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

Carpenter Technology Co. (NYSE:CRS) announced a quarterly dividend on Wednesday, January 15th,RTT News reports. Shareholders of record on Friday, February 28th will be paid a dividend of 0.20 per share by the basic materials company on Thursday, March 6th. This represents a $0.80 dividend on an annualized basis and a yield of 0.40%.

Carpenter Technology has a dividend payout ratio of 9.8% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Carpenter Technology to earn $8.14 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 9.8%.

Carpenter Technology Trading Up 1.3 %

Shares of NYSE:CRS opened at $198.64 on Thursday. The stock has a 50 day moving average of $181.21 and a 200 day moving average of $155.62. The company has a market cap of $9.90 billion, a PE ratio of 44.24, a price-to-earnings-growth ratio of 0.87 and a beta of 1.52. Carpenter Technology has a 12-month low of $58.87 and a 12-month high of $202.25. The company has a current ratio of 3.84, a quick ratio of 2.00 and a debt-to-equity ratio of 0.42.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings results on Thursday, October 24th. The basic materials company reported $1.73 earnings per share for the quarter, topping analysts’ consensus estimates of $1.58 by $0.15. The business had revenue of $717.60 million during the quarter, compared to analyst estimates of $742.96 million. Carpenter Technology had a net margin of 8.05% and a return on equity of 18.01%. The company’s revenue was up 10.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.88 earnings per share. As a group, equities research analysts expect that Carpenter Technology will post 6.74 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have issued reports on CRS. JPMorgan Chase & Co. initiated coverage on Carpenter Technology in a research note on Friday, November 22nd. They issued an “overweight” rating and a $220.00 price target for the company. Benchmark reiterated a “buy” rating and set a $175.00 target price on shares of Carpenter Technology in a research report on Friday, October 25th. One analyst has rated the stock with a sell rating and five have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $153.00.

About Carpenter Technology

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.