Carpenter Technology Co. (NYSE:CRS) Announces Quarterly Dividend of $0.20

Carpenter Technology Co. (NYSE:CRS) declared a quarterly dividend on Friday, April 12th, investing.com reports. Stockholders of record on Tuesday, April 23rd will be paid a dividend of 0.20 per share by the basic materials company on Thursday, June 6th. This represents a $0.80 annualized dividend and a dividend yield of 1.03%. The ex-dividend date is Monday, April 22nd. This is an increase from Carpenter Technology’s previous quarterly dividend of $0.18.

Carpenter Technology has a dividend payout ratio of 16.7% meaning its dividend is sufficiently covered by earnings. Research analysts expect Carpenter Technology to earn $4.58 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 17.5%.

Carpenter Technology Trading Down 1.7 %

Shares of CRS opened at $78.02 on Friday. Carpenter Technology has a 1-year low of $44.40 and a 1-year high of $82.16. The company has a market capitalization of $3.85 billion, a P/E ratio of 27.00 and a beta of 1.56. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.90 and a quick ratio of 1.26. The firm’s 50 day simple moving average is $69.44 and its 200 day simple moving average is $67.58.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings data on Thursday, January 25th. The basic materials company reported $0.85 earnings per share for the quarter, meeting the consensus estimate of $0.85. Carpenter Technology had a net margin of 5.27% and a return on equity of 10.21%. The firm had revenue of $624.20 million for the quarter, compared to analysts’ expectations of $669.56 million. Sell-side analysts forecast that Carpenter Technology will post 3.96 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Carpenter Technology

Institutional investors have recently modified their holdings of the company. Legal & General Group Plc lifted its position in Carpenter Technology by 1.5% in the 4th quarter. Legal & General Group Plc now owns 141,032 shares of the basic materials company’s stock worth $9,985,000 after buying an additional 2,025 shares during the last quarter. Barclays PLC grew its holdings in shares of Carpenter Technology by 221.0% during the 4th quarter. Barclays PLC now owns 77,510 shares of the basic materials company’s stock valued at $5,489,000 after purchasing an additional 53,362 shares during the last quarter. Oberweis Asset Management Inc. purchased a new position in Carpenter Technology in the 4th quarter worth $2,528,000. Profund Advisors LLC bought a new stake in Carpenter Technology in the fourth quarter worth $208,000. Finally, Public Sector Pension Investment Board boosted its position in Carpenter Technology by 70.5% during the fourth quarter. Public Sector Pension Investment Board now owns 102,312 shares of the basic materials company’s stock valued at $7,244,000 after buying an additional 42,305 shares during the period. 92.03% of the stock is currently owned by institutional investors.

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.