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

Carpenter Technology Co. (NYSE:CRS) announced a quarterly dividend on Wednesday, August 14th, Zacks reports. Stockholders of record on Tuesday, August 27th will be paid a dividend of 0.20 per share by the basic materials company on Thursday, September 5th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.56%. The ex-dividend date is Tuesday, August 27th.

Carpenter Technology has a payout ratio of 12.8% meaning its dividend is sufficiently covered by earnings. Research analysts expect Carpenter Technology to earn $7.03 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 11.4%.

Carpenter Technology Stock Performance

NYSE CRS traded up $0.58 during trading hours on Thursday, hitting $143.73. 10,975 shares of the stock were exchanged, compared to its average volume of 605,294. The company has a market cap of $7.13 billion, a price-to-earnings ratio of 54.42, a price-to-earnings-growth ratio of 0.85 and a beta of 1.43. Carpenter Technology has a 12-month low of $56.42 and a 12-month high of $148.94. The stock has a 50-day moving average of $117.50 and a 200 day moving average of $93.19. The company has a quick ratio of 1.84, a current ratio of 3.41 and a debt-to-equity ratio of 0.43.

Carpenter Technology (NYSE:CRS) last issued its earnings results on Thursday, July 25th. The basic materials company reported $1.82 earnings per share for the quarter, topping the consensus estimate of $1.51 by $0.31. Carpenter Technology had a net margin of 6.76% and a return on equity of 15.81%. The company had revenue of $798.70 million for the quarter, compared to analyst estimates of $763.76 million. During the same period in the prior year, the business posted $0.78 earnings per share. The firm’s revenue for the quarter was up 5.4% compared to the same quarter last year. As a group, equities research analysts forecast that Carpenter Technology will post 5.84 earnings per share for the current year.

Insiders Place Their Bets

In other news, SVP James D. Dee sold 23,518 shares of Carpenter Technology stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $111.26, for a total value of $2,616,612.68. Following the transaction, the senior vice president now owns 84,798 shares of the company’s stock, valued at approximately $9,434,625.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 3.40% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research firms have recently commented on CRS. Benchmark increased their price target on shares of Carpenter Technology from $140.00 to $175.00 and gave the company a “buy” rating in a research report on Friday, July 26th. BTIG Research increased their price target on shares of Carpenter Technology from $120.00 to $165.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. Northcoast Research reissued a “sell” rating and issued a $89.00 target price on shares of Carpenter Technology in a research note on Friday, June 14th. Deutsche Bank Aktiengesellschaft started coverage on shares of Carpenter Technology in a research note on Tuesday, June 25th. They issued a “buy” rating and a $144.00 target price on the stock. Finally, TD Cowen raised their price target on shares of Carpenter Technology from $116.00 to $125.00 and gave the company a “buy” rating in a report on Monday, June 10th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $139.60.

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.