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

Carpenter Technology Co. (NYSE:CRS) was the recipient of a significant drop in short interest in July. As of July 31st, there was short interest totalling 1,442,100 shares, a drop of 10.8% from the June 30th total of 1,615,800 shares. Based on an average trading volume of 249,000 shares, the days-to-cover ratio is presently 5.8 days. Currently, 3.1% of the company’s stock are short sold.

A number of large investors have recently bought and sold shares of the stock. Investors Research Corp acquired a new position in Carpenter Technology in the 1st quarter valued at about $133,000. First Mercantile Trust Co. increased its stake in shares of Carpenter Technology by 52.0% during the 1st quarter. First Mercantile Trust Co. now owns 3,138 shares of the basic materials company’s stock valued at $144,000 after acquiring an additional 1,073 shares during the last quarter. SG Americas Securities LLC increased its stake in shares of Carpenter Technology by 16.7% during the 1st quarter. SG Americas Securities LLC now owns 3,592 shares of the basic materials company’s stock valued at $165,000 after acquiring an additional 515 shares during the last quarter. Campbell & CO Investment Adviser LLC acquired a new position in shares of Carpenter Technology during the 2nd quarter valued at about $203,000. Finally, Stephens Inc. AR purchased a new stake in shares of Carpenter Technology during the 1st quarter worth about $237,000. Hedge funds and other institutional investors own 91.24% of the company’s stock.

Several analysts recently weighed in on the stock. ValuEngine raised shares of Carpenter Technology from a “sell” rating to a “hold” rating in a report on Friday, August 2nd. Longbow Research set a $59.00 price objective on shares of Carpenter Technology and gave the stock a “buy” rating in a report on Friday, June 14th. Finally, Zacks Investment Research raised shares of Carpenter Technology from a “hold” rating to a “buy” rating and set a $48.00 price objective on the stock in a report on Wednesday, June 19th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $52.50.

CRS stock traded down $2.69 during midday trading on Wednesday, reaching $45.55. 12,412 shares of the company were exchanged, compared to its average volume of 272,002. The company has a current ratio of 2.97, a quick ratio of 1.08 and a debt-to-equity ratio of 0.36. Carpenter Technology has a 1-year low of $32.77 and a 1-year high of $60.78. The company’s 50-day moving average price is $46.76. The company has a market capitalization of $2.26 billion, a P/E ratio of 13.15 and a beta of 2.42.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings data on Thursday, August 1st. The basic materials company reported $1.00 earnings per share for the quarter, topping analysts’ consensus estimates of $0.94 by $0.06. The company had revenue of $641.40 million for the quarter, compared to analysts’ expectations of $637.84 million. Carpenter Technology had a net margin of 7.02% and a return on equity of 10.33%. The firm’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter last year, the company earned $0.87 earnings per share. As a group, sell-side analysts predict that Carpenter Technology will post 3.9 EPS for the current year.

About Carpenter Technology

Carpenter Technology Corporation manufactures, fabricates, and distributes specialty metals worldwide. The company operates through two segments, Specialty Alloys Operations and Performance Engineered Products. It offers specialty alloys, including titanium alloys, powder metals, stainless steels, alloy steels, and tool steels, as well as drilling tools; and metal powders and parts.

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