Carpenter Technology Co. (NYSE:CRS) Increases Dividend to $0.20 Per Share

Carpenter Technology Co. (NYSE:CRS) announced a quarterly dividend on Friday, April 12th, investing.com reports. Stockholders of record on Tuesday, April 23rd will be given 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 of this dividend is Monday, April 22nd. This is a boost 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 Stock Performance

Shares of NYSE:CRS opened at $78.02 on Friday. The company has a current ratio of 2.90, a quick ratio of 1.26 and a debt-to-equity ratio of 0.47. Carpenter Technology has a 12 month low of $44.40 and a 12 month high of $82.16. The company has a market capitalization of $3.85 billion, a price-to-earnings ratio of 27.00 and a beta of 1.56. The firm’s 50-day moving average is $69.44 and its 200 day moving average is $67.58.

Carpenter Technology (NYSE:CRS) last released its earnings results on Thursday, January 25th. The basic materials company reported $0.85 EPS for the quarter, meeting analysts’ consensus estimates of $0.85. Carpenter Technology had a return on equity of 10.21% and a net margin of 5.27%. The firm had revenue of $624.20 million for the quarter, compared to analysts’ expectations of $669.56 million. Research analysts predict that Carpenter Technology will post 3.96 EPS for the current year.

Institutional Trading of Carpenter Technology

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Point72 Hong Kong Ltd purchased a new position in Carpenter Technology in the 1st quarter worth about $26,000. Tower Research Capital LLC TRC increased its position in shares of Carpenter Technology by 124.5% during the first quarter. Tower Research Capital LLC TRC now owns 979 shares of the basic materials company’s stock worth $44,000 after acquiring an additional 543 shares during the period. Point72 Middle East FZE bought a new stake in shares of Carpenter Technology during the fourth quarter valued at approximately $95,000. Captrust Financial Advisors boosted its holdings in shares of Carpenter Technology by 57.8% in the first quarter. Captrust Financial Advisors now owns 3,704 shares of the basic materials company’s stock valued at $155,000 after purchasing an additional 1,356 shares during the period. Finally, CIBC Asset Management Inc bought a new position in Carpenter Technology in the fourth quarter worth approximately $201,000. Hedge funds and other institutional investors own 92.03% of the company’s stock.

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.