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

Carpenter Technology Co. (NYSE:CRS) announced a quarterly dividend on Wednesday, August 14th, Zacks reports. Shareholders of record on Tuesday, August 27th will be given a dividend of 0.20 per share by the basic materials company on Thursday, September 5th. This represents a $0.80 annualized dividend and a yield of 0.55%. The ex-dividend date is Tuesday, August 27th.

Carpenter Technology has a payout ratio of 12.6% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Carpenter Technology to earn $7.03 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 11.4%.

Carpenter Technology Stock Up 1.9 %

CRS opened at $144.79 on Monday. The company has a market cap of $7.18 billion, a P/E ratio of 55.05, a P/E/G ratio of 0.85 and a beta of 1.43. Carpenter Technology has a 12 month low of $57.20 and a 12 month high of $148.94. The business’s 50-day moving average price is $123.14 and its 200-day moving average price is $97.46. The company has a current ratio of 3.41, a quick ratio of 1.84 and a debt-to-equity ratio of 0.43.

Carpenter Technology (NYSE:CRS) last posted its earnings results on Thursday, July 25th. The basic materials company reported $1.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.51 by $0.31. The company had revenue of $798.70 million for the quarter, compared to analysts’ expectations of $763.76 million. Carpenter Technology had a return on equity of 15.81% and a net margin of 6.76%. Carpenter Technology’s quarterly revenue was up 5.4% on a year-over-year basis. During the same period last year, the firm earned $0.78 earnings per share. On average, equities analysts expect that Carpenter Technology will post 5.84 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Northcoast Research reaffirmed a “sell” rating and issued a $89.00 price target on shares of Carpenter Technology in a research note on Friday, June 14th. Deutsche Bank Aktiengesellschaft started coverage on shares of Carpenter Technology in a research report on Tuesday, June 25th. They issued a “buy” rating and a $144.00 target price on the stock. BTIG Research lifted their price target on shares of Carpenter Technology from $120.00 to $165.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. Benchmark upped their price objective on shares of Carpenter Technology from $140.00 to $175.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Finally, TD Cowen lifted their target price on shares of Carpenter Technology from $116.00 to $125.00 and gave the company a “buy” rating in a report on Monday, June 10th. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $139.60.

About Carpenter Technology

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.