Carpenter Technology Co. (NYSE:CRS) Announces $0.20 Quarterly Dividend

Carpenter Technology Co. (NYSE:CRSGet Rating) announced a quarterly dividend on Thursday, April 21st, Wall Street Journal reports. Shareholders of record on Tuesday, May 3rd will be paid a dividend of 0.20 per share by the basic materials company on Thursday, June 2nd. This represents a $0.80 annualized dividend and a dividend yield of 1.96%. The ex-dividend date of this dividend is Monday, May 2nd.

Carpenter Technology has a dividend payout ratio of 35.7% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Carpenter Technology to earn $2.32 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 34.5%.

Shares of NYSE CRS traded down $3.03 on Thursday, hitting $40.80. The company’s stock had a trading volume of 261,191 shares, compared to its average volume of 485,338. Carpenter Technology has a 12-month low of $26.84 and a 12-month high of $49.20. The company has a market capitalization of $1.97 billion, a price-to-earnings ratio of -14.65 and a beta of 1.78. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.55 and a quick ratio of 1.73. The stock has a 50 day moving average of $39.32 and a 200-day moving average of $33.99.

Carpenter Technology (NYSE:CRSGet Rating) last posted its quarterly earnings data on Wednesday, February 2nd. The basic materials company reported ($0.58) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.63) by $0.05. Carpenter Technology had a negative net margin of 9.11% and a negative return on equity of 5.96%. The business had revenue of $396.00 million during the quarter, compared to analyst estimates of $348.33 million. During the same quarter in the previous year, the business posted ($0.61) earnings per share. The company’s revenue was up 13.5% on a year-over-year basis. Sell-side analysts expect that Carpenter Technology will post -0.99 EPS for the current fiscal year.

Institutional investors have recently added to or reduced their stakes in the company. UBS Group AG increased its position in shares of Carpenter Technology by 22.5% in the third quarter. UBS Group AG now owns 5,418 shares of the basic materials company’s stock worth $177,000 after acquiring an additional 995 shares in the last quarter. Royal Bank of Canada increased its position in shares of Carpenter Technology by 62.7% in the third quarter. Royal Bank of Canada now owns 12,161 shares of the basic materials company’s stock worth $399,000 after acquiring an additional 4,687 shares in the last quarter. Stifel Financial Corp increased its position in shares of Carpenter Technology by 2.5% in the fourth quarter. Stifel Financial Corp now owns 17,452 shares of the basic materials company’s stock worth $509,000 after acquiring an additional 419 shares in the last quarter. Squarepoint Ops LLC increased its position in shares of Carpenter Technology by 133.3% in the fourth quarter. Squarepoint Ops LLC now owns 22,065 shares of the basic materials company’s stock worth $644,000 after acquiring an additional 12,609 shares in the last quarter. Finally, LPL Financial LLC boosted its stake in shares of Carpenter Technology by 48.0% in the fourth quarter. LPL Financial LLC now owns 23,549 shares of the basic materials company’s stock valued at $687,000 after purchasing an additional 7,637 shares during the period. 89.94% of the stock is owned by institutional investors.

CRS has been the subject of several research analyst reports. StockNews.com initiated coverage on shares of Carpenter Technology in a research report on Thursday, March 31st. They set a “sell” rating for the company. Benchmark upped their price target on shares of Carpenter Technology from $43.00 to $48.00 in a research report on Wednesday. Finally, JPMorgan Chase & Co. raised shares of Carpenter Technology from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $52.00 to $53.00 in a research report on Friday, February 11th.

About Carpenter Technology (Get Rating)

Carpenter Technology Corporation manufactures, fabricates, and distributes specialty metals worldwide. It operates through 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.

See Also

Dividend History for Carpenter Technology (NYSE:CRS)

Receive News & Ratings for Carpenter Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Carpenter Technology and related companies with MarketBeat.com's FREE daily email newsletter.