Carpenter Technology (NYSE:CRS) Announces Earnings Results

Carpenter Technology (NYSE:CRSGet Rating) announced its quarterly earnings results on Thursday. The basic materials company reported ($0.20) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.07, MarketWatch Earnings reports. The company had revenue of $489.00 million for the quarter, compared to analysts’ expectations of $415.67 million. Carpenter Technology had a negative net margin of 9.11% and a negative return on equity of 5.96%. The business’s quarterly revenue was up 39.0% compared to the same quarter last year. During the same period last year, the firm posted ($0.54) earnings per share.

Shares of CRS stock opened at $40.73 on Friday. The company has a current ratio of 3.55, a quick ratio of 1.73 and a debt-to-equity ratio of 0.52. Carpenter Technology has a 1 year low of $26.84 and a 1 year high of $49.20. The firm’s fifty day moving average price is $39.41 and its two-hundred day moving average price is $34.23. The firm has a market capitalization of $1.97 billion, a P/E ratio of -13.85 and a beta of 1.78.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 2nd. Shareholders of record on Tuesday, May 3rd will be paid a $0.20 dividend. The ex-dividend date of this dividend is Monday, May 2nd. This represents a $0.80 annualized dividend and a yield of 1.96%. Carpenter Technology’s payout ratio is currently -27.21%.

A number of equities analysts have recently weighed in on CRS shares. JPMorgan Chase & Co. raised shares of Carpenter Technology from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $52.00 to $53.00 in a research report on Friday, February 11th. StockNews.com began coverage on shares of Carpenter Technology in a research report on Thursday, March 31st. They set a “sell” rating on the stock. Finally, Benchmark raised their price objective on shares of Carpenter Technology from $43.00 to $48.00 in a report on Wednesday, April 20th.

Hedge funds have recently modified their holdings of the business. UBS Group AG increased its stake in Carpenter Technology by 22.5% in the 3rd quarter. UBS Group AG now owns 5,418 shares of the basic materials company’s stock valued at $177,000 after buying an additional 995 shares during the last quarter. Royal Bank of Canada increased its stake in shares of Carpenter Technology by 62.7% during the 3rd quarter. Royal Bank of Canada now owns 12,161 shares of the basic materials company’s stock worth $399,000 after purchasing an additional 4,687 shares during the last quarter. Stifel Financial Corp increased its stake in shares of Carpenter Technology by 2.5% during the 4th quarter. Stifel Financial Corp now owns 17,452 shares of the basic materials company’s stock worth $509,000 after purchasing an additional 419 shares during the last quarter. Squarepoint Ops LLC increased its stake in shares of Carpenter Technology by 133.3% during the 4th quarter. Squarepoint Ops LLC now owns 22,065 shares of the basic materials company’s stock worth $644,000 after purchasing an additional 12,609 shares during the last quarter. Finally, LPL Financial LLC increased its stake in shares of Carpenter Technology by 48.0% during the 4th quarter. LPL Financial LLC now owns 23,549 shares of the basic materials company’s stock worth $687,000 after purchasing an additional 7,637 shares during the last quarter. Hedge funds and other institutional investors own 89.94% of the company’s stock.

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.

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Earnings History for Carpenter Technology (NYSE:CRS)

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