Carpenter Technology Co. (NYSE:CRS) Short Interest Down 10.5% in August

Carpenter Technology Co. (NYSE:CRS) was the target of a large decrease in short interest in August. As of August 31st, there was short interest totalling 1,450,000 shares, a decrease of 10.5% from the August 15th total of 1,620,000 shares. Based on an average trading volume of 691,200 shares, the short-interest ratio is presently 2.1 days. Approximately 3.1% of the shares of the company are short sold.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Benchmark upped their price target on Carpenter Technology from $140.00 to $175.00 and gave the company a “buy” rating in a research report on Friday, July 26th. TD Cowen increased their target price on Carpenter Technology from $116.00 to $125.00 and gave the stock a “buy” rating in a research report on Monday, June 10th. BTIG Research increased their target price on Carpenter Technology from $120.00 to $165.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. Northcoast Research reaffirmed a “sell” rating and issued a $89.00 target price on shares of Carpenter Technology in a research report on Friday, June 14th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Carpenter Technology in a research report on Tuesday, June 25th. They issued a “buy” rating and a $144.00 target price on the stock. One analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Carpenter Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $139.60.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Cetera Investment Advisers boosted its stake in Carpenter Technology by 4.8% during the second quarter. Cetera Investment Advisers now owns 11,119 shares of the basic materials company’s stock valued at $1,218,000 after buying an additional 506 shares in the last quarter. Point72 Asset Management L.P. bought a new position in Carpenter Technology during the second quarter valued at about $3,888,000. Kimelman & Baird LLC bought a new position in Carpenter Technology during the second quarter valued at about $33,000. Creative Planning boosted its stake in Carpenter Technology by 73.9% during the second quarter. Creative Planning now owns 7,458 shares of the basic materials company’s stock valued at $817,000 after buying an additional 3,170 shares in the last quarter. Finally, Algert Global LLC bought a new position in Carpenter Technology during the second quarter valued at about $4,649,000. Institutional investors own 92.03% of the company’s stock.

Carpenter Technology Stock Performance

Shares of NYSE:CRS traded up $3.69 on Wednesday, hitting $147.00. The company’s stock had a trading volume of 637,334 shares, compared to its average volume of 585,475. Carpenter Technology has a 12 month low of $58.87 and a 12 month high of $151.55. The company has a market capitalization of $7.29 billion, a price-to-earnings ratio of 54.70, a price-to-earnings-growth ratio of 0.77 and a beta of 1.45. The stock’s 50-day moving average is $135.25 and its two-hundred day moving average is $106.45. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.84 and a current ratio of 3.41.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings results on Thursday, July 25th. The basic materials company reported $1.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.51 by $0.31. Carpenter Technology had a return on equity of 15.81% and a net margin of 6.76%. The company had revenue of $798.70 million during the quarter, compared to analysts’ expectations of $763.76 million. During the same quarter in the prior year, the business posted $0.78 earnings per share. The company’s revenue for the quarter was up 5.4% compared to the same quarter last year. On average, equities research analysts forecast that Carpenter Technology will post 6.06 EPS for the current year.

Carpenter Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Tuesday, August 27th were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, August 27th. This represents a $0.80 annualized dividend and a yield of 0.54%. Carpenter Technology’s dividend payout ratio is currently 30.42%.

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.