Carpenter Technology Corporation (NYSE:CRS) Short Interest Update

Carpenter Technology Corporation (NYSE:CRS) was the target of a significant decrease in short interest during the month of February. As of February 27th, there was short interest totaling 3,112,447 shares, a decrease of 13.0% from the February 12th total of 3,578,416 shares. Based on an average daily trading volume, of 657,750 shares, the short-interest ratio is currently 4.7 days. Currently, 6.4% of the shares of the company are short sold. Currently, 6.4% of the shares of the company are short sold. Based on an average daily trading volume, of 657,750 shares, the short-interest ratio is currently 4.7 days.

Analyst Ratings Changes

Several brokerages have commented on CRS. Susquehanna started coverage on shares of Carpenter Technology in a research note on Tuesday, March 3rd. They issued a “positive” rating and a $470.00 price target on the stock. Wall Street Zen raised Carpenter Technology from a “hold” rating to a “buy” rating in a research note on Saturday, January 31st. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Carpenter Technology in a research note on Tuesday, January 27th. JPMorgan Chase & Co. raised their target price on shares of Carpenter Technology from $388.00 to $394.00 and gave the company an “overweight” rating in a report on Friday, January 30th. Finally, BTIG Research upped their price target on shares of Carpenter Technology from $365.00 to $375.00 and gave the company a “buy” rating in a research note on Friday, January 30th. Nine equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $385.50.

Carpenter Technology Trading Up 2.7%

Shares of NYSE CRS traded up $10.43 during trading hours on Wednesday, reaching $391.89. The stock had a trading volume of 232,514 shares, compared to its average volume of 815,564. Carpenter Technology has a 52-week low of $138.61 and a 52-week high of $412.31. The firm has a market cap of $19.52 billion, a price-to-earnings ratio of 45.52, a P/E/G ratio of 1.47 and a beta of 1.22. The business’s fifty day moving average price is $361.51 and its two-hundred day moving average price is $314.27. The company has a current ratio of 4.25, a quick ratio of 2.26 and a debt-to-equity ratio of 0.35.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings results on Thursday, January 29th. The basic materials company reported $2.33 EPS for the quarter, beating the consensus estimate of $2.20 by $0.13. Carpenter Technology had a net margin of 14.77% and a return on equity of 23.63%. The business had revenue of $728.00 million during the quarter, compared to analyst estimates of $733.76 million. During the same quarter in the previous year, the business posted $1.66 EPS. The company’s quarterly revenue was up 7.5% compared to the same quarter last year. Analysts expect that Carpenter Technology will post 6.83 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Tuesday, January 27th were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date was Tuesday, January 27th. Carpenter Technology’s dividend payout ratio is 9.29%.

Insider Activity at Carpenter Technology

In related news, SVP James D. Dee sold 15,800 shares of the stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $391.78, for a total value of $6,190,124.00. Following the completion of the sale, the senior vice president directly owned 73,739 shares of the company’s stock, valued at approximately $28,889,465.42. This represents a 17.65% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Steven E. Karol sold 3,500 shares of Carpenter Technology stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $381.12, for a total transaction of $1,333,920.00. Following the transaction, the director directly owned 225,381 shares in the company, valued at $85,897,206.72. This represents a 1.53% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 22,300 shares of company stock worth $8,664,044 over the last quarter. Insiders own 2.90% of the company’s stock.

Institutional Trading of Carpenter Technology

Several hedge funds have recently modified their holdings of CRS. Rockefeller Capital Management L.P. raised its stake in Carpenter Technology by 325.1% in the fourth quarter. Rockefeller Capital Management L.P. now owns 4,332 shares of the basic materials company’s stock valued at $1,364,000 after buying an additional 3,313 shares during the last quarter. Corient Private Wealth LLC purchased a new position in shares of Carpenter Technology in the fourth quarter worth $409,000. Banque Transatlantique SA acquired a new stake in shares of Carpenter Technology during the fourth quarter worth $285,000. Pacer Advisors Inc. grew its holdings in shares of Carpenter Technology by 30.3% during the fourth quarter. Pacer Advisors Inc. now owns 8,565 shares of the basic materials company’s stock valued at $2,697,000 after buying an additional 1,990 shares during the last quarter. Finally, Virtu Financial LLC purchased a new position in Carpenter Technology in the 4th quarter worth $2,780,000. 92.03% of the stock is owned by hedge funds and other institutional investors.

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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.