Carpenter Technology Co. Expected to Post Q2 2019 Earnings of $0.65 Per Share (CRS)
Carpenter Technology Co. (NYSE:CRS) – KeyCorp issued their Q2 2019 earnings per share (EPS) estimates for Carpenter Technology in a research report issued to clients and investors on Wednesday, October 24th. KeyCorp analyst P. Gibbs expects that the basic materials company will post earnings per share of $0.65 for the quarter. KeyCorp also issued estimates for Carpenter Technology’s Q4 2019 earnings at $0.86 EPS, FY2019 earnings at $2.92 EPS and FY2020 earnings at $3.58 EPS.
Other analysts have also issued research reports about the stock. Zacks Investment Research upgraded shares of Carpenter Technology from a “hold” rating to a “buy” rating and set a $66.00 price target for the company in a research note on Monday, August 6th. ValuEngine lowered shares of Carpenter Technology from a “buy” rating to a “hold” rating in a research note on Monday, July 2nd. Finally, Deutsche Bank set a $50.00 target price on shares of Carpenter Technology and gave the stock a “hold” rating in a research note on Thursday. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. Carpenter Technology presently has an average rating of “Hold” and a consensus target price of $58.00.
Carpenter Technology (NYSE:CRS) last announced its quarterly earnings results on Wednesday, October 24th. The basic materials company reported $0.65 EPS for the quarter, missing the Zacks’ consensus estimate of $0.74 by ($0.09). The business had revenue of $572.40 million for the quarter, compared to the consensus estimate of $559.00 million. Carpenter Technology had a net margin of 8.74% and a return on equity of 9.03%. The business’s revenue for the quarter was up 19.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.49 EPS.
Several hedge funds and other institutional investors have recently bought and sold shares of CRS. Principal Financial Group Inc. grew its stake in shares of Carpenter Technology by 3.0% in the 1st quarter. Principal Financial Group Inc. now owns 205,432 shares of the basic materials company’s stock worth $9,063,000 after acquiring an additional 6,069 shares in the last quarter. Commonwealth Equity Services LLC bought a new stake in shares of Carpenter Technology in the 1st quarter worth $247,000. Legal & General Group Plc grew its stake in shares of Carpenter Technology by 1.7% in the 1st quarter. Legal & General Group Plc now owns 63,529 shares of the basic materials company’s stock worth $2,803,000 after acquiring an additional 1,051 shares in the last quarter. Xact Kapitalforvaltning AB grew its stake in shares of Carpenter Technology by 70.6% in the 1st quarter. Xact Kapitalforvaltning AB now owns 8,216 shares of the basic materials company’s stock worth $362,000 after acquiring an additional 3,400 shares in the last quarter. Finally, Brown Advisory Inc. grew its stake in shares of Carpenter Technology by 12.5% in the 1st quarter. Brown Advisory Inc. now owns 22,731 shares of the basic materials company’s stock worth $1,003,000 after acquiring an additional 2,531 shares in the last quarter. Hedge funds and other institutional investors own 94.39% of the company’s stock.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 6th. Stockholders of record on Tuesday, October 23rd will be paid a $0.20 dividend. The ex-dividend date of this dividend is Monday, October 22nd. This represents a $0.80 annualized dividend and a dividend yield of 1.82%. Carpenter Technology’s payout ratio is 32.00%.
Carpenter Technology Company Profile
Carpenter Technology Corporation manufactures, fabricates, and distributes specialty metals worldwide. The company operates through two segments, Specialty Alloys Operations and Performance Engineered Products. It offers specialty alloys, including titanium alloys, powder metals, stainless steels, alloy steels, and tool steels, as well as drilling tools; and metal powders and parts.
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