Carpenter Technology Co. (NYSE:CRS) Short Interest Up 8.5% in October

Carpenter Technology Co. (NYSE:CRS) was the recipient of a large growth in short interest in October. As of October 31st, there was short interest totalling 1,780,000 shares, a growth of 8.5% from the September 30th total of 1,640,000 shares. Currently, 3.8% of the shares of the stock are sold short. Based on an average daily trading volume, of 267,100 shares, the short-interest ratio is presently 6.7 days.

A number of equities analysts recently issued reports on CRS shares. ValuEngine upgraded shares of Carpenter Technology from a “sell” rating to a “hold” rating in a research report on Friday, November 8th. Zacks Investment Research lowered shares of Carpenter Technology from a “hold” rating to a “sell” rating and set a $54.00 target price for the company. in a research report on Wednesday, October 16th.

NYSE:CRS opened at $52.95 on Monday. Carpenter Technology has a twelve month low of $32.77 and a twelve month high of $56.33. The company has a current ratio of 2.81, a quick ratio of 1.01 and a debt-to-equity ratio of 0.35. The company has a 50-day moving average of $51.04 and a 200-day moving average of $48.14. The firm has a market cap of $2.47 billion, a price-to-earnings ratio of 15.30 and a beta of 2.33.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings data on Thursday, October 24th. The basic materials company reported $0.85 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.89 by ($0.04). Carpenter Technology had a net margin of 7.38% and a return on equity of 10.81%. The business had revenue of $585.40 million for the quarter, compared to the consensus estimate of $604.78 million. During the same quarter last year, the business posted $0.65 EPS. The business’s revenue for the quarter was up 2.3% on a year-over-year basis. On average, research analysts forecast that Carpenter Technology will post 3.92 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Tuesday, October 22nd will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, October 21st. This represents a $0.80 annualized dividend and a dividend yield of 1.51%. Carpenter Technology’s dividend payout ratio (DPR) is 23.12%.

In related news, Director Gregory A. Pratt sold 17,528 shares of the stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $50.30, for a total value of $881,658.40. Following the completion of the transaction, the director now owns 6,623 shares in the company, valued at approximately $333,136.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Steven E. Karol sold 5,000 shares of the stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $55.00, for a total transaction of $275,000.00. Following the completion of the transaction, the director now owns 230,543 shares of the company’s stock, valued at approximately $12,679,865. The disclosure for this sale can be found here. Corporate insiders own 3.90% of the company’s stock.

Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of Carpenter Technology by 1.5% during the 2nd quarter. Vanguard Group Inc. now owns 4,583,098 shares of the basic materials company’s stock valued at $219,897,000 after purchasing an additional 66,079 shares in the last quarter. Northern Trust Corp boosted its position in shares of Carpenter Technology by 6.6% during the 2nd quarter. Northern Trust Corp now owns 1,219,898 shares of the basic materials company’s stock valued at $58,531,000 after purchasing an additional 76,053 shares in the last quarter. Invesco Ltd. boosted its position in shares of Carpenter Technology by 5.1% during the 2nd quarter. Invesco Ltd. now owns 1,123,034 shares of the basic materials company’s stock valued at $53,884,000 after purchasing an additional 54,307 shares in the last quarter. Granite Investment Partners LLC boosted its position in shares of Carpenter Technology by 6.2% during the 2nd quarter. Granite Investment Partners LLC now owns 517,254 shares of the basic materials company’s stock valued at $24,818,000 after purchasing an additional 30,235 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Carpenter Technology by 2.6% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 472,756 shares of the basic materials company’s stock valued at $22,683,000 after purchasing an additional 12,085 shares in the last quarter. Institutional investors own 91.51% 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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