Wall Street analysts predict that Carpenter Technology Co. (NYSE:CRS) will report sales of $589.42 million for the current fiscal quarter, Zacks Investment Research reports. Three analysts have issued estimates for Carpenter Technology’s earnings, with the lowest sales estimate coming in at $580.25 million and the highest estimate coming in at $594.00 million. Carpenter Technology posted sales of $507.70 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 16.1%. The business is expected to announce its next quarterly earnings report on Thursday, July 26th.
On average, analysts expect that Carpenter Technology will report full year sales of $2.13 billion for the current fiscal year, with estimates ranging from $2.12 billion to $2.13 billion. For the next fiscal year, analysts anticipate that the company will post sales of $2.32 billion per share, with estimates ranging from $2.29 billion to $2.34 billion. Zacks’ sales averages are a mean average based on a survey of research firms that follow Carpenter Technology.
Carpenter Technology (NYSE:CRS) last announced its quarterly earnings results on Thursday, April 26th. The basic materials company reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.02. The firm had revenue of $572.20 million for the quarter, compared to analysts’ expectations of $518.98 million. Carpenter Technology had a net margin of 8.36% and a return on equity of 8.23%. Carpenter Technology’s revenue was up 20.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.44 earnings per share.
A number of research analysts have weighed in on CRS shares. Zacks Investment Research raised shares of Carpenter Technology from a “sell” rating to a “hold” rating in a research report on Monday, April 16th. Cowen raised shares of Carpenter Technology from a “market perform” rating to an “outperform” rating in a research report on Friday, April 27th. Deutsche Bank lifted their price target on shares of Carpenter Technology from $47.00 to $49.00 and gave the company a “hold” rating in a research report on Wednesday, April 11th. Finally, ValuEngine raised shares of Carpenter Technology from a “hold” rating to a “buy” rating in a research report on Friday, May 4th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Carpenter Technology has a consensus rating of “Buy” and an average target price of $53.25.
In other news, Director Jeffrey Wadsworth sold 2,358 shares of the business’s stock in a transaction on Wednesday, May 9th. The shares were sold at an average price of $56.68, for a total transaction of $133,651.44. Following the transaction, the director now directly owns 2,558 shares of the company’s stock, valued at $144,987.44. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP James D. Dee sold 3,684 shares of the business’s stock in a transaction on Tuesday, May 15th. The stock was sold at an average price of $58.33, for a total transaction of $214,887.72. The disclosure for this sale can be found here. Over the last three months, insiders have sold 19,407 shares of company stock worth $1,084,747. Corporate insiders own 4.51% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of CRS. Franklin Resources Inc. acquired a new position in shares of Carpenter Technology during the first quarter worth $46,984,000. Ceredex Value Advisors LLC acquired a new position in shares of Carpenter Technology during the first quarter worth $18,966,000. Kennedy Capital Management Inc. lifted its position in shares of Carpenter Technology by 466.4% during the fourth quarter. Kennedy Capital Management Inc. now owns 490,698 shares of the basic materials company’s stock worth $25,021,000 after purchasing an additional 404,070 shares in the last quarter. Point72 Asset Management L.P. acquired a new position in shares of Carpenter Technology during the first quarter worth $6,914,000. Finally, Granite Investment Partners LLC lifted its position in shares of Carpenter Technology by 69.1% during the fourth quarter. Granite Investment Partners LLC now owns 246,022 shares of the basic materials company’s stock worth $12,545,000 after purchasing an additional 100,524 shares in the last quarter. 97.68% of the stock is currently owned by institutional investors and hedge funds.
Shares of Carpenter Technology opened at $58.70 on Friday, MarketBeat.com reports. The company has a market cap of $2.77 billion, a price-to-earnings ratio of 54.35 and a beta of 2.01. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.14 and a current ratio of 2.97. Carpenter Technology has a fifty-two week low of $35.01 and a fifty-two week high of $59.97.
The company also recently announced a quarterly dividend, which will be paid on Thursday, June 7th. Stockholders of record on Tuesday, May 1st will be given a dividend of $0.18 per share. The ex-dividend date of this dividend is Monday, April 30th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.23%. Carpenter Technology’s payout ratio is currently 66.67%.
Carpenter Technology Company Profile
Carpenter Technology Corporation manufactures, fabricates, and distributes specialty metals worldwide. It operates through 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.
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