Carpenter Technology Co. (NYSE:CRS) Short Interest Up 17.0% in November

Carpenter Technology Co. (NYSE:CRS) was the target of a large increase in short interest during the month of 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 short-interest ratio is currently 4.5 days. Currently, 5.7% of the company’s stock are short sold.

Carpenter Technology Stock Performance

NYSE CRS traded up $0.61 during trading on Monday, hitting $174.70. The company’s stock had a trading volume of 206,912 shares, compared to its average volume of 593,324. Carpenter Technology has a 52 week low of $58.87 and a 52 week high of $198.24. 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 firm has a market cap of $8.71 billion, a P/E ratio of 38.77, a price-to-earnings-growth ratio of 0.90 and a beta of 1.52. The firm has a 50 day moving average price of $173.18 and a 200 day moving average price of $144.37.

Carpenter Technology (NYSE:CRS) last released its 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. The firm had revenue of $717.60 million during the quarter, compared to analysts’ expectations of $742.96 million. Carpenter Technology had a net margin of 8.05% and a return on equity of 18.01%. The business’s quarterly revenue was up 10.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.88 EPS. Equities research analysts forecast that Carpenter Technology will post 6.74 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, December 5th. Investors of record on Tuesday, October 22nd were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.46%. The ex-dividend date was Tuesday, October 22nd. Carpenter Technology’s payout ratio is presently 17.82%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Benchmark restated a “buy” rating and issued a $175.00 target price on shares of Carpenter Technology in a report on Friday, October 25th. JPMorgan Chase & Co. started coverage on shares of Carpenter Technology in a report on Friday, November 22nd. They set an “overweight” rating and a $220.00 price objective for the company. One investment analyst has rated the stock with a sell rating and five have given a buy rating to the stock. According to MarketBeat.com, Carpenter Technology has an average rating of “Moderate Buy” and an average price target of $153.00.

Hedge Funds Weigh In On Carpenter Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in CRS. Kimelman & Baird LLC acquired a new stake in shares of Carpenter Technology during the 2nd quarter worth approximately $33,000. National Bank of Canada FI acquired a new stake in Carpenter Technology during the second quarter worth $49,000. EverSource Wealth Advisors LLC increased its holdings in Carpenter Technology by 58.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 485 shares of the basic materials company’s stock valued at $53,000 after buying an additional 178 shares during the period. nVerses Capital LLC acquired a new position in shares of Carpenter Technology in the 3rd quarter valued at $64,000. Finally, Banque Cantonale Vaudoise bought a new position in shares of Carpenter Technology during the 3rd quarter worth about $65,000. 92.03% of the stock is currently owned by 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.