Carpenter Technology Co. (NYSE:CRS) Short Interest Down 10.9% in January

Carpenter Technology Co. (NYSE:CRS) was the target of a large decrease in short interest during the month of January. As of January 31st, there was short interest totalling 1,150,000 shares, a decrease of 10.9% from the January 15th total of 1,290,000 shares. Based on an average trading volume of 258,000 shares, the short-interest ratio is currently 4.5 days. Currently, 2.5% of the company’s stock are short sold.

NYSE:CRS traded down $0.32 during mid-day trading on Friday, hitting $43.34. 241,867 shares of the company’s stock traded hands, compared to its average volume of 333,067. The firm has a 50 day moving average of $45.56 and a two-hundred day moving average of $49.22. Carpenter Technology has a 12 month low of $39.49 and a 12 month high of $56.33. The firm has a market capitalization of $2.09 billion, a price-to-earnings ratio of 11.75 and a beta of 2.25. The company has a current ratio of 2.72, a quick ratio of 0.92 and a debt-to-equity ratio of 0.34.

Carpenter Technology (NYSE:CRS) last announced its earnings results on Thursday, January 30th. The basic materials company reported $0.83 earnings per share for the quarter, missing the consensus estimate of $0.87 by ($0.04). Carpenter Technology had a net margin of 7.47% and a return on equity of 10.89%. The business had revenue of $573.00 million for the quarter, compared to the consensus estimate of $575.83 million. During the same quarter in the previous year, the company earned $0.76 EPS. Carpenter Technology’s revenue for the quarter was up 3.0% compared to the same quarter last year. As a group, equities research analysts expect that Carpenter Technology will post 3.3 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 5th. Shareholders of record on Monday, February 3rd will be given a $0.20 dividend. The ex-dividend date of this dividend is Friday, January 31st. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.85%. This is an increase from Carpenter Technology’s previous quarterly dividend of $0.18. Carpenter Technology’s dividend payout ratio (DPR) is currently 23.12%.

Several analysts recently weighed in on the company. Longbow Research downgraded Carpenter Technology from a “buy” rating to a “neutral” rating in a research note on Monday, December 16th. Zacks Investment Research increased their target price on Carpenter Technology to $56.00 in a research note on Wednesday, January 22nd. They noted that the move was a valuation call. Benchmark assumed coverage on Carpenter Technology in a research note on Thursday, January 16th. They set a “hold” rating for the company. Finally, ValuEngine upgraded Carpenter Technology from a “sell” rating to a “hold” rating in a research note on Tuesday, January 28th.

In other news, Director Gregory A. Pratt sold 17,528 shares of the stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $52.31, for a total transaction of $916,889.68. Following the transaction, the director now owns 22,141 shares of the company’s stock, valued at approximately $1,158,195.71. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 3.90% of the company’s stock.

Several hedge funds have recently made changes to their positions in CRS. Acadian Asset Management LLC bought a new stake in shares of Carpenter Technology in the 4th quarter worth approximately $114,000. Strs Ohio lifted its position in shares of Carpenter Technology by 86.7% in the 3rd quarter. Strs Ohio now owns 2,800 shares of the basic materials company’s stock worth $144,000 after acquiring an additional 1,300 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Carpenter Technology by 26.2% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,222 shares of the basic materials company’s stock worth $166,000 after acquiring an additional 668 shares during the period. Macquarie Group Ltd. bought a new stake in shares of Carpenter Technology in the 2nd quarter worth approximately $182,000. Finally, Ladenburg Thalmann Financial Services Inc. lifted its position in shares of Carpenter Technology by 6.2% in the 2nd quarter. Ladenburg Thalmann Financial Services Inc. now owns 4,233 shares of the basic materials company’s stock worth $203,000 after acquiring an additional 246 shares during the period. Institutional investors own 92.12% of the company’s stock.

Carpenter Technology Company Profile

Carpenter Technology Corporation manufactures, fabricates, and distributes specialty metals worldwide. The company operates through two segments, Specialty Alloys Operations and Performance Engineered Products. It offers specialty alloys, including titanium alloys, powder metals, stainless steels, alloy steels, and tool steels, as well as drilling tools; and metal powders and parts.

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