Carpenter Technology (NYSE:CRS) Posts Earnings Results, Beats Expectations By $0.25 EPS

Carpenter Technology (NYSE:CRS) issued its quarterly earnings results on Wednesday. The basic materials company reported $1.19 EPS for the quarter, topping the consensus estimate of $0.94 by $0.25, Briefing.com reports. Carpenter Technology had a return on equity of 12.75% and a net margin of 4.83%. The firm had revenue of $684.90 million during the quarter, compared to analysts’ expectations of $707.73 million. During the same period in the previous year, the business earned $0.38 earnings per share. The firm’s revenue for the quarter was down .8% on a year-over-year basis.

Carpenter Technology Trading Up 3.7 %

Shares of NYSE CRS traded up $3.74 during mid-day trading on Friday, reaching $103.64. 892,810 shares of the company’s stock were exchanged, compared to its average volume of 700,732. The firm has a market capitalization of $5.14 billion, a price-to-earnings ratio of 39.43 and a beta of 1.47. Carpenter Technology has a 52-week low of $44.40 and a 52-week high of $104.85. The company’s 50-day moving average is $74.07 and its 200-day moving average is $69.03. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.26 and a current ratio of 3.20.

Carpenter Technology Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 6th. Shareholders of record on Tuesday, April 23rd will be paid a dividend of $0.20 per share. This is a boost from Carpenter Technology’s previous quarterly dividend of $0.18. The ex-dividend date is Monday, April 22nd. This represents a $0.80 annualized dividend and a yield of 0.77%. Carpenter Technology’s dividend payout ratio (DPR) is 30.42%.

Analyst Upgrades and Downgrades

Separately, TD Cowen boosted their target price on Carpenter Technology from $90.00 to $116.00 and gave the stock a “buy” rating in a report on Thursday. One research analyst has rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Carpenter Technology currently has a consensus rating of “Moderate Buy” and an average price target of $96.33.

Carpenter Technology Company Profile

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.