Carpenter Technology Corporation (NYSE:CRS) Short Interest Down 13.0% in February

Carpenter Technology Corporation (NYSE:CRS) was the recipient of a large decrease in short interest during the month of February. As of February 27th, there was short interest totaling 3,112,447 shares, a decrease of 13.0% from the February 12th total of 3,578,416 shares. Approximately 6.4% of the shares of the stock are sold short. Based on an average daily volume of 657,750 shares, the days-to-cover ratio is currently 4.7 days. Based on an average daily volume of 657,750 shares, the days-to-cover ratio is currently 4.7 days. Approximately 6.4% of the shares of the stock are sold short.

Insider Activity

In related news, SVP James D. Dee sold 15,800 shares of the stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $391.78, for a total value of $6,190,124.00. Following the completion of the transaction, the senior vice president directly owned 73,739 shares in the company, valued at $28,889,465.42. This trade represents a 17.65% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Steven E. Karol sold 3,500 shares of Carpenter Technology stock in a transaction dated Thursday, February 19th. The shares were sold at an average price of $381.12, for a total transaction of $1,333,920.00. Following the transaction, the director directly owned 225,381 shares of the company’s stock, valued at approximately $85,897,206.72. This trade represents a 1.53% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 22,300 shares of company stock valued at $8,664,044 over the last 90 days. 2.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CRS. State Street Corp lifted its holdings in shares of Carpenter Technology by 10.1% in the 3rd quarter. State Street Corp now owns 2,096,145 shares of the basic materials company’s stock valued at $514,687,000 after purchasing an additional 192,533 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of Carpenter Technology by 18.8% during the fourth quarter. Invesco Ltd. now owns 2,071,657 shares of the basic materials company’s stock worth $652,241,000 after purchasing an additional 327,302 shares during the period. Egerton Capital UK LLP grew its position in Carpenter Technology by 13.0% in the 4th quarter. Egerton Capital UK LLP now owns 1,553,012 shares of the basic materials company’s stock valued at $488,950,000 after buying an additional 178,679 shares during the last quarter. SurgoCap Partners LP increased its stake in Carpenter Technology by 29.5% in the 3rd quarter. SurgoCap Partners LP now owns 1,198,895 shares of the basic materials company’s stock valued at $294,377,000 after buying an additional 272,896 shares during the period. Finally, Geode Capital Management LLC raised its position in Carpenter Technology by 8.8% during the 4th quarter. Geode Capital Management LLC now owns 975,960 shares of the basic materials company’s stock worth $307,333,000 after buying an additional 78,588 shares during the last quarter. Institutional investors and hedge funds own 92.03% of the company’s stock.

Carpenter Technology Stock Performance

Shares of NYSE:CRS traded up $5.56 during midday trading on Tuesday, reaching $379.63. 149,607 shares of the company’s stock traded hands, compared to its average volume of 821,870. Carpenter Technology has a one year low of $138.61 and a one year high of $412.31. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.26 and a current ratio of 4.25. The stock has a 50 day moving average of $360.61 and a 200 day moving average of $313.29. The company has a market cap of $18.91 billion, a price-to-earnings ratio of 43.91, a P/E/G ratio of 1.42 and a beta of 1.22.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings data on Thursday, January 29th. The basic materials company reported $2.33 earnings per share for the quarter, beating analysts’ consensus estimates of $2.20 by $0.13. The firm had revenue of $728.00 million during the quarter, compared to analyst estimates of $733.76 million. Carpenter Technology had a return on equity of 23.63% and a net margin of 14.77%.The business’s quarterly revenue was up 7.5% compared to the same quarter last year. During the same quarter last year, the business posted $1.66 earnings per share. As a group, equities research analysts anticipate that Carpenter Technology will post 6.83 EPS for the current fiscal year.

Carpenter Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Shareholders of record on Tuesday, January 27th were given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend was Tuesday, January 27th. Carpenter Technology’s payout ratio is currently 9.29%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. BTIG Research raised their target price on shares of Carpenter Technology from $365.00 to $375.00 and gave the company a “buy” rating in a research note on Friday, January 30th. Weiss Ratings reissued a “buy (b)” rating on shares of Carpenter Technology in a report on Tuesday, January 27th. JPMorgan Chase & Co. lifted their price target on Carpenter Technology from $388.00 to $394.00 and gave the stock an “overweight” rating in a research report on Friday, January 30th. Susquehanna assumed coverage on shares of Carpenter Technology in a research report on Tuesday, March 3rd. They set a “positive” rating and a $470.00 price objective on the stock. Finally, Wall Street Zen upgraded shares of Carpenter Technology from a “hold” rating to a “buy” rating in a research note on Saturday, January 31st. Nine equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Carpenter Technology has a consensus rating of “Moderate Buy” and a consensus target price of $385.50.

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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.