Carpenter Technology Co. (NYSE:CRS) Short Interest Update

Carpenter Technology Co. (NYSE:CRS) was the recipient of a large increase in short interest in November. As of November 30th, there was short interest totalling 2,680,000 shares, an increase of 17.0% from the November 15th total of 2,290,000 shares. Based on an average trading volume of 594,200 shares, the days-to-cover ratio is currently 4.5 days. Approximately 5.7% of the company’s stock are short sold.

Analysts Set New Price Targets

Several analysts have recently commented on the company. JPMorgan Chase & Co. started coverage on Carpenter Technology in a report on Friday, November 22nd. They set an “overweight” rating and a $220.00 price objective for the company. Benchmark reiterated a “buy” rating and issued a $175.00 price target on shares of Carpenter Technology in a research note on Friday, October 25th. One investment analyst has rated the stock with a sell rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $153.00.

Carpenter Technology Stock Performance

Shares of NYSE:CRS traded up $2.15 on Monday, hitting $176.24. 303,641 shares of the company were exchanged, compared to its average volume of 593,645. Carpenter Technology has a 1-year low of $58.87 and a 1-year high of $198.24. The firm has a market capitalization of $8.78 billion, a P/E ratio of 39.05, a price-to-earnings-growth ratio of 0.90 and a beta of 1.52. The company has a current ratio of 3.84, a quick ratio of 2.00 and a debt-to-equity ratio of 0.42. The stock’s 50 day moving average price is $173.18 and its 200 day moving average price is $144.37.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings results on Thursday, October 24th. The basic materials company reported $1.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.58 by $0.15. Carpenter Technology had a return on equity of 18.01% and a net margin of 8.05%. The company had revenue of $717.60 million during the quarter, compared to the consensus estimate of $742.96 million. During the same period in the previous year, the company posted $0.88 earnings per share. Carpenter Technology’s revenue for the quarter was up 10.1% on a year-over-year basis. Sell-side analysts predict that Carpenter Technology will post 6.74 EPS for the current year.

Carpenter Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, December 5th. Investors of record on Tuesday, October 22nd were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.45%. The ex-dividend date of this dividend was Tuesday, October 22nd. Carpenter Technology’s dividend payout ratio is presently 17.82%.

Hedge Funds Weigh In On Carpenter Technology

A number of hedge funds have recently made changes to their positions in CRS. Fisher Asset Management LLC lifted its holdings in Carpenter Technology by 3.9% in the 3rd quarter. Fisher Asset Management LLC now owns 364,312 shares of the basic materials company’s stock valued at $58,137,000 after purchasing an additional 13,815 shares in the last quarter. Natixis Advisors LLC grew its stake in Carpenter Technology by 6.0% during the 3rd quarter. Natixis Advisors LLC now owns 23,817 shares of the basic materials company’s stock valued at $3,801,000 after acquiring an additional 1,343 shares in the last quarter. Forest Avenue Capital Management LP acquired a new stake in Carpenter Technology in the 3rd quarter valued at about $25,262,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of Carpenter Technology by 15.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 769,485 shares of the basic materials company’s stock worth $122,794,000 after purchasing an additional 103,559 shares during the last quarter. Finally, Lighthouse Investment Partners LLC purchased a new stake in shares of Carpenter Technology in the second quarter valued at approximately $1,460,000. Institutional investors and hedge funds own 92.03% of the company’s stock.

About Carpenter Technology

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.