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

Carpenter Technology Co. (NYSE:CRS) declared a quarterly dividend on Thursday, October 10th, NASDAQ reports. Investors of record on Tuesday, October 22nd will be given a dividend of 0.20 per share by the basic materials company on Thursday, December 5th. This represents a $0.80 dividend on an annualized basis and a yield of 0.50%. The ex-dividend date is Tuesday, October 22nd.

Carpenter Technology has a dividend payout ratio of 12.0% meaning its dividend is sufficiently covered by earnings. Research analysts expect Carpenter Technology to earn $7.39 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 10.8%.

Carpenter Technology Stock Performance

CRS opened at $158.52 on Monday. The company has a quick ratio of 1.84, a current ratio of 3.41 and a debt-to-equity ratio of 0.43. Carpenter Technology has a 12-month low of $58.87 and a 12-month high of $166.51. The business has a 50 day moving average of $148.92 and a 200-day moving average of $120.76. The stock has a market cap of $7.86 billion, a price-to-earnings ratio of 60.27, a PEG ratio of 0.83 and a beta of 1.45.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings results on Thursday, July 25th. The basic materials company reported $1.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.51 by $0.31. The business had revenue of $798.70 million during the quarter, compared to the consensus estimate of $763.76 million. Carpenter Technology had a return on equity of 15.81% and a net margin of 6.76%. The company’s quarterly revenue was up 5.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.78 EPS. On average, equities research analysts expect that Carpenter Technology will post 6.63 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on CRS. Benchmark increased their price target on shares of Carpenter Technology from $140.00 to $175.00 and gave the company a “buy” rating in a report on Friday, July 26th. BTIG Research lifted their price target on Carpenter Technology from $120.00 to $165.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Carpenter Technology in a research note on Tuesday, June 25th. They issued a “buy” rating and a $144.00 price target for the company. One analyst has rated the stock with a sell rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $139.60.

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.