Carpenter Technologies, Inc. (NYSE:CRS – Get Rating ) saw a sharp drop in November short interest. As of November 15, short interest totaled 1.49 million shares, a decrease of 6.9% from 1.6 million shares on October 31. Based on an average daily volume of 256,600 shares, the current days-to-cover ratio is 5.8 days. Currently, 3.2% of the company’s shares are short-sold.
What Institutional Investors Are Saying About Carpenter Technology
Several hedge funds recently revised their CRS holdings. Envestnet Asset Management increased its stake in Carpenter Technology by 2.8 percent in the second quarter. Envestnet Asset Management now owns 13,226 shares of the basic materials company worth $369,000 after purchasing 361 additional shares during the period. Legal & General Group Plc increased its stake in Carpenter Technology by 0.3% in the second quarter. Legal & General Group Plc now owns 141,295 shares of the basic materials company, worth $3,943,000, after purchasing an additional 392 shares last quarter. Atlantis Life Insurance Can raised its stake in Carpenter Technology by 1.0% in the first quarter. Can now owns 43,358 shares of the basic materials company, worth $1,871,000, after Atlantis Life bought an additional 412 shares last quarter. JB Capital LLC increased its stake in Carpenter Technology by 3.0% in the second quarter. JB Capital LLC now owns 15,488 shares of the basic materials company, worth $432,000, after buying an additional 448 shares last quarter. Finally, RBC increased its stake in Carpenter Technology by 8.4% in the third quarter. RBC now owns 7,925 shares of the basic materials company, worth $247,000, after buying an additional 613 shares last quarter. 93.11% of shares are held by institutional investors and hedge funds.
Wall Street analysts forecast growth
Several analysts recently issued reports on CRS stock. Cowen upgraded shares of Carpenter Technology from a “market perform” rating to an “outperform” rating and set a $45.00 price objective on the stock in a research report on Monday, September 12th. Cowen upgraded shares of Carpenter Technology from a “market perform” rating to an “outperform” rating and set a $45.00 price objective on the stock in a research report on Monday, September 12th. Finally, StockNews.com upgraded shares of Carpenter Technology from a “sell” rating to a “hold” rating in a research report on Wednesday, November 30th. One equity research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Carpenter Technology currently has a Moderate Buy consensus rating and an average price target of $47.75, according to MarketBeat.
Carpenter Technology Stock Performance
Carpenter Technology stock opened at $42.85 on Monday. The company has a quick ratio of 1.30, a current ratio of 2.80, and a debt-to-equity ratio of 0.53. The company has a market cap of $2.08 billion, a price-to-earnings ratio of -49.83, and a beta of 1.70. The company’s 50-day moving average is $37.31 and its 200-day moving average is $34.36. Carpenter Technology’s 52-week low was $24.76 and its 52-week high was $44.96.
Carpenter Technology (NYSE: CRS – Get Rating ) last reported its earnings results on Thursday, October 27th. The basic materials company reported earnings per share (EPS) ($0.14) for the quarter, meeting analysts’ consensus estimate of $0.14. Carpenter Technology has a negative net profit margin of 2.09% and a negative return on equity of 3.35%. The business brought in $522.9 million in revenue for the quarter, compared with analyst estimates of $558 million. Research analysts predict that Carpenter Technology will post EPS of 1.15 for the fiscal year.
Carpenter Technology Dividend Announcement
The company also recently declared a quarterly dividend, which is paid on Thursday, December 1st. Investors of record on Tuesday, October 25 received a dividend of $0.20 per share. This represents an annualized dividend of $0.80 and a dividend yield of 1.87%. The ex-dividend date is Monday, October 24. Carpenter Technology currently has a payout ratio of -93.02%.
About Carpenter Technologies
Carpenter Technology Corporation manufactures, manufactures, and distributes specialty metals in the United States, Europe, Asia Pacific, Mexico, Canada, and internationally. It is organized into two segments, Specialty Alloys Business and Performance Engineered Products. The company offers specialty alloys, including titanium alloys, powdered metals, stainless steels, alloy steels and tool steels, as well as additives, metal powders and components.
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