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

Carpenter Technology Co. (NYSE:CRS) saw 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 presently 4.5 days. Currently, 5.7% of the company’s stock are short sold.

Carpenter Technology Stock Performance

Shares of NYSE CRS traded up $2.87 during trading on Monday, reaching $176.96. 350,261 shares of the company traded hands, compared to its average volume of 593,802. The firm has a 50 day simple moving average of $173.18 and a 200-day simple moving average of $144.37. The company has a quick ratio of 2.00, a current ratio of 3.84 and a debt-to-equity ratio of 0.42. The stock has a market capitalization of $8.82 billion, a PE ratio of 39.05, a P/E/G ratio of 0.90 and a beta of 1.52. Carpenter Technology has a 52-week low of $58.87 and a 52-week high of $198.24.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings data on Thursday, October 24th. The basic materials company reported $1.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.58 by $0.15. The company had revenue of $717.60 million for the quarter, compared to the consensus estimate of $742.96 million. Carpenter Technology had a net margin of 8.05% and a return on equity of 18.01%. The firm’s revenue was up 10.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.88 earnings per share. Equities research analysts anticipate that Carpenter Technology will post 6.74 earnings per share for the current year.

Carpenter Technology Announces Dividend

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

Analyst Upgrades and Downgrades

Several brokerages recently commented on CRS. Benchmark reissued a “buy” rating and set a $175.00 price objective on shares of Carpenter Technology in a research report on Friday, October 25th. JPMorgan Chase & Co. began coverage on shares of Carpenter Technology in a research report on Friday, November 22nd. They set an “overweight” rating and a $220.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating and five have given a buy rating to the company. Based on data from MarketBeat, Carpenter Technology presently has an average rating of “Moderate Buy” and a consensus target price of $153.00.

Institutional Investors Weigh In On Carpenter Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Kimelman & Baird LLC purchased a new stake in shares of Carpenter Technology during the second quarter valued at $33,000. National Bank of Canada FI bought a new position in Carpenter Technology in the second quarter worth about $49,000. EverSource Wealth Advisors LLC increased its holdings in shares of Carpenter Technology by 58.0% during the second quarter. EverSource Wealth Advisors LLC now owns 485 shares of the basic materials company’s stock valued at $53,000 after acquiring an additional 178 shares in the last quarter. nVerses Capital LLC purchased a new stake in Carpenter Technology in the third quarter valued at approximately $64,000. Finally, Banque Cantonale Vaudoise purchased a new stake in Carpenter Technology in the 3rd quarter worth approximately $65,000. Institutional investors 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.