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

Carpenter Technology Co. (NYSE:CRS - Get Free Report) was the target of a large increase in short interest in October. As of October 15th, there was short interest totalling 1,700,000 shares, an increase of 5.6% from the September 30th total of 1,610,000 shares. Approximately 3.6% of the shares of the stock are short sold. Based on an average daily volume of 569,800 shares, the short-interest ratio is currently 3.0 days.

Carpenter Technology Trading Down 5.4 %

Shares of NYSE:CRS traded down $8.68 during midday trading on Thursday, reaching $150.89. The company's stock had a trading volume of 545,531 shares, compared to its average volume of 590,110. The firm has a market cap of $7.49 billion, a price-to-earnings ratio of 57.37, a price-to-earnings-growth ratio of 0.83 and a beta of 1.45. The business has a 50 day moving average price of $151.42 and a 200 day moving average price of $125.27. Carpenter Technology has a 1 year low of $58.87 and a 1 year high of $166.67. The company has a quick ratio of 1.84, a current ratio of 3.41 and a debt-to-equity ratio of 0.43.

Carpenter Technology (NYSE:CRS - Get Free Report) last posted its quarterly earnings results on Thursday, October 24th. The basic materials company reported $1.73 EPS for the quarter, beating the consensus estimate of $1.58 by $0.15. Carpenter Technology had a return on equity of 15.81% and a net margin of 6.76%. The company had revenue of $717.60 million during the quarter, compared to analysts' expectations of $742.96 million. During the same quarter in the previous year, the business earned $0.88 EPS. The firm's revenue was up 10.1% on a year-over-year basis. Research analysts forecast that Carpenter Technology will post 6.63 EPS for the current year.

Carpenter Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Tuesday, October 22nd will be issued a dividend of $0.20 per share. The ex-dividend date is Tuesday, October 22nd. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.53%. Carpenter Technology's payout ratio is 30.42%.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Benchmark reiterated a "buy" rating and set a $175.00 target price on shares of Carpenter Technology in a report on Friday, October 25th. BTIG Research lifted their price objective on Carpenter Technology from $120.00 to $165.00 and gave the stock a "buy" rating in a research report on Tuesday, July 30th. One equities research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $139.60.

Hedge Funds Weigh In On Carpenter Technology

Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in Carpenter Technology by 0.3% in the 1st quarter. Vanguard Group Inc. now owns 5,686,022 shares of the basic materials company's stock valued at $406,096,000 after purchasing an additional 15,564 shares in the last quarter. American Century Companies Inc. raised its holdings in shares of Carpenter Technology by 129.5% during the 2nd quarter. American Century Companies Inc. now owns 849,097 shares of the basic materials company's stock valued at $93,044,000 after buying an additional 479,047 shares during the period. Wolf Hill Capital Management LP acquired a new position in Carpenter Technology during the 2nd quarter worth approximately $73,850,000. Bayberry Capital Partners LP purchased a new position in Carpenter Technology in the 1st quarter worth approximately $35,887,000. Finally, Assenagon Asset Management S.A. grew its position in Carpenter Technology by 1,538.1% in the third quarter. Assenagon Asset Management S.A. now owns 213,391 shares of the basic materials company's stock valued at $34,053,000 after acquiring an additional 200,364 shares in the last quarter. 92.03% of the stock is owned by institutional investors and hedge funds.

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.