Carpenter Technology Corporation (NYSE:CRS) announced a quarterly dividend on Wednesday, August 9th, RTT News reports. Shareholders of record on Tuesday, August 22nd will be given a dividend of 0.18 per share by the basic materials company on Thursday, September 7th. This represents a $0.72 dividend on an annualized basis and a yield of 1.90%. The ex-dividend date of this dividend is Friday, August 18th.
Carpenter Technology Corporation has a payout ratio of 34.8% indicating that its dividend is sufficiently covered by earnings. Analysts expect Carpenter Technology Corporation to earn $2.64 per share next year, which means the company should continue to be able to cover its $0.72 annual dividend with an expected future payout ratio of 27.3%.
Shares of Carpenter Technology Corporation (CRS) opened at 37.90 on Friday. The firm has a 50-day moving average of $38.33 and a 200-day moving average of $38.16. The firm has a market capitalization of $1.79 billion, a PE ratio of 38.28 and a beta of 2.08. Carpenter Technology Corporation has a 12-month low of $30.37 and a 12-month high of $45.34.
Carpenter Technology Corporation (NYSE:CRS) last issued its quarterly earnings data on Thursday, July 27th. The basic materials company reported $0.58 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.50 by $0.08. Carpenter Technology Corporation had a net margin of 2.61% and a return on equity of 4.48%. The business had revenue of $507.70 million during the quarter, compared to analyst estimates of $502.40 million. During the same period in the prior year, the business earned $0.35 EPS. The company’s revenue for the quarter was up 10.9% on a year-over-year basis. Equities analysts anticipate that Carpenter Technology Corporation will post $2.16 earnings per share for the current year.
In related news, Director Steven E. Karol sold 3,877 shares of the stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $40.18, for a total transaction of $155,777.86. Following the sale, the director now directly owns 230,418 shares of the company’s stock, valued at approximately $9,258,195.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last quarter, insiders purchased 294,000 shares of company stock valued at $21,490. 3.60% of the stock is owned by company insiders.
Several brokerages recently issued reports on CRS. TheStreet upgraded shares of Carpenter Technology Corporation from a “c+” rating to a “b” rating in a research note on Thursday, July 27th. Longbow Research increased their price target on shares of Carpenter Technology Corporation from $48.00 to $50.00 and gave the stock a “buy” rating in a research note on Friday, July 28th. Cowen and Company reiterated a “hold” rating and issued a $37.00 price target on shares of Carpenter Technology Corporation in a research note on Thursday, April 27th. Finally, Zacks Investment Research lowered shares of Carpenter Technology Corporation from a “buy” rating to a “hold” rating in a research note on Thursday, August 3rd. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $43.50.
About Carpenter Technology Corporation
Carpenter Technology Corporation is engaged in the manufacturing, fabrication and distribution of specialty metals. The Company’s segments include Specialty Alloys Operations (SAO) and Performance Engineered Products (PEP). Its SAO segment consists of alloy and stainless steel manufacturing operations.
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