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

Key Points

• Carpenter Technology declared a quarterly dividend of $0.20 per share, payable September 3 to shareholders of record on August 25. The dividend implies an annualized payout of $0.80 and a 0.2% yield.
• The company’s dividend appears well covered, with an 8.8% current payout ratio and an expected future payout ratio of 5.2% based on projected earnings.
• Carpenter Technology recently beat quarterly earnings estimates, reporting $3.23 in EPS versus $3.09 expected, while analysts maintain a generally positive outlook with an average “Buy” rating and a $577.25 price target.

Carpenter Technology Corporation (NYSE:CRS - Get Free Report) declared a quarterly dividend on Wednesday, August 12th. Stockholders of record on Tuesday, August 25th will be paid a dividend of 0.20 per share by the basic materials company on Thursday, September 3rd. This represents a c) dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend is Tuesday, August 25th.

Carpenter Technology has a payout ratio of 8.8% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Carpenter Technology to earn $15.46 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 5.2%.

Carpenter Technology Stock Down 1.6%

Shares of NYSE CRS opened at $528.83 on Thursday. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.81 and a quick ratio of 2.23. The stock has a market capitalization of $26.28 billion, a PE ratio of 50.27, a P/E/G ratio of 1.95 and a beta of 1.25. Carpenter Technology has a one year low of $228.00 and a one year high of $625.98. The business's fifty day moving average price is $566.95 and its 200-day moving average price is $460.28.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The basic materials company reported $3.23 earnings per share for the quarter, topping the consensus estimate of $3.09 by $0.14. Carpenter Technology had a return on equity of 26.46% and a net margin of 16.96%.The company had revenue of $679.70 million during the quarter, compared to analyst estimates of $863.33 million. During the same quarter last year, the firm posted $2.21 EPS. The firm's revenue for the quarter was up 12.6% on a year-over-year basis. On average, equities research analysts anticipate that Carpenter Technology will post 12.92 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. JPMorgan Chase & Co. reduced their target price on shares of Carpenter Technology from $705.00 to $700.00 and set an "overweight" rating for the company in a research note on Friday, July 31st. Wells Fargo & Company upped their price target on shares of Carpenter Technology from $425.00 to $540.00 and gave the company an "equal weight" rating in a research note on Tuesday, August 4th. BTIG Research raised their price objective on shares of Carpenter Technology from $450.00 to $620.00 and gave the stock a "buy" rating in a report on Friday, July 31st. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and set a $500.00 target price on shares of Carpenter Technology in a report on Thursday, April 30th. Finally, Zacks Research upgraded Carpenter Technology from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $577.25.

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.

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