Short Interest in Carpenter Technology Co. (NYSE:CRS) Decreases By 5.8%

Carpenter Technology Co. (NYSE:CRS) was the target of a significant decrease in short interest during the month of July. As of July 15th, there was short interest totalling 1,130,000 shares, a decrease of 5.8% from the June 30th total of 1,200,000 shares. Based on an average daily volume of 706,600 shares, the days-to-cover ratio is presently 1.6 days. Currently, 2.4% of the shares of the company are sold short.

Carpenter Technology Stock Up 0.5 %

Shares of CRS opened at $141.49 on Wednesday. The firm has a market cap of $7.02 billion, a P/E ratio of 53.80 and a beta of 1.44. Carpenter Technology has a 1 year low of $56.42 and a 1 year high of $144.40. The stock has a 50 day simple moving average of $110.88 and a two-hundred day simple moving average of $87.67. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.41 and a quick ratio of 1.84.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings data on Thursday, July 25th. The basic materials company reported $1.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.51 by $0.31. The company had revenue of $798.70 million during the quarter, compared to analysts’ expectations of $763.76 million. Carpenter Technology had a net margin of 6.76% and a return on equity of 15.81%. The firm’s revenue was up 5.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.78 EPS. On average, analysts forecast that Carpenter Technology will post 5.84 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Northcoast Research reaffirmed a “sell” rating and issued a $89.00 price target on shares of Carpenter Technology in a report on Friday, June 14th. BTIG Research upped their target price on Carpenter Technology from $120.00 to $165.00 and gave the stock a “buy” rating in a research note on Tuesday. Deutsche Bank Aktiengesellschaft assumed coverage on Carpenter Technology in a research report on Tuesday, June 25th. They set a “buy” rating and a $144.00 price target for the company. Benchmark lifted their price objective on shares of Carpenter Technology from $140.00 to $175.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Finally, TD Cowen upped their target price on shares of Carpenter Technology from $116.00 to $125.00 and gave the stock a “buy” rating in a research report on Monday, June 10th. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Carpenter Technology presently has an average rating of “Moderate Buy” and an average target price of $139.60.

Insider Buying and Selling at Carpenter Technology

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

Institutional Trading of Carpenter Technology

Several institutional investors have recently added to or reduced their stakes in CRS. Vanguard Group Inc. boosted its holdings in Carpenter Technology by 0.3% during 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 acquiring an additional 15,564 shares during the period. Dimensional Fund Advisors LP lifted its position in Carpenter Technology by 1.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,616,808 shares of the basic materials company’s stock valued at $256,072,000 after purchasing an additional 43,589 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Carpenter Technology by 82.3% during the fourth quarter. Goldman Sachs Group Inc. now owns 972,222 shares of the basic materials company’s stock valued at $68,833,000 after purchasing an additional 438,781 shares during the period. Hawk Ridge Capital Management LP grew its holdings in shares of Carpenter Technology by 199.1% in the fourth quarter. Hawk Ridge Capital Management LP now owns 688,427 shares of the basic materials company’s stock worth $48,741,000 after purchasing an additional 458,227 shares during the last quarter. Finally, Bayberry Capital Partners LP bought a new position in shares of Carpenter Technology in the first quarter worth approximately $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.