Carpenter Technology Co. to Issue Quarterly Dividend of $0.20 (NYSE:CRS)

Carpenter Technology Co. (NYSE:CRS) declared a quarterly dividend on Wednesday, August 14th, Zacks reports. Investors of record on Tuesday, August 27th will be given a dividend of 0.20 per share by the basic materials company on Thursday, September 5th. This represents a $0.80 dividend on an annualized basis and a yield of 0.55%. The ex-dividend date of this dividend is Tuesday, August 27th.

Carpenter Technology has a payout ratio of 12.8% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Carpenter Technology to earn $7.03 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 11.4%.

Carpenter Technology Stock Up 1.8 %

Carpenter Technology stock opened at $145.68 on Thursday. Carpenter Technology has a 1-year low of $56.42 and a 1-year high of $148.94. The firm has a market capitalization of $7.23 billion, a price-to-earnings ratio of 54.42, a P/E/G ratio of 0.85 and a beta of 1.43. The company has a current ratio of 3.41, a quick ratio of 1.84 and a debt-to-equity ratio of 0.43. The firm has a 50 day simple moving average of $117.50 and a 200 day simple moving average of $93.19.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings results on Thursday, July 25th. The basic materials company reported $1.82 EPS for the quarter, beating the consensus estimate of $1.51 by $0.31. Carpenter Technology had a net margin of 6.76% and a return on equity of 15.81%. The firm had revenue of $798.70 million during the quarter, compared to the consensus estimate of $763.76 million. During the same period last year, the firm earned $0.78 EPS. The business’s quarterly revenue was up 5.4% compared to the same quarter last year. On average, analysts predict that Carpenter Technology will post 5.84 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Northcoast Research reissued a “sell” rating and issued a $89.00 price target on shares of Carpenter Technology in a report on Friday, June 14th. Benchmark lifted their price objective on shares of Carpenter Technology from $140.00 to $175.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Carpenter Technology in a report on Tuesday, June 25th. They set a “buy” rating and a $144.00 price objective for the company. BTIG Research lifted their price objective on shares of Carpenter Technology from $120.00 to $165.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. Finally, TD Cowen lifted their price objective on shares of Carpenter Technology from $116.00 to $125.00 and gave the stock a “buy” rating in a report on Monday, June 10th. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Carpenter Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $139.60.

Insider Buying and Selling

In other Carpenter Technology news, SVP James D. Dee sold 23,518 shares of the business’s stock in a transaction dated 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 transaction, 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 available through this hyperlink. 3.40% of the stock is owned by corporate insiders.

Carpenter Technology Company Profile

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.