Carpenter Technology Co. (CRS) to Issue Quarterly Dividend of $0.20 on March 6th

Carpenter Technology Co. (NYSE:CRS) announced a quarterly dividend on Wednesday, January 15th,RTT News reports. Stockholders of record on Tuesday, January 28th will be given a dividend of 0.20 per share by the basic materials company on Thursday, March 6th. This represents a $0.80 annualized dividend and a dividend yield of 0.38%. The ex-dividend date is Tuesday, January 28th.

Carpenter Technology has a payout ratio of 9.8% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Carpenter Technology to earn $8.22 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 9.7%.

Carpenter Technology Stock Performance

NYSE:CRS opened at $210.59 on Friday. The firm has a market capitalization of $10.50 billion, a PE ratio of 46.90, a PEG ratio of 0.98 and a beta of 1.55. The stock’s fifty day moving average is $186.11 and its 200 day moving average is $160.91. Carpenter Technology has a fifty-two week low of $58.87 and a fifty-two week high of $213.65. The company has a debt-to-equity ratio of 0.42, a quick ratio of 2.00 and a current ratio of 3.84.

Carpenter Technology (NYSE:CRS) last announced its earnings results on Thursday, October 24th. The basic materials company reported $1.73 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.15. Carpenter Technology had a net margin of 8.05% and a return on equity of 18.01%. The business had revenue of $717.60 million for the quarter, compared to the consensus estimate of $742.96 million. During the same quarter in the prior year, the firm posted $0.88 earnings per share. The business’s revenue for the quarter was up 10.1% on a year-over-year basis. On average, sell-side analysts anticipate that Carpenter Technology will post 6.77 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on CRS shares. JPMorgan Chase & Co. began coverage on shares of Carpenter Technology in a research report on Friday, November 22nd. They issued an “overweight” rating and a $220.00 price objective on the stock. Benchmark reaffirmed a “buy” rating and set a $175.00 target price on shares of Carpenter Technology in a research note on Friday, October 25th. One research analyst has rated the stock with a sell rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, Carpenter Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $153.00.

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.