Short Interest in Carpenter Technology Corporation (NYSE:CRS) Decreases By 38.6%

Carpenter Technology Corporation (NYSE:CRS) was the target of a significant decline in short interest in the month of August. As of August 14th, there was short interest totaling 1,497,691 shares, a decline of 38.6% from the July 30th total of 2,437,984 shares. Based on an average daily trading volume, of 575,620 shares, the short-interest ratio is presently 2.6 days. Currently, 3.1% of the shares of the company are sold short.

Insiders Place Their Bets

In related news, CEO Tony R. Thene sold 57,456 shares of the firm’s stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $483.90, for a total value of $27,802,958.40. Following the completion of the transaction, the chief executive officer owned 439,631 shares in the company, valued at $212,737,440.90. This trade represents a 11.56% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Ramin Younessi sold 438 shares of Carpenter Technology stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $493.15, for a total value of $215,999.70. Following the sale, the director directly owned 1,953 shares of the company’s stock, valued at approximately $963,121.95. This represents a 18.32% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 109,721 shares of company stock worth $53,091,824 over the last three months. Corporate insiders own 2.90% of the company’s stock.

Institutional Trading of Carpenter Technology

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Woodline Partners LP purchased a new stake in shares of Carpenter Technology during the 1st quarter worth about $4,050,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Carpenter Technology by 1.7% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 104,785 shares of the basic materials company’s stock worth $18,985,000 after purchasing an additional 1,701 shares during the period. Focus Partners Wealth boosted its position in Carpenter Technology by 7.3% during the first quarter. Focus Partners Wealth now owns 4,615 shares of the basic materials company’s stock worth $836,000 after purchasing an additional 314 shares in the last quarter. Quantbot Technologies LP purchased a new position in Carpenter Technology during the second quarter worth approximately $80,000. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in Carpenter Technology in the second quarter valued at approximately $533,000. Institutional investors and hedge funds own 92.03% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on CRS shares. Wells Fargo & Company upped their target price on Carpenter Technology from $425.00 to $540.00 and gave the company an “equal weight” rating in a research report on Tuesday, August 4th. Susquehanna decreased their price objective on shares of Carpenter Technology from $680.00 to $600.00 and set a “positive” rating for the company in a research note on Friday, July 31st. TD Cowen upped their price objective on shares of Carpenter Technology from $470.00 to $650.00 and gave the company a “buy” rating in a report on Monday, July 13th. Wall Street Zen lowered shares of Carpenter Technology from a “buy” rating to a “hold” rating in a research note on Saturday, August 22nd. Finally, Weiss Ratings downgraded shares of Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a research report on Wednesday, June 3rd. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, Carpenter Technology presently has a consensus rating of “Buy” and a consensus price target of $577.25.

Carpenter Technology News Summary

Here are the key news stories impacting Carpenter Technology this week:

• Positive Sentiment: Zacks Research raised earnings estimates across multiple periods, including FY2027 EPS to $12.80 from $12.75, FY2028 EPS to $15.08 from $14.99, and FY2029 EPS to $18.44 from $18.31. Quarterly estimates for 2027 and 2028 were also increased by $0.01 to $0.03 per share, signaling improving expectations for Carpenter Technology’s future profitability.
• Positive Sentiment: Zacks Research maintained a “Strong-Buy” rating on CRS. Its forecasts imply continued earnings growth beyond the current fiscal year, with FY2029 EPS projected well above the current-year consensus estimate of $13.08.
• Neutral Sentiment: The revisions were incremental rather than major changes to the earnings outlook. With CRS trading at a relatively elevated forward valuation after a strong 12-month advance, investors may be taking profits or demanding stronger near-term catalysts before bidding the shares higher.

Carpenter Technology Stock Up 0.2%

Carpenter Technology stock opened at $477.32 on Monday. The firm has a market cap of $23.66 billion, a price-to-earnings ratio of 45.37, a price-to-earnings-growth ratio of 1.71 and a beta of 1.25. Carpenter Technology has a 52 week low of $228.00 and a 52 week high of $625.98. The business’s 50-day moving average price is $557.70 and its 200 day moving average price is $474.39. The company has a quick ratio of 2.23, a current ratio of 3.81 and a debt-to-equity ratio of 0.31.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings results on Thursday, July 30th. The basic materials company reported $3.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.09 by $0.14. Carpenter Technology had a return on equity of 26.46% and a net margin of 16.96%.The company had revenue of $679.70 million during the quarter, compared to the consensus estimate of $863.33 million. During the same period in the previous year, the company posted $2.21 earnings per share. Carpenter Technology’s revenue for the quarter was up 12.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Carpenter Technology will post 13.09 earnings per share for the current year.

Carpenter Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Tuesday, August 25th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend is Tuesday, August 25th. Carpenter Technology’s payout ratio is 7.60%.

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.