Carpenter Technology (NYSE:CRS) Board of Directors Authorizes Stock Buyback Program

Carpenter Technology (NYSE:CRS) announced that its Board of Directors has approved a share repurchase program on Thursday, April 24th, RTT News reports. The company plans to buyback $400.00 million in shares. This buyback authorization authorizes the basic materials company to purchase up to 4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

CRS has been the topic of several analyst reports. JPMorgan Chase & Co. lifted their target price on Carpenter Technology from $235.00 to $240.00 and gave the company an “overweight” rating in a research report on Wednesday, February 19th. BTIG Research set a $230.00 target price on shares of Carpenter Technology in a research note on Friday, January 31st. Finally, Northcoast Research upgraded shares of Carpenter Technology from a “sell” rating to a “neutral” rating in a report on Wednesday, April 9th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $167.17.

Carpenter Technology Stock Performance

Shares of CRS stock opened at $198.88 on Friday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.92 and a current ratio of 3.80. The firm has a market cap of $9.93 billion, a price-to-earnings ratio of 37.52, a P/E/G ratio of 0.93 and a beta of 1.28. The firm’s 50-day simple moving average is $183.53 and its two-hundred day simple moving average is $181.38. Carpenter Technology has a 52 week low of $79.14 and a 52 week high of $213.66.

Carpenter Technology (NYSE:CRS) last issued its earnings results on Thursday, April 24th. The basic materials company reported $1.88 earnings per share for the quarter, topping analysts’ consensus estimates of $1.74 by $0.14. Carpenter Technology had a net margin of 9.34% and a return on equity of 19.88%. As a group, equities analysts forecast that Carpenter Technology will post 6.83 earnings per share for the current year.

Carpenter Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Shareholders of record on Tuesday, April 22nd will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, April 22nd. This represents a $0.80 annualized dividend and a dividend yield of 0.40%. Carpenter Technology’s dividend payout ratio is currently 15.09%.

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.