Carpenter Technology (NYSE:CRS) Posts Quarterly Earnings Results, Beats Estimates By $0.15 EPS

Carpenter Technology (NYSE:CRS) announced its earnings results on Thursday. The basic materials company reported $1.73 EPS for the quarter, beating analysts’ consensus estimates of $1.58 by $0.15, Briefing.com reports. The company had revenue of $717.60 million during the quarter, compared to the consensus estimate of $742.96 million. Carpenter Technology had a return on equity of 15.81% and a net margin of 6.76%. The firm’s revenue for the quarter was up 10.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.88 earnings per share.

Carpenter Technology Stock Up 0.7 %

Carpenter Technology stock traded up $1.10 during mid-day trading on Friday, hitting $155.47. The company had a trading volume of 893,850 shares, compared to its average volume of 587,593. Carpenter Technology has a 12 month low of $58.87 and a 12 month high of $166.51. The company has a market capitalization of $7.71 billion, a PE ratio of 59.11, a price-to-earnings-growth ratio of 0.83 and a beta of 1.45. The stock’s 50 day moving average price is $150.28 and its two-hundred day moving average price is $123.82. The company has a current ratio of 3.41, a quick ratio of 1.84 and a debt-to-equity ratio of 0.43.

Carpenter Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Tuesday, October 22nd will be issued a dividend of $0.20 per share. The ex-dividend date is Tuesday, October 22nd. This represents a $0.80 annualized dividend and a dividend yield of 0.51%. Carpenter Technology’s payout ratio is 30.42%.

Analyst Ratings Changes

CRS has been the topic of a number of research reports. BTIG Research lifted their target price on shares of Carpenter Technology from $120.00 to $165.00 and gave the company a “buy” rating in a research note on Tuesday, July 30th. Benchmark reissued a “buy” rating and issued a $175.00 target price on shares of Carpenter Technology in a research report on Friday. One analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Carpenter Technology presently has a consensus rating of “Moderate Buy” and a consensus target price 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.