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

Carpenter Technology Co. (NYSE:CRS) announced a quarterly dividend on Wednesday, January 15th,RTT News reports. Shareholders of record on Friday, February 28th will be paid a dividend of 0.20 per share by the basic materials company on Thursday, March 6th. This represents a $0.80 dividend on an annualized basis and a yield of 0.40%.

Carpenter Technology has a dividend payout ratio of 9.8% meaning its dividend is sufficiently covered by earnings. Analysts expect Carpenter Technology to earn $8.14 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 9.8%.

Carpenter Technology Trading Up 1.3 %

CRS traded up $2.54 during midday trading on Wednesday, hitting $198.64. 571,946 shares of the company were exchanged, compared to its average volume of 674,850. The firm has a market capitalization of $9.90 billion, a P/E ratio of 44.24, a P/E/G ratio of 0.87 and a beta of 1.52. The firm’s 50 day moving average price is $181.21 and its 200-day moving average price is $155.62. The company has a quick ratio of 2.00, a current ratio of 3.84 and a debt-to-equity ratio of 0.42. Carpenter Technology has a 1-year low of $58.87 and a 1-year high of $202.25.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings data on Thursday, October 24th. The basic materials company reported $1.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.58 by $0.15. Carpenter Technology had a return on equity of 18.01% and a net margin of 8.05%. The company had revenue of $717.60 million for the quarter, compared to the consensus estimate of $742.96 million. During the same period in the previous year, the business earned $0.88 EPS. The firm’s revenue was up 10.1% compared to the same quarter last year. As a group, equities analysts forecast that Carpenter Technology will post 6.74 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. JPMorgan Chase & Co. initiated coverage on Carpenter Technology in a research note on Friday, November 22nd. They set an “overweight” rating and a $220.00 price target for the company. Benchmark reaffirmed a “buy” rating and set a $175.00 target price on shares of Carpenter Technology in a research report on Friday, October 25th. One research analyst has rated the stock with a sell rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, Carpenter Technology has an average rating of “Moderate Buy” and a consensus price target of $153.00.

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.