Short Interest in Carpenter Technology Corporation (NYSE:CRS) Declines By 38.6%

Carpenter Technology Corporation (NYSE:CRS) was the recipient of a large decline in short interest during the month of August. As of August 14th, there was short interest totaling 1,497,691 shares, a decline of 38.6% from the July 30th total of 2,437,984 shares. Based on an average daily volume of 575,620 shares, the short-interest ratio is presently 2.6 days. Approximately 3.1% of the shares of the stock are sold short.

Insider Activity at Carpenter Technology

In related news, Director Ramin Younessi sold 438 shares of the company’s stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $493.15, for a total value of $215,999.70. Following the sale, the director owned 1,953 shares of the company’s stock, valued at approximately $963,121.95. This represents a 18.32% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Tony R. Thene sold 57,456 shares of the stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $483.90, for a total value of $27,802,958.40. Following the sale, the chief executive officer owned 439,631 shares in the company, valued at approximately $212,737,440.90. This trade represents a 11.56% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 109,721 shares of company stock valued at $53,091,824 over the last 90 days. Insiders own 2.90% of the company’s stock.

Institutional Investors Weigh In On Carpenter Technology

Several hedge funds have recently made changes to their positions in the company. Wealthcare Advisory Partners LLC increased its stake 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 worth $708,000 after acquiring an additional 19 shares during the last quarter. 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 lifted its position in 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 acquiring an additional 32 shares during the last quarter. Northwestern Mutual Investment Management Company LLC increased its stake in shares of Carpenter Technology by 0.3% in the fourth quarter. Northwestern Mutual Investment Management Company LLC now owns 11,146 shares of the basic materials company’s stock worth $3,509,000 after purchasing an additional 34 shares during the period. Finally, Essential Partners LLC grew its holdings in Carpenter Technology by 9.9% in the 1st quarter. Essential Partners LLC now owns 378 shares of the basic materials company’s stock valued at $149,000 after buying an additional 34 shares during the last quarter. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Carpenter Technology Trading Down 0.9%

Shares of CRS stock traded down $4.23 during trading hours on Tuesday, hitting $472.19. 648,019 shares of the company were exchanged, compared to its average volume of 774,996. The firm has a fifty day moving average of $555.47 and a 200 day moving average of $475.21. The firm has a market cap of $23.40 billion, a PE ratio of 44.88, a PEG ratio of 1.71 and a beta of 1.25. The company has a quick ratio of 2.23, a current ratio of 3.81 and a debt-to-equity ratio of 0.31. Carpenter Technology has a 1 year low of $228.00 and a 1 year high of $625.98.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings data on Thursday, July 30th. The basic materials company reported $3.23 EPS for the quarter, topping analysts’ consensus estimates of $3.09 by $0.14. Carpenter Technology had a return on equity of 26.46% and a net margin of 16.96%.The company had revenue of $679.70 million for the quarter, compared to analysts’ expectations of $863.33 million. During the same quarter in the previous year, the firm posted $2.21 earnings per share. The firm’s quarterly revenue was up 12.6% on a year-over-year basis. Analysts expect that Carpenter Technology will post 13.09 earnings per share for the current year.

Carpenter Technology Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of analysts recently commented on CRS shares. BTIG Research lifted their price objective on Carpenter Technology from $450.00 to $620.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Weiss Ratings cut shares of Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a research note on Wednesday, June 3rd. Zacks Research upgraded shares of Carpenter Technology from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 15th. TD Cowen upped their price objective on shares of Carpenter Technology from $470.00 to $650.00 and gave the company a “buy” rating in a research note on Monday, July 13th. Finally, Wells Fargo & Company raised their target price on shares of Carpenter Technology from $425.00 to $540.00 and gave the stock an “equal weight” rating in a research report on Tuesday, August 4th. One investment 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 MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $577.25.

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