Carpenter Technology (NYSE:CRS) Announces Earnings Results, Beats Estimates By $0.21 EPS

Carpenter Technology (NYSE:CRS) posted its quarterly earnings results on Thursday. The basic materials company reported $3.25 EPS for the quarter, topping analysts’ consensus estimates of $3.04 by $0.21, Briefing.com reports. Carpenter Technology had a return on equity of 26.46% and a net margin of 16.96%. The firm’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same period last year, the company earned $2.43 earnings per share.

Carpenter Technology Price Performance

Shares of NYSE:CRS opened at $310.27 on Thursday. The company has a quick ratio of 2.23, a current ratio of 3.81 and a debt-to-equity ratio of 0.31. The stock has a market cap of $15.38 billion, a PE ratio of 30.61, a PEG ratio of 1.30 and a beta of 1.29. The company’s fifty day moving average is $433.10 and its 200 day moving average is $480.80. Carpenter Technology has a 52 week low of $262.25 and a 52 week high of $625.98.

Carpenter Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 3rd. Shareholders of record on Tuesday, October 20th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date is Tuesday, October 20th. Carpenter Technology’s dividend payout ratio (DPR) is presently 7.60%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Susquehanna decreased their target price on shares of Carpenter Technology from $680.00 to $600.00 and set a “positive” rating on the stock in a report on Friday, July 31st. KeyCorp reduced their price target on shares of Carpenter Technology from $608.00 to $465.00 and set an “overweight” rating for the company in a research report on Thursday, October 8th. Wells Fargo & Company decreased their price target on shares of Carpenter Technology from $540.00 to $430.00 and set an “equal weight” rating on the stock in a report on Wednesday, September 30th. JPMorgan Chase & Co. decreased their price target on shares of Carpenter Technology from $700.00 to $520.00 and set an “overweight” rating on the stock in a report on Wednesday, October 14th. Finally, Zacks Research lowered Carpenter Technology from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 15th. Seven analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $519.29.

Insider Activity at Carpenter Technology

In other news, Director Ramin Younessi sold 438 shares of Carpenter Technology stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $493.15, for a total value of $215,999.70. Following the sale, the director directly owned 1,953 shares in the company, valued at approximately $963,121.95. This trade represents a 18.32% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Steven E. Karol sold 3,275 shares of the firm’s stock in a transaction dated Friday, September 4th. The stock was sold at an average price of $474.08, for a total transaction of $1,552,612.00. Following the completion of the sale, the director directly owned 177,000 shares of the company’s stock, valued at approximately $83,912,160. This represents a 1.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 112,996 shares of company stock worth $54,644,436 in the last ninety days. 2.90% of the stock is owned by company insiders.

Carpenter Technology Company Profile

Carpenter Technology Corporation is a manufacturer of premium specialty metals and engineered materials for demanding applications. The company produces stainless steels, nickel- and cobalt-based alloys, titanium, powder metals, and other high-performance materials designed to withstand extreme temperatures, corrosion, stress, and wear.

Its products are used in aerospace and defense, medical devices, energy, transportation, industrial equipment, and other specialized markets. Carpenter Technology supplies materials in forms such as bar, wire, strip, sheet, and powder, and also provides processing and engineered component solutions through its performance-engineered products operations.

Founded in 1889 as Carpenter Steel Company, the company has developed a global customer base supported by manufacturing, research, and service operations in the United States and international markets.