Carpenter Technology Co. (NYSE:CRS) Short Interest Update

Carpenter Technology Co. (NYSE:CRS) was the recipient of a significant growth in short interest in 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 short-interest ratio is presently 2.6 days. Currently, 3.4% of the shares of the company are short sold.

Carpenter Technology Stock Performance

CRS stock traded down $0.16 during trading hours on Thursday, hitting $159.55. 356,176 shares of the stock were exchanged, compared to its average volume of 583,621. Carpenter Technology has a 12 month low of $58.87 and a 12 month high of $166.51. 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 firm has a market capitalization of $7.91 billion, a P/E ratio of 60.67, a P/E/G ratio of 0.83 and a beta of 1.45. The company has a 50-day simple moving average of $148.54 and a two-hundred day simple moving average of $119.81.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings results on Thursday, July 25th. The basic materials company reported $1.82 EPS for the quarter, topping analysts’ consensus estimates of $1.51 by $0.31. The business 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%. Carpenter Technology’s revenue for the quarter was up 5.4% compared to the same quarter last year. During the same period last year, the firm earned $0.78 earnings per share. On average, analysts forecast that Carpenter Technology will post 6.63 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Tuesday, October 22nd will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.50%. The ex-dividend date of this dividend is Tuesday, October 22nd. Carpenter Technology’s dividend payout ratio (DPR) is currently 30.42%.

Institutional Investors Weigh In On Carpenter Technology

Large investors have recently added to or reduced their stakes in the stock. Kimelman & Baird LLC acquired a new stake in shares of Carpenter Technology during the 2nd quarter worth $33,000. nVerses Capital LLC acquired a new stake in Carpenter Technology during the third quarter worth about $64,000. Whittier Trust Co. bought a new position in Carpenter Technology in the 1st quarter valued at about $30,000. National Bank of Canada FI acquired a new position in shares of Carpenter Technology in the 2nd quarter valued at approximately $49,000. Finally, EverSource Wealth Advisors LLC lifted its holdings 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 during the period. Institutional investors and hedge funds own 92.03% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on CRS shares. BTIG Research raised their price target on Carpenter Technology from $120.00 to $165.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Carpenter Technology in a report on Tuesday, June 25th. They set a “buy” rating and a $144.00 target price for the company. Finally, Benchmark upped their price target on shares of Carpenter Technology from $140.00 to $175.00 and gave the company a “buy” rating in a research note on Friday, July 26th. One research analyst has rated the stock with a sell rating and four have given a buy rating to the stock. Based on data from MarketBeat, Carpenter Technology has a consensus rating of “Moderate Buy” and an average target price of $139.60.

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.