Short Interest in Carpenter Technology Corporation (NYSE:CRS) Decreases By 13.9%

Carpenter Technology Corporation (NYSE:CRS) was the recipient of a significant decrease in short interest during the month of March. As of March 13th, there was short interest totaling 2,679,140 shares, a decrease of 13.9% from the February 26th total of 3,112,447 shares. Currently, 5.5% of the shares of the company are sold short. Based on an average daily trading volume, of 706,570 shares, the short-interest ratio is currently 3.8 days.

Carpenter Technology Trading Up 7.5%

Carpenter Technology stock traded up $27.82 during midday trading on Tuesday, reaching $398.53. 390,902 shares of the stock traded hands, compared to its average volume of 824,321. The firm has a market cap of $19.85 billion, a PE ratio of 46.50, a price-to-earnings-growth ratio of 1.48 and a beta of 1.22. The company has a current ratio of 4.25, a quick ratio of 2.26 and a debt-to-equity ratio of 0.35. The company has a 50-day simple moving average of $371.04 and a two-hundred day simple moving average of $323.08. Carpenter Technology has a 12-month low of $138.61 and a 12-month high of $412.31.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings results on Thursday, January 29th. The basic materials company reported $2.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.20 by $0.13. The business had revenue of $728.00 million for the quarter, compared to analysts’ expectations of $733.76 million. Carpenter Technology had a net margin of 14.77% and a return on equity of 23.63%. The business’s quarterly revenue was up 7.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.66 earnings per share. Research analysts expect that Carpenter Technology will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Shareholders of record on Tuesday, January 27th were paid a $0.20 dividend. The ex-dividend date was Tuesday, January 27th. This represents a $0.80 annualized dividend and a dividend yield of 0.2%. Carpenter Technology’s payout ratio is 9.29%.

Analysts Set New Price Targets

Several brokerages recently commented on CRS. Susquehanna assumed coverage on Carpenter Technology in a research report on Tuesday, March 3rd. They set a “positive” rating and a $470.00 price target for the company. Wall Street Zen raised shares of Carpenter Technology from a “hold” rating to a “buy” rating in a research note on Saturday, January 31st. Weiss Ratings reiterated a “buy (b)” rating on shares of Carpenter Technology in a research report on Tuesday, January 27th. BTIG Research raised their price target on shares of Carpenter Technology from $365.00 to $375.00 and gave the stock a “buy” rating in a research note on Friday, January 30th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Carpenter Technology from $388.00 to $394.00 and gave the company an “overweight” rating in a report on Friday, January 30th. Nine equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, Carpenter Technology presently has an average rating of “Moderate Buy” and a consensus price target of $385.50.

Insider Activity at Carpenter Technology

In other news, Director Steven E. Karol sold 3,500 shares of the stock in a transaction on Thursday, February 19th. The shares were sold at an average price of $381.12, for a total value of $1,333,920.00. Following the sale, the director owned 225,381 shares in the company, valued at $85,897,206.72. This represents a 1.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP James D. Dee sold 15,800 shares of the firm’s stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $391.78, for a total transaction of $6,190,124.00. Following the transaction, the senior vice president directly owned 73,739 shares of the company’s stock, valued at approximately $28,889,465.42. This trade represents a 17.65% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 22,300 shares of company stock worth $8,664,044. 2.90% of the stock is owned by corporate insiders.

Institutional Trading of Carpenter Technology

A number of large investors have recently modified their holdings of CRS. Geneos Wealth Management Inc. purchased a new position in shares of Carpenter Technology in the 2nd quarter valued at about $28,000. Armstrong Advisory Group Inc. boosted its holdings in Carpenter Technology by 57.3% in the fourth quarter. Armstrong Advisory Group Inc. now owns 118 shares of the basic materials company’s stock valued at $37,000 after purchasing an additional 43 shares in the last quarter. Root Financial Partners LLC purchased a new position in Carpenter Technology in the third quarter valued at approximately $41,000. MassMutual Private Wealth & Trust FSB increased its stake in Carpenter Technology by 54.1% in the third quarter. MassMutual Private Wealth & Trust FSB now owns 171 shares of the basic materials company’s stock valued at $42,000 after purchasing an additional 60 shares during the last quarter. Finally, Spire Wealth Management raised its holdings in Carpenter Technology by 164.7% during the fourth quarter. Spire Wealth Management now owns 135 shares of the basic materials company’s stock worth $42,000 after purchasing an additional 84 shares in the last quarter. Hedge funds and other institutional investors own 92.03% of the company’s stock.

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.