Carpenter Technology Corporation (CRS) Declares $0.18 Quarterly Dividend
Carpenter Technology Corporation (NYSE:CRS) announced a quarterly dividend on Tuesday, October 10th, RTT News reports. Stockholders of record on Tuesday, October 24th will be paid a dividend of 0.18 per share by the basic materials company on Thursday, December 7th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.45%. The ex-dividend date of this dividend is Monday, October 23rd.
Carpenter Technology Corporation has a payout ratio of 34.1% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Carpenter Technology Corporation to earn $2.63 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 27.4%.
Shares of Carpenter Technology Corporation (NYSE CRS) traded up 0.20% during midday trading on Wednesday, hitting $49.62. 123,112 shares of the stock were exchanged. Carpenter Technology Corporation has a 52-week low of $30.37 and a 52-week high of $50.84. The firm has a market cap of $2.32 billion, a PE ratio of 50.12 and a beta of 2.10. The firm’s 50-day moving average is $43.60 and its 200 day moving average is $39.07.
Carpenter Technology Corporation (NYSE:CRS) last posted its earnings results on Thursday, July 27th. The basic materials company reported $0.58 EPS for the quarter, beating analysts’ consensus estimates of $0.50 by $0.08. The firm had revenue of $507.70 million during the quarter, compared to the consensus estimate of $502.40 million. Carpenter Technology Corporation had a return on equity of 4.48% and a net margin of 2.61%. The company’s quarterly revenue was up 10.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.35 EPS. On average, analysts forecast that Carpenter Technology Corporation will post $2.27 earnings per share for the current year.
In other news, Director Robert R. Mcmaster sold 8,000 shares of the stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $40.44, for a total transaction of $323,520.00. Following the completion of the transaction, the director now directly owns 9,200 shares in the company, valued at approximately $372,048. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Steven E. Karol sold 2,645 shares of the stock in a transaction that occurred on Wednesday, September 6th. The shares were sold at an average price of $40.50, for a total value of $107,122.50. Following the transaction, the director now owns 230,418 shares of the company’s stock, valued at $9,331,929. The disclosure for this sale can be found here. Insiders have sold a total of 26,522 shares of company stock valued at $1,065,580 over the last quarter. Corporate insiders own 4.51% of the company’s stock.
A number of research analysts have recently commented on CRS shares. Cowen and Company reiterated a “hold” rating and set a $37.00 target price on shares of Carpenter Technology Corporation in a research report on Monday, July 17th. Zacks Investment Research upgraded Carpenter Technology Corporation from a “hold” rating to a “buy” rating and set a $44.00 target price for the company in a research report on Tuesday, July 18th. Longbow Research increased their target price on Carpenter Technology Corporation from $48.00 to $50.00 and gave the company a “buy” rating in a research report on Friday, July 28th. Finally, TheStreet upgraded Carpenter Technology Corporation from a “c+” rating to a “b” rating in a research report on Thursday, July 27th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company has an average rating of “Buy” and an average target price of $45.50.
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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