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

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

Several research firms have recently commented on CRS. ValuEngine raised Carpenter Technology from a “sell” rating to a “hold” rating in a research note on Tuesday, January 28th. Longbow Research cut Carpenter Technology from a “buy” rating to a “neutral” rating in a research note on Monday, December 16th. Zacks Investment Research lifted 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. Finally, Benchmark began coverage on Carpenter Technology in a research note on Thursday, January 16th. They issued a “hold” rating for the company.

Shares of NYSE CRS traded down $0.32 during midday trading on Friday, hitting $43.34. The stock had a trading volume of 241,867 shares, compared to its average volume of 333,067. The company’s 50-day simple moving average is $45.56 and its 200 day simple moving average is $49.22. The firm has a market cap of $2.09 billion, a P/E ratio of 11.75 and a beta of 2.25. Carpenter Technology has a fifty-two week low of $39.49 and a fifty-two week high of $56.33. The company has a debt-to-equity ratio of 0.34, a current ratio of 2.72 and a quick ratio of 0.92.

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

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

In other news, Director Gregory A. Pratt sold 17,528 shares of Carpenter Technology stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $52.31, for a total value of $916,889.68. Following the completion of the sale, the director now directly owns 22,141 shares of the company’s stock, valued at approximately $1,158,195.71. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 3.90% of the stock is currently owned by company insiders.

Large investors have recently bought and sold shares of the company. Acadian Asset Management LLC bought a new position in shares of Carpenter Technology in the 4th quarter worth $114,000. Strs Ohio boosted 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 purchasing an additional 1,300 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted 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 purchasing an additional 668 shares during the last quarter. Macquarie Group Ltd. bought a new position in shares of Carpenter Technology in the 2nd quarter worth $182,000. Finally, Ladenburg Thalmann Financial Services Inc. boosted 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 purchasing an additional 246 shares during the last quarter. Institutional investors and hedge funds 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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