Carpenter Technology Corporation (CRS) to Issue Quarterly Dividend of $0.18 on September 7th
Carpenter Technology Corporation (NYSE:CRS) announced a quarterly dividend on Wednesday, August 9th, RTT News reports. Shareholders of record on Tuesday, August 22nd will be paid a dividend of 0.18 per share by the basic materials company on Thursday, September 7th. This represents a $0.72 annualized dividend and a yield of 1.88%. The ex-dividend date is Friday, August 18th.
Carpenter Technology Corporation has a dividend payout ratio of 34.8% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Carpenter Technology Corporation to earn $2.64 per share next year, which means the company should continue to be able to cover its $0.72 annual dividend with an expected future payout ratio of 27.3%.
Shares of Carpenter Technology Corporation (NYSE CRS) opened at 38.29 on Thursday. The stock has a market cap of $1.80 billion, a PE ratio of 38.68 and a beta of 2.08. Carpenter Technology Corporation has a 12 month low of $30.37 and a 12 month high of $45.33. The firm’s 50-day moving average is $38.47 and its 200 day moving average is $38.10.
Carpenter Technology Corporation (NYSE:CRS) last announced its quarterly earnings results on Thursday, July 27th. The basic materials company reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.08. The company had revenue of $507.70 million for the quarter, compared to analysts’ expectations of $502.40 million. Carpenter Technology Corporation had a net margin of 2.61% and a return on equity of 4.48%. Carpenter Technology Corporation’s quarterly revenue was up 10.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.35 earnings per share. On average, equities analysts predict that Carpenter Technology Corporation will post $2.16 EPS for the current year.
In other news, Director Steven E. Karol sold 3,877 shares of the business’s stock in a transaction on Monday, August 7th. The shares were sold at an average price of $40.18, for a total transaction of $155,777.86. Following the completion of the sale, the director now directly owns 230,418 shares of the company’s stock, valued at $9,258,195.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have bought 294,000 shares of company stock valued at $21,490 over the last three months. Insiders own 3.60% of the company’s stock.
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Several research firms have commented on CRS. Zacks Investment Research lowered shares of Carpenter Technology Corporation from a “buy” rating to a “hold” rating in a research note on Thursday, August 3rd. Cowen and Company reaffirmed a “hold” rating and set a $37.00 price objective on shares of Carpenter Technology Corporation in a research note on Monday, July 17th. TheStreet raised shares of Carpenter Technology Corporation from a “c+” rating to a “b” rating in a research note on Thursday, July 27th. Finally, Longbow Research lifted their price objective on shares of Carpenter Technology Corporation from $48.00 to $50.00 and gave the stock a “buy” rating in a research note on Friday, July 28th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $43.50.
Carpenter Technology Corporation Company Profile
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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