Carpenter Technology Corporation (NYSE:CRS) issued its quarterly earnings results on Thursday, October 26th. The basic materials company reported $0.49 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.44 by $0.05, Bloomberg Earnings reports. Carpenter Technology Corporation had a net margin of 4.06% and a return on equity of 6.67%. The company had revenue of $479.80 million during the quarter, compared to the consensus estimate of $448.46 million. During the same period in the prior year, the company earned ($0.08) EPS. Carpenter Technology Corporation’s revenue was up 23.3% on a year-over-year basis.
Shares of Carpenter Technology Corporation (CRS) traded down $1.40 during mid-day trading on Friday, reaching $46.60. The company’s stock had a trading volume of 322,200 shares, compared to its average volume of 367,609. Carpenter Technology Corporation has a one year low of $34.24 and a one year high of $51.88. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.98 and a current ratio of 2.91. The firm has a market capitalization of $2,181.67, a P/E ratio of 28.07 and a beta of 2.09.
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 7th. Shareholders of record on Tuesday, October 24th will be issued a dividend of $0.18 per share. The ex-dividend date is Monday, October 23rd. This represents a $0.72 annualized dividend and a yield of 1.55%. Carpenter Technology Corporation’s dividend payout ratio (DPR) is presently 44.44%.
In other news, Director Jeffrey Wadsworth sold 4,000 shares of the firm’s stock in a transaction on Friday, August 25th. The shares were sold at an average price of $40.25, for a total value of $161,000.00. Following the sale, the director now owns 4,200 shares in the company, valued at $169,050. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director I Martin Inglis sold 8,000 shares of the firm’s stock in a transaction on Thursday, August 24th. The stock was sold at an average price of $39.77, for a total transaction of $318,160.00. Following the completion of the sale, the director now owns 11,200 shares in the company, valued at approximately $445,424. The disclosure for this sale can be found here. In the last quarter, insiders have sold 22,645 shares of company stock worth $909,803. Corporate insiders own 4.51% of the company’s stock.
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A number of research firms have commented on CRS. KeyCorp reaffirmed a “hold” rating on shares of Carpenter Technology Corporation in a research note on Wednesday, October 11th. Zacks Investment Research raised shares of Carpenter Technology Corporation from a “hold” rating to a “buy” rating and set a $56.00 price objective for the company in a research note on Tuesday, October 3rd. Longbow Research increased their price target on shares of Carpenter Technology Corporation from $48.00 to $50.00 and gave the stock a “buy” rating in a research report on Friday, July 28th. Cowen and Company reissued a “hold” rating and issued a $37.00 price target on shares of Carpenter Technology Corporation in a research report on Monday, July 17th. Finally, TheStreet raised shares of Carpenter Technology Corporation from a “c+” rating to a “b” rating in a research report on Thursday, July 27th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $48.17.
Carpenter Technology Corporation Company Profile
Carpenter Technology Corporation is engaged in the manufacturing, fabrication and distribution of specialty metals. The Company’s segments include Specialty Alloys Operations (SAO) and Performance Engineered Products (PEP). Its SAO segment consists of alloy and stainless steel manufacturing operations.
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