Carpenter Technology Co. (NYSE:CRS) Short Interest Up 9.2% in June

Carpenter Technology Co. (NYSE:CRS) was the recipient of a significant growth in short interest during the month of June. As of June 15th, there was short interest totalling 1,300,000 shares, a growth of 9.2% from the May 31st total of 1,190,000 shares. Approximately 2.8% of the company’s shares are short sold. Based on an average daily volume of 618,700 shares, the short-interest ratio is currently 2.1 days.

Carpenter Technology Stock Performance

NYSE CRS opened at $106.54 on Thursday. The company has a debt-to-equity ratio of 0.46, a current ratio of 3.20 and a quick ratio of 1.45. Carpenter Technology has a 1-year low of $51.94 and a 1-year high of $112.75. The business has a 50 day simple moving average of $103.74 and a two-hundred day simple moving average of $80.81. The stock has a market capitalization of $5.29 billion, a PE ratio of 40.51 and a beta of 1.44.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings results on Wednesday, May 1st. The basic materials company reported $1.19 earnings per share for the quarter, topping the consensus estimate of $0.94 by $0.25. Carpenter Technology had a net margin of 4.83% and a return on equity of 12.75%. The company had revenue of $684.90 million for the quarter, compared to analysts’ expectations of $707.73 million. During the same quarter in the previous year, the business posted $0.38 earnings per share. Carpenter Technology’s quarterly revenue was down .8% on a year-over-year basis. On average, research analysts predict that Carpenter Technology will post 4.35 EPS for the current fiscal year.

Carpenter Technology Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 6th. Investors of record on Tuesday, April 23rd were given a $0.20 dividend. The ex-dividend date of this dividend was Monday, April 22nd. This represents a $0.80 annualized dividend and a yield of 0.75%. This is a positive change from Carpenter Technology’s previous quarterly dividend of $0.18. Carpenter Technology’s dividend payout ratio (DPR) is currently 30.42%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. TD Cowen increased their price objective on shares of Carpenter Technology from $116.00 to $125.00 and gave the company a “buy” rating in a research report on Monday, June 10th. Benchmark reaffirmed a “buy” rating and set a $140.00 price target on shares of Carpenter Technology in a research report on Tuesday, May 28th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Carpenter Technology in a report on Tuesday, June 25th. They issued a “buy” rating and a $144.00 price objective on the stock. BTIG Research initiated coverage on shares of Carpenter Technology in a research report on Wednesday, June 26th. They issued a “buy” rating and a $120.00 price target on the stock. Finally, Northcoast Research reissued a “sell” rating and set a $89.00 price objective on shares of Carpenter Technology in a research report on Friday, June 14th. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $123.60.

Insider Transactions at Carpenter Technology

In other Carpenter Technology news, Director Steven E. Karol sold 31,000 shares of the company’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $100.57, for a total transaction of $3,117,670.00. Following the completion of the transaction, the director now owns 244,126 shares of the company’s stock, valued at approximately $24,551,751.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Carpenter Technology news, Director Steven E. Karol sold 31,000 shares of the firm’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $100.57, for a total transaction of $3,117,670.00. Following the completion of the transaction, the director now owns 244,126 shares of the company’s stock, valued at $24,551,751.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Elizabeth A. Socci sold 802 shares of the company’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $102.11, for a total transaction of $81,892.22. Following the completion of the sale, the vice president now directly owns 11,509 shares in the company, valued at $1,175,183.99. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 59,678 shares of company stock worth $6,261,693. Insiders own 3.40% of the company’s stock.

Institutional Investors Weigh In On Carpenter Technology

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in Carpenter Technology by 0.9% during the 3rd quarter. Vanguard Group Inc. now owns 5,855,711 shares of the basic materials company’s stock valued at $393,562,000 after purchasing an additional 53,994 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Carpenter Technology by 1.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,616,808 shares of the basic materials company’s stock worth $256,072,000 after acquiring an additional 43,589 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in Carpenter Technology by 82.3% during the 4th quarter. Goldman Sachs Group Inc. now owns 972,222 shares of the basic materials company’s stock valued at $68,833,000 after acquiring an additional 438,781 shares during the period. Hawk Ridge Capital Management LP grew its position in Carpenter Technology by 199.1% in the 4th quarter. Hawk Ridge Capital Management LP now owns 688,427 shares of the basic materials company’s stock valued at $48,741,000 after acquiring an additional 458,227 shares during the last quarter. Finally, Bayberry Capital Partners LP purchased a new stake in Carpenter Technology in the first quarter worth $35,887,000. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

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.