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

Carpenter Technology Co. (NYSE:CRS) announced a quarterly dividend on Thursday, April 10th, RTT News reports. Shareholders of record on Tuesday, April 22nd will be paid a dividend of 0.20 per share by the basic materials company on Thursday, June 5th. This represents a $0.80 dividend on an annualized basis and a yield of 0.48%.

Carpenter Technology has a dividend payout ratio of 9.0% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Carpenter Technology to earn $8.08 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 9.9%.

Carpenter Technology Stock Performance

CRS stock traded down $7.52 on Thursday, hitting $167.52. The company’s stock had a trading volume of 699,163 shares, compared to its average volume of 733,771. The company has a current ratio of 3.80, a quick ratio of 1.92 and a debt-to-equity ratio of 0.40. Carpenter Technology has a 1 year low of $74.21 and a 1 year high of $213.66. The firm has a 50 day moving average of $186.39 and a two-hundred day moving average of $180.22. The stock has a market cap of $8.37 billion, a price-to-earnings ratio of 31.61, a price-to-earnings-growth ratio of 0.93 and a beta of 1.28.

Carpenter Technology (NYSE:CRS) last released its earnings results on Thursday, January 30th. The basic materials company reported $1.66 EPS for the quarter, beating analysts’ consensus estimates of $1.58 by $0.08. Carpenter Technology had a return on equity of 19.88% and a net margin of 9.34%. Equities analysts predict that Carpenter Technology will post 6.83 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on CRS shares. JPMorgan Chase & Co. lifted their price objective on Carpenter Technology from $235.00 to $240.00 and gave the company an “overweight” rating in a research note on Wednesday, February 19th. Northcoast Research raised shares of Carpenter Technology from a “sell” rating to a “neutral” rating in a research report on Wednesday. Finally, BTIG Research set a $230.00 price target on shares of Carpenter Technology in a research report on Friday, January 31st. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $167.17.

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.