings ratio of 60.67, a PEG ratio of 0.83 and a beta of 1.45. Carpenter Technology has a 1-year low of $58.87 and a 1-year high of $166.67.

Carpenter Technology (NYSE:CRSGet Free Report) last released its quarterly earnings results on Thursday, October 24th. The basic materials company reported $1.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.15. The firm had revenue of $717.60 million during the quarter, compared to analyst estimates of $742.96 million. Carpenter Technology had a net margin of 6.76% and a return on equity of 15.81%. The company’s revenue was up 10.1% compared to the same quarter last year. During the same quarter last year, the business earned $0.88 EPS. On average, equities research analysts forecast that Carpenter Technology will post 6.63 earnings per share for the current year.

Carpenter Technology Dividend Announcement

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