Carpenter Technology Co. (NYSE:CRS) Short Interest Down 5.8% in July

Carpenter Technology Co. (NYSE:CRS) was the recipient of a large decrease in short interest during the month of July. As of July 15th, there was short interest totalling 1,130,000 shares, a decrease of 5.8% from the June 30th total of 1,200,000 shares. Approximately 2.4% of the company’s stock are sold short. Based on an average trading volume of 706,600 shares, the days-to-cover ratio is currently 1.6 days.

Insiders Place Their Bets

In related news, SVP James D. Dee sold 23,518 shares of the firm’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $111.26, for a total value of $2,616,612.68. Following the completion of the transaction, the senior vice president now owns 84,798 shares of the company’s stock, valued at $9,434,625.48. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, SVP James D. Dee sold 23,518 shares of the company’s stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $111.26, for a total transaction of $2,616,612.68. Following the sale, the senior vice president now owns 84,798 shares in the company, valued at $9,434,625.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Elizabeth A. Socci sold 802 shares of the stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $102.11, for a total value of $81,892.22. Following the transaction, the vice president now directly owns 11,509 shares of the company’s stock, valued at $1,175,183.99. The disclosure for this sale can be found here. Insiders sold a total of 59,678 shares of company stock valued at $6,261,693 in the last quarter. 3.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CRS. Cape Investment Advisory Inc. bought a new stake in Carpenter Technology in the 4th quarter valued at about $29,000. Whittier Trust Co. acquired a new stake in Carpenter Technology during the first quarter worth approximately $30,000. Johnson Financial Group Inc. bought a new position in Carpenter Technology during the 4th quarter worth $31,000. Westend Capital Management LLC acquired a new position in Carpenter Technology in the 1st quarter valued at $36,000. Finally, Covestor Ltd lifted its position in shares of Carpenter Technology by 469.2% during the 1st quarter. Covestor Ltd now owns 831 shares of the basic materials company’s stock valued at $59,000 after acquiring an additional 685 shares during the period. 92.03% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Benchmark upped their price target on shares of Carpenter Technology from $140.00 to $175.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Carpenter Technology in a report on Tuesday, June 25th. They issued a “buy” rating and a $144.00 target price on the stock. BTIG Research lifted their price target on Carpenter Technology from $120.00 to $165.00 and gave the stock a “buy” rating in a report on Tuesday. Northcoast Research reissued a “sell” rating and set a $89.00 price target on shares of Carpenter Technology in a research report on Friday, June 14th. Finally, TD Cowen raised their price objective on Carpenter Technology from $116.00 to $125.00 and gave the company a “buy” rating in a research report on Monday, June 10th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Carpenter Technology currently has an average rating of “Moderate Buy” and a consensus target price of $139.60.

Carpenter Technology Stock Performance

Shares of CRS stock opened at $145.87 on Thursday. Carpenter Technology has a 52 week low of $56.42 and a 52 week high of $148.49. The company has a market capitalization of $7.24 billion, a price-to-earnings ratio of 55.46, a PEG ratio of 0.84 and a beta of 1.44. The company has a 50-day simple moving average of $110.88 and a 200 day simple moving average of $87.67. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.84 and a current ratio of 3.41.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings data on Thursday, July 25th. The basic materials company reported $1.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.51 by $0.31. The company had revenue of $798.70 million during the quarter, compared to analysts’ expectations of $763.76 million. Carpenter Technology had a return on equity of 15.81% and a net margin of 6.76%. The business’s revenue was up 5.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.78 earnings per share. On average, sell-side analysts predict that Carpenter Technology will post 5.84 earnings per share for the current year.

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.