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

Carpenter Technology Co. (NYSE:CRS) declared a quarterly dividend on Thursday, October 10th, NASDAQ reports. Stockholders of record on Tuesday, October 22nd will be given a dividend of 0.20 per share by the basic materials company on Thursday, December 5th. This represents a $0.80 annualized dividend and a dividend yield of 0.50%. The ex-dividend date of this dividend is Tuesday, October 22nd.

Carpenter Technology has a dividend payout ratio of 12.0% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Carpenter Technology to earn $7.39 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 10.8%.

Carpenter Technology Price Performance

Shares of CRS opened at $158.52 on Friday. The firm has a fifty day simple moving average of $148.92 and a two-hundred day simple moving average of $120.76. The firm has a market cap of $7.86 billion, a PE ratio of 60.27, a P/E/G ratio of 0.83 and a beta of 1.45. 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 has a 1-year low of $58.87 and a 1-year high of $166.51.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings data on Thursday, July 25th. The basic materials company reported $1.82 EPS for the quarter, beating analysts’ consensus estimates of $1.51 by $0.31. The company had revenue of $798.70 million during 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 revenue for the quarter was up 5.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.78 earnings per share. On average, equities analysts anticipate that Carpenter Technology will post 6.63 EPS for the current year.

Analysts Set New Price Targets

A number of research firms recently issued reports on CRS. Deutsche Bank Aktiengesellschaft began coverage on shares of Carpenter Technology in a report on Tuesday, June 25th. They issued a “buy” rating and a $144.00 price objective on the stock. Benchmark lifted their price target on shares of Carpenter Technology from $140.00 to $175.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Finally, BTIG Research raised their target price on Carpenter Technology from $120.00 to $165.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. One equities research analyst has rated the stock with a sell rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $139.60.

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.