Carpenter Technology (NYSE:CRS) Issues Earnings Results

Carpenter Technology (NYSE:CRS) announced its quarterly earnings results on Thursday. The basic materials company reported $1.73 EPS for the quarter, topping the consensus estimate of $1.45 by $0.28, Briefing.com reports. Carpenter Technology had a net margin of 6.76% and a return on equity of 15.81%. The company had revenue of $717.60 million for the quarter, compared to analyst estimates of $742.96 million. During the same quarter in the prior year, the business posted $0.88 EPS. Carpenter Technology’s quarterly revenue was up 10.1% on a year-over-year basis.

Carpenter Technology Stock Performance

Shares of Carpenter Technology stock traded down $3.53 during trading on Thursday, reaching $153.23. The company’s stock had a trading volume of 553,020 shares, compared to its average volume of 582,093. The business’s fifty day moving average price is $149.88 and its 200-day moving average price is $122.45. Carpenter Technology has a one year low of $58.87 and a one year high of $166.51. The firm has a market cap of $7.60 billion, a price-to-earnings ratio of 57.90, a price-to-earnings-growth ratio of 0.83 and a beta of 1.45. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.84 and a current ratio of 3.41.

Carpenter Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Tuesday, October 22nd will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.52%. The ex-dividend date of this dividend is Tuesday, October 22nd. Carpenter Technology’s dividend payout ratio is currently 30.42%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Benchmark increased their target price on shares of Carpenter Technology from $140.00 to $175.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. BTIG Research raised their price objective on Carpenter Technology from $120.00 to $165.00 and gave the company a “buy” rating in a research note on Tuesday, July 30th. One research analyst has rated the stock with a sell rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus 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.