Carpenter Technology Corporation (NYSE:CRS) Plans $0.20 Quarterly Dividend

Carpenter Technology Corporation (NYSE:CRS) declared a quarterly dividend on Friday, January 16th. Investors of record on Tuesday, January 27th will be given a dividend of 0.20 per share by the basic materials company on Thursday, March 5th. This represents a c) annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend is Tuesday, January 27th.

Carpenter Technology has a dividend payout ratio of 8.8% meaning its dividend is sufficiently covered by earnings. Research analysts expect Carpenter Technology to earn $8.08 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 9.9%.

Carpenter Technology Stock Performance

NYSE:CRS opened at $336.21 on Friday. Carpenter Technology has a twelve month low of $138.61 and a twelve month high of $348.99. The firm has a market capitalization of $16.75 billion, a price-to-earnings ratio of 41.10, a PEG ratio of 1.40 and a beta of 1.29. The company has a current ratio of 4.44, a quick ratio of 2.37 and a debt-to-equity ratio of 0.36. The firm’s fifty day simple moving average is $323.40 and its 200 day simple moving average is $284.98.

Carpenter Technology (NYSE:CRS) last released its earnings results on Thursday, October 23rd. The basic materials company reported $2.43 earnings per share for the quarter, beating the consensus estimate of $2.13 by $0.30. The firm had revenue of $733.70 million during the quarter, compared to analyst estimates of $741.18 million. Carpenter Technology had a net margin of 14.30% and a return on equity of 22.68%. The firm’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.73 earnings per share. As a group, equities research analysts expect that Carpenter Technology will post 6.83 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

CRS has been the topic of a number of research reports. BTIG Research increased their price objective on Carpenter Technology from $305.00 to $365.00 and gave the stock a “buy” rating in a report on Monday, October 27th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Carpenter Technology in a research report on Thursday, October 30th. Jones Trading assumed coverage on shares of Carpenter Technology in a research report on Wednesday, October 22nd. They issued a “buy” rating and a $400.00 price target on the stock. Zacks Research lowered shares of Carpenter Technology from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 1st. Finally, Deutsche Bank Aktiengesellschaft set a $425.00 target price on shares of Carpenter Technology and gave the stock a “buy” rating in a research report on Friday, October 24th. Eight investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Carpenter Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $371.14.

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. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.