Carpenter Technology Co. (NYSE:CRS) Short Interest Down 25.4% in January

Carpenter Technology Co. (NYSE:CRS) saw a significant drop in short interest in the month of January. As of January 15th, there was short interest totalling 1,290,000 shares, a drop of 25.4% from the December 31st total of 1,730,000 shares. Based on an average daily volume of 247,800 shares, the short-interest ratio is currently 5.2 days. Approximately 2.8% of the company’s shares are sold short.

CRS has been the subject of a number of recent analyst reports. ValuEngine raised shares of Carpenter Technology from a “strong sell” rating to a “sell” rating in a report on Tuesday, January 7th. Zacks Investment Research lifted their target price on shares of Carpenter Technology to $56.00 in a research note on Wednesday, January 22nd. They noted that the move was a valuation call. Benchmark initiated coverage on shares of Carpenter Technology in a research note on Thursday, January 16th. They issued a “hold” rating for the company. Finally, Longbow Research cut shares of Carpenter Technology from a “buy” rating to a “neutral” rating in a research note on Monday, December 16th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the company’s stock. Carpenter Technology presently has an average rating of “Hold” and a consensus price target of $56.00.

In other news, Director Gregory A. Pratt sold 17,528 shares of the stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $52.31, for a total value of $916,889.68. Following the completion of the sale, the director now owns 22,141 shares of the company’s stock, valued at $1,158,195.71. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 3.90% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in CRS. Ladenburg Thalmann Financial Services Inc. boosted its position in Carpenter Technology by 6.2% during the 2nd quarter. Ladenburg Thalmann Financial Services Inc. now owns 4,233 shares of the basic materials company’s stock worth $203,000 after acquiring an additional 246 shares during the last quarter. Texas Permanent School Fund increased its holdings in shares of Carpenter Technology by 0.9% during the third quarter. Texas Permanent School Fund now owns 32,442 shares of the basic materials company’s stock valued at $1,676,000 after acquiring an additional 282 shares in the last quarter. Retirement Systems of Alabama increased its holdings in shares of Carpenter Technology by 0.5% during the third quarter. Retirement Systems of Alabama now owns 61,959 shares of the basic materials company’s stock valued at $3,201,000 after acquiring an additional 323 shares in the last quarter. Nisa Investment Advisors LLC grew its holdings in Carpenter Technology by 1.4% during the third quarter. Nisa Investment Advisors LLC now owns 25,450 shares of the basic materials company’s stock worth $1,315,000 after buying an additional 350 shares in the last quarter. Finally, Colony Group LLC grew its holdings in Carpenter Technology by 1.2% during the second quarter. Colony Group LLC now owns 30,168 shares of the basic materials company’s stock worth $1,447,000 after buying an additional 370 shares in the last quarter. Institutional investors own 89.46% of the company’s stock.

Shares of NYSE:CRS traded up $0.16 during trading on Monday, reaching $43.16. The stock had a trading volume of 6,919 shares, compared to its average volume of 251,021. Carpenter Technology has a 52 week low of $40.04 and a 52 week high of $56.33. The firm has a market capitalization of $2.05 billion, a price-to-earnings ratio of 11.92 and a beta of 2.31. The company has a quick ratio of 1.01, a current ratio of 2.81 and a debt-to-equity ratio of 0.35. The stock has a fifty day simple moving average of $49.29 and a two-hundred day simple moving average of $49.60.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings results on Thursday, October 24th. The basic materials company reported $0.85 EPS for the quarter, missing the Zacks’ consensus estimate of $0.89 by ($0.04). Carpenter Technology had a net margin of 7.38% and a return on equity of 10.81%. The firm had revenue of $585.40 million during the quarter, compared to the consensus estimate of $604.78 million. During the same period in the prior year, the business earned $0.65 EPS. The company’s revenue for the quarter was up 2.3% compared to the same quarter last year. On average, analysts forecast that Carpenter Technology will post 3.83 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 5th. Investors of record on Monday, February 3rd will be given a dividend of $0.20 per share. This is an increase from Carpenter Technology’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend is Friday, January 31st. This represents a $0.80 annualized dividend and a yield of 1.85%. Carpenter Technology’s dividend payout ratio is 23.12%.

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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