Carpenter Technology Co. (NYSE:CRS) Sees Large Growth in Short Interest

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

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. GAMMA Investing LLC boosted its position in Carpenter Technology by 9.2% during the 2nd quarter. GAMMA Investing LLC now owns 1,614 shares of the basic materials company’s stock worth $177,000 after purchasing an additional 136 shares during the period. CWM LLC boosted its position in Carpenter Technology by 12.6% in the 2nd quarter. CWM LLC now owns 921 shares of the basic materials company’s stock valued at $101,000 after buying an additional 103 shares during the last quarter. Sequoia Financial Advisors LLC acquired a new stake in shares of Carpenter Technology in the 2nd quarter valued at about $247,000. Great Valley Advisor Group Inc. acquired a new stake in shares of Carpenter Technology in the 2nd quarter valued at about $259,000. Finally, Neo Ivy Capital Management acquired a new stake in shares of Carpenter Technology in the 2nd quarter valued at about $1,173,000. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Carpenter Technology Stock Performance

NYSE:CRS traded down $2.82 during mid-day trading on Tuesday, reaching $191.95. The stock had a trading volume of 162,296 shares, compared to its average volume of 590,620. The company has a debt-to-equity ratio of 0.42, a quick ratio of 2.00 and a current ratio of 3.84. The firm has a market capitalization of $9.57 billion, a price-to-earnings ratio of 43.36, a PEG ratio of 0.97 and a beta of 1.52. Carpenter Technology has a twelve month low of $58.87 and a twelve month high of $198.24. The business has a 50 day simple moving average of $168.23 and a 200 day simple moving average of $139.56.

Carpenter Technology (NYSE:CRS) last issued its earnings results on Thursday, October 24th. The basic materials company reported $1.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.58 by $0.15. Carpenter Technology had a net margin of 8.05% and a return on equity of 18.01%. The company had revenue of $717.60 million during the quarter, compared to analysts’ expectations of $742.96 million. During the same period last year, the company 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 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Tuesday, October 22nd will be issued a $0.20 dividend. The ex-dividend date of this dividend is Tuesday, October 22nd. This represents a $0.80 annualized dividend and a yield of 0.42%. Carpenter Technology’s dividend payout ratio (DPR) is presently 17.82%.

Wall Street Analysts Forecast Growth

CRS has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. initiated coverage on Carpenter Technology in a report on Friday, November 22nd. They issued an “overweight” rating and a $220.00 price objective on the stock. Benchmark reiterated a “buy” rating and issued a $175.00 price objective on shares of Carpenter Technology in a report on Friday, October 25th. One analyst has rated the stock with a sell rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $153.00.

Carpenter Technology Company Profile

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.