Carpenter Technology Corporation (CRS) Plans Quarterly Dividend of $0.18
Carpenter Technology Corporation (NYSE:CRS) declared a quarterly dividend on Tuesday, October 10th, RTT News reports. Stockholders of record on Tuesday, October 24th will be given a dividend of 0.18 per share by the basic materials company on Thursday, December 7th. This represents a $0.72 annualized dividend and a dividend yield of 1.45%. The ex-dividend date 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 $2.97 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 24.2%.
Carpenter Technology Corporation (NYSE:CRS) traded down 0.46% during trading on Tuesday, hitting $49.52. The stock had a trading volume of 603,755 shares. The stock has a market capitalization of $2.32 billion, a PE ratio of 50.02 and a beta of 2.09. Carpenter Technology Corporation has a 52-week low of $30.37 and a 52-week high of $50.84. The stock’s 50-day moving average is $43.27 and its 200-day moving average is $38.97.
Carpenter Technology Corporation (NYSE:CRS) last issued its quarterly earnings data on Thursday, July 27th. The basic materials company reported $0.58 earnings per share for the quarter, beating analysts’ consensus estimates of $0.50 by $0.08. Carpenter Technology Corporation had a return on equity of 4.48% and a net margin of 2.61%. The company had revenue of $507.70 million for the quarter, compared to the consensus estimate of $502.40 million. During the same quarter last year, the company earned $0.35 earnings per share. The firm’s revenue for the quarter was up 10.9% compared to the same quarter last year. On average, analysts predict that Carpenter Technology Corporation will post $2.27 earnings per share for the current fiscal year.
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A number of equities research analysts recently weighed in on CRS shares. Longbow Research raised their price objective 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. TheStreet raised Carpenter Technology Corporation from a “c+” rating to a “b” rating in a research report on Thursday, July 27th. Zacks Investment Research raised Carpenter Technology Corporation from a “hold” rating to a “buy” rating and set a $44.00 price objective on the stock in a research report on Tuesday, July 18th. Finally, Cowen and Company reissued a “hold” rating and issued a $37.00 price target on shares of Carpenter Technology Corporation in a report on Monday, July 17th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $45.50.
In other news, Director I Martin Inglis sold 8,000 shares of the firm’s stock in a transaction dated Thursday, August 24th. The stock was sold at an average price of $39.77, for a total value of $318,160.00. Following the completion of the transaction, the director now directly owns 11,200 shares in the company, valued at $445,424. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Jeffrey Wadsworth sold 4,000 shares of the firm’s stock in a transaction dated Friday, August 25th. The stock was sold at an average price of $40.25, for a total value of $161,000.00. Following the completion of the transaction, the director now owns 4,200 shares of the company’s stock, valued at $169,050. The disclosure for this sale can be found here. In the last three months, insiders sold 26,522 shares of company stock valued at $1,065,580. Corporate insiders own 4.51% of the company’s stock.
About Carpenter Technology Corporation
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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