Carpenter Technology Corporation (NYSE:CRS) Short Interest Down 13.9% in March

Carpenter Technology Corporation (NYSE:CRS) was the target of a large decrease in short interest in March. As of March 13th, there was short interest totaling 2,679,140 shares, a decrease of 13.9% from the February 26th total of 3,112,447 shares. Based on an average daily trading volume, of 706,570 shares, the short-interest ratio is currently 3.8 days. Approximately 5.5% of the company’s stock are sold short.

Carpenter Technology Stock Performance

Shares of NYSE CRS traded up $27.82 during midday trading on Tuesday, reaching $398.53. 390,902 shares of the company were exchanged, compared to its average volume of 824,321. The stock has a market cap of $19.85 billion, a P/E ratio of 46.50, a PEG ratio of 1.48 and a beta of 1.22. Carpenter Technology has a 1 year low of $138.61 and a 1 year high of $412.31. The stock has a fifty day simple moving average of $371.04 and a 200 day simple moving average of $323.08. The company has a current ratio of 4.25, a quick ratio of 2.26 and a debt-to-equity ratio of 0.35.

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

Carpenter Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Tuesday, January 27th were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, January 27th. This represents a $0.80 annualized dividend and a dividend yield of 0.2%. Carpenter Technology’s dividend payout ratio (DPR) is currently 9.29%.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Carpenter Technology

Several institutional investors have recently bought and sold shares of the company. Geneos Wealth Management Inc. purchased a new position in Carpenter Technology during the 2nd quarter worth $28,000. Armstrong Advisory Group Inc. increased its stake in shares of Carpenter Technology by 57.3% during the fourth quarter. Armstrong Advisory Group Inc. now owns 118 shares of the basic materials company’s stock worth $37,000 after acquiring an additional 43 shares during the period. Root Financial Partners LLC acquired a new position in shares of Carpenter Technology during the third quarter worth about $41,000. MassMutual Private Wealth & Trust FSB raised its holdings in Carpenter Technology by 54.1% during the third quarter. MassMutual Private Wealth & Trust FSB now owns 171 shares of the basic materials company’s stock worth $42,000 after purchasing an additional 60 shares in the last quarter. Finally, Spire Wealth Management raised its holdings in Carpenter Technology by 164.7% during the fourth quarter. Spire Wealth Management now owns 135 shares of the basic materials company’s stock worth $42,000 after purchasing an additional 84 shares in the last quarter. 92.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CRS has been the topic of a number of research reports. KeyCorp initiated coverage on Carpenter Technology in a research note on Wednesday, March 25th. They set an “overweight” rating and a $380.00 price target on the stock. Susquehanna started coverage on Carpenter Technology in a research note on Tuesday, March 3rd. They issued a “positive” rating and a $470.00 price objective for the company. BTIG Research increased their price objective on Carpenter Technology from $365.00 to $375.00 and gave the company a “buy” rating in a report on Friday, January 30th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Carpenter Technology in a report on Tuesday, January 27th. Finally, JPMorgan Chase & Co. upped their price target on shares of Carpenter Technology from $388.00 to $394.00 and gave the company an “overweight” rating in a research report on Friday, January 30th. Nine investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently 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.