Carpenter Technology Corporation (NYSE:CRS) Short Interest Update

Carpenter Technology Corporation (NYSE:CRS) was the target of a significant decrease in short interest in August. As of August 14th, there was short interest totaling 1,497,691 shares, a decrease of 38.6% from the July 30th total of 2,437,984 shares. Currently, 3.1% of the company’s stock are sold short. Based on an average daily volume of 575,620 shares, the days-to-cover ratio is presently 2.6 days.

Insider Activity at Carpenter Technology

In related news, Director Ramin Younessi sold 438 shares of the business’s stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $493.15, for a total transaction of $215,999.70. Following the transaction, the director directly owned 1,953 shares of the company’s stock, valued at approximately $963,121.95. The trade was a 18.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Tony R. Thene sold 57,456 shares of the company’s stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $483.90, for a total transaction of $27,802,958.40. Following the completion of the transaction, the chief executive officer owned 439,631 shares in the company, valued at approximately $212,737,440.90. This represents a 11.56% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 109,721 shares of company stock valued at $53,091,824. 2.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Carpenter Technology

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Wealthcare Advisory Partners LLC raised its position in shares of Carpenter Technology by 1.7% in the second quarter. Wealthcare Advisory Partners LLC now owns 1,148 shares of the basic materials company’s stock valued at $708,000 after purchasing an additional 19 shares during the period. Meeder Advisory Services Inc. boosted its holdings in shares of Carpenter Technology by 3.7% during the 4th quarter. Meeder Advisory Services Inc. now owns 889 shares of the basic materials company’s stock worth $280,000 after buying an additional 32 shares during the period. Abel Hall LLC boosted its holdings in shares of Carpenter Technology by 3.2% during the 4th quarter. Abel Hall LLC now owns 1,019 shares of the basic materials company’s stock worth $321,000 after buying an additional 32 shares during the period. Northwestern Mutual Investment Management Company LLC grew its stake in Carpenter Technology by 0.3% in the 4th quarter. Northwestern Mutual Investment Management Company LLC now owns 11,146 shares of the basic materials company’s stock valued at $3,509,000 after buying an additional 34 shares during the last quarter. Finally, Essential Partners LLC increased its stake in shares of Carpenter Technology by 9.9% in the first quarter. Essential Partners LLC now owns 378 shares of the basic materials company’s stock worth $149,000 after purchasing an additional 34 shares during the period. 92.03% of the stock is currently owned by institutional investors and hedge funds.

Carpenter Technology Stock Down 2.4%

Shares of CRS stock traded down $11.27 on Wednesday, hitting $461.79. The company’s stock had a trading volume of 409,088 shares, compared to its average volume of 772,692. The stock has a market capitalization of $22.89 billion, a price-to-earnings ratio of 43.88, a P/E/G ratio of 1.68 and a beta of 1.26. Carpenter Technology has a fifty-two week low of $228.00 and a fifty-two week high of $625.98. The firm’s fifty day moving average price is $553.33 and its 200-day moving average price is $475.93. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.81 and a quick ratio of 2.23.

Carpenter Technology (NYSE:CRS) last posted its earnings results on Thursday, July 30th. The basic materials company reported $3.23 EPS for the quarter, topping the consensus estimate of $3.09 by $0.14. Carpenter Technology had a net margin of 16.96% and a return on equity of 26.46%. The firm had revenue of $679.70 million for the quarter, compared to the consensus estimate of $863.33 million. During the same period in the prior year, the business posted $2.21 earnings per share. The business’s quarterly revenue was up 12.6% on a year-over-year basis. Research analysts anticipate that Carpenter Technology will post 13.28 EPS for the current year.

Carpenter Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Tuesday, August 25th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend is Tuesday, August 25th. Carpenter Technology’s dividend payout ratio (DPR) is presently 7.60%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on CRS. Wall Street Zen lowered Carpenter Technology from a “buy” rating to a “hold” rating in a report on Saturday, August 22nd. TD Cowen upped their target price on Carpenter Technology from $470.00 to $650.00 and gave the stock a “buy” rating in a research report on Monday, July 13th. Susquehanna cut their price target on Carpenter Technology from $680.00 to $600.00 and set a “positive” rating for the company in a research note on Friday, July 31st. Weiss Ratings reiterated a “buy (b)” rating on shares of Carpenter Technology in a report on Monday. Finally, Wells Fargo & Company boosted their price target on Carpenter Technology from $425.00 to $540.00 and gave the company an “equal weight” rating in a research note on Tuesday, August 4th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $577.25.

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.