Carpenter Technology Co. (NYSE:CRS) Raises Dividend to $0.20 Per Share

Carpenter Technology Co. (NYSE:CRS) announced a dividend on Tuesday, April 16th, investing.com reports. Investors of record on Tuesday, April 23rd will be paid a dividend of 0.20 per share by the basic materials company on Thursday, June 6th. This represents a yield of 1.03%. The ex-dividend date of this dividend is Monday, April 22nd. This is a boost from Carpenter Technology’s previous dividend of $0.18.

Carpenter Technology has a dividend payout ratio of 16.7% meaning its dividend is sufficiently covered by earnings. Research analysts expect Carpenter Technology to earn $4.58 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 17.5%.

Carpenter Technology Price Performance

Shares of NYSE CRS opened at $75.88 on Tuesday. The firm has a market cap of $3.75 billion, a PE ratio of 26.26 and a beta of 1.56. The firm has a fifty day moving average of $68.19 and a 200 day moving average of $67.28. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.26 and a current ratio of 2.90. Carpenter Technology has a one year low of $44.40 and a one year high of $82.16.

Carpenter Technology (NYSE:CRS) last released its earnings results on Thursday, January 25th. The basic materials company reported $0.85 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.85. Carpenter Technology had a net margin of 5.27% and a return on equity of 10.21%. The business had revenue of $624.20 million during the quarter, compared to analyst estimates of $669.56 million. As a group, research analysts predict that Carpenter Technology will post 3.96 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. American International Group Inc. boosted its position in shares of Carpenter Technology by 0.7% during the 4th quarter. American International Group Inc. now owns 26,653 shares of the basic materials company’s stock valued at $1,887,000 after acquiring an additional 188 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in Carpenter Technology by 1.1% in the second quarter. The Manufacturers Life Insurance Company now owns 19,508 shares of the basic materials company’s stock valued at $1,095,000 after buying an additional 212 shares during the last quarter. Commonwealth Equity Services LLC lifted its position in Carpenter Technology by 3.7% in the second quarter. Commonwealth Equity Services LLC now owns 8,906 shares of the basic materials company’s stock valued at $500,000 after buying an additional 319 shares during the last quarter. Envestnet Asset Management Inc. lifted its position in Carpenter Technology by 2.8% in the second quarter. Envestnet Asset Management Inc. now owns 13,226 shares of the basic materials company’s stock valued at $369,000 after buying an additional 361 shares during the last quarter. Finally, Sei Investments Co. lifted its position in Carpenter Technology by 0.5% in the first quarter. Sei Investments Co. now owns 73,603 shares of the basic materials company’s stock valued at $3,294,000 after buying an additional 371 shares during the last quarter. Institutional investors and hedge funds own 92.03% of the company’s stock.

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.