Carpenter Technology Corp. (CRS) Announces Quarterly Dividend of C$0.18
Carpenter Technology Corp. (NYSE:CRS) announced a quarterly dividend on Wednesday, October 12th. Investors of record on Tuesday, October 25th will be paid a dividend of 0.18 per share on Thursday, December 1st. This represents a $0.72 dividend on an annualized basis and a yield of 1.82%. The ex-dividend date of this dividend is Friday, October 21st.
Shares of Carpenter Technology Corp. (NYSE:CRS) opened at 39.46 on Thursday. Carpenter Technology Corp. has a 12 month low of $23.99 and a 12 month high of $42.27. The company has a market capitalization of $1.84 billion, a P/E ratio of 171.57 and a beta of 2.01. The company has a 50-day moving average price of $38.34 and a 200-day moving average price of $35.78.
Carpenter Technology Corp. (NYSE:CRS) last announced its quarterly earnings results on Thursday, July 28th. The company reported $0.35 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.34 by $0.01. Carpenter Technology Corp. had a return on equity of 4.66% and a net margin of 0.63%. The company earned $457.70 million during the quarter, compared to the consensus estimate of $454 million. During the same period in the previous year, the company posted $0.52 earnings per share. Carpenter Technology Corp.’s revenue for the quarter was down 18.0% on a year-over-year basis. On average, analysts forecast that Carpenter Technology Corp. will post $1.56 EPS for the current fiscal year.
In other news, Director Gregory A. Pratt sold 10,358 shares of the company’s stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of C$38.78, for a total transaction of C$401,683.24. Following the completion of the transaction, the director now directly owns 12,613 shares of the company’s stock, valued at approximately C$489,132.14. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 3.60% of the company’s stock.
Several hedge funds have recently modified their holdings of CRS. King Luther Capital Management Corp purchased a new stake in shares of Carpenter Technology Corp. during the second quarter valued at approximately $7,551,000. State Street Corp boosted its stake in shares of Carpenter Technology Corp. by 7.9% in the second quarter. State Street Corp now owns 2,322,416 shares of the company’s stock valued at $76,478,000 after buying an additional 170,130 shares during the last quarter. BlackRock Fund Advisors boosted its stake in shares of Carpenter Technology Corp. by 3.7% in the second quarter. BlackRock Fund Advisors now owns 2,337,750 shares of the company’s stock valued at $76,982,000 after buying an additional 83,893 shares during the last quarter. Canada Pension Plan Investment Board boosted its stake in shares of Carpenter Technology Corp. by 16.2% in the second quarter. Canada Pension Plan Investment Board now owns 346,800 shares of the company’s stock valued at $11,420,000 after buying an additional 48,400 shares during the last quarter. Finally, BlackRock Investment Management LLC boosted its stake in shares of Carpenter Technology Corp. by 8.5% in the second quarter. BlackRock Investment Management LLC now owns 370,052 shares of the company’s stock valued at $12,186,000 after buying an additional 28,949 shares during the last quarter. Hedge funds and other institutional investors own 95.90% of the company’s stock.
Several research analysts have recently weighed in on CRS shares. Zacks Investment Research raised Carpenter Technology Corp. from a “hold” rating to a “buy” rating and set a $45.00 target price for the company in a research note on Monday, October 3rd. Seaport Global Securities started coverage on Carpenter Technology Corp. in a research note on Friday, September 9th. They set a “neutral” rating and a $38.00 target price for the company. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $42.00 target price on shares of Carpenter Technology Corp. in a research note on Friday, July 8th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of C$38.20.
About Carpenter Technology Corp.
Carpenter Technology Corporation is engaged in the manufacturing, fabrication and distribution of specialty metals. The Company’s segments include Specialty Alloys Operations (SAO) and Performance Engineered Products (PEP). Its SAO segment consists of alloy and stainless steel manufacturing operations.
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