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

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

Insider Activity

In other news, Director Steven E. Karol sold 3,500 shares of the stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $381.12, for a total value 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 represents a 1.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP James D. Dee sold 15,800 shares of Carpenter Technology stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $391.78, for a total value of $6,190,124.00. Following the transaction, the senior vice president owned 73,739 shares of the company’s stock, valued at $28,889,465.42. This represents a 17.65% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 22,300 shares of company stock worth $8,664,044 over the last quarter. Insiders own 2.90% of the company’s stock.

Institutional Trading of Carpenter Technology

A number of institutional investors have recently bought and sold shares of the stock. Rockefeller Capital Management L.P. raised its stake in shares of Carpenter Technology by 325.1% during the fourth quarter. Rockefeller Capital Management L.P. now owns 4,332 shares of the basic materials company’s stock valued at $1,364,000 after acquiring an additional 3,313 shares in the last quarter. Corient Private Wealth LLC bought a new position in shares of Carpenter Technology during the 4th quarter worth $409,000. Banque Transatlantique SA purchased a new position in shares of Carpenter Technology during the fourth quarter valued at $285,000. Pacer Advisors Inc. lifted its stake in Carpenter Technology by 30.3% in the fourth quarter. Pacer Advisors Inc. now owns 8,565 shares of the basic materials company’s stock worth $2,697,000 after acquiring an additional 1,990 shares during the period. Finally, Virtu Financial LLC bought a new stake in Carpenter Technology during the fourth quarter valued at about $2,780,000. 92.03% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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

Carpenter Technology Stock Up 1.5%

Carpenter Technology stock traded up $5.56 during trading on Tuesday, hitting $379.63. 149,607 shares of the company were exchanged, compared to its average volume of 821,870. The company has a current ratio of 4.25, a quick ratio of 2.26 and a debt-to-equity ratio of 0.35. The company has a market capitalization of $18.91 billion, a P/E ratio of 43.91, a PEG ratio of 1.42 and a beta of 1.22. The business’s 50 day moving average is $360.61 and its 200 day moving average is $313.29. Carpenter Technology has a 52 week low of $138.61 and a 52 week high of $412.31.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings data on Thursday, January 29th. The basic materials company reported $2.33 earnings per share (EPS) 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 business had revenue of $728.00 million for the quarter, compared to analysts’ expectations of $733.76 million. During the same quarter in the prior year, the firm posted $1.66 EPS. The firm’s quarterly revenue was up 7.5% on a year-over-year basis. Analysts predict that Carpenter Technology will post 6.83 earnings per share for the current year.

Carpenter Technology Dividend Announcement

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

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