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

Key Points

• Carpenter Technology Corporation declared a quarterly dividend of $0.20 per share, payable on September 4th to stockholders of record as of August 26th, representing a 0.3% dividend yield.
• The company has a dividend payout ratio of 8.8%, indicating its dividends are well covered by earnings, and analysts project Carpenter will earn $8.08 per share next year.
• Carpenter Technology reported earnings of $2.21 per share for the last quarter, exceeding expectations, despite a revenue decline of 5.4% year-over-year.

Carpenter Technology Corporation (NYSE:CRS - Get Free Report) declared a quarterly dividend on Thursday, August 14th, RTT News reports. Stockholders of record on Tuesday, August 26th will be given a dividend of 0.20 per share by the basic materials company on Thursday, September 4th. This represents a c) dividend on an annualized basis and a dividend yield of 0.3%.

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 Trading Down 2.5%

Shares of NYSE:CRS opened at $250.82 on Thursday. Carpenter Technology has a 52-week low of $129.57 and a 52-week high of $290.84. The company has a market capitalization of $12.49 billion, a P/E ratio of 33.80, a price-to-earnings-growth ratio of 1.19 and a beta of 1.44. The company has a 50-day simple moving average of $265.19 and a 200 day simple moving average of $220.47. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.01 and a current ratio of 3.65.

Carpenter Technology (NYSE:CRS - Get Free Report) last issued its earnings results on Thursday, July 31st. The basic materials company reported $2.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.03 by $0.18. Carpenter Technology had a net margin of 13.07% and a return on equity of 21.50%. The business had revenue of $755.60 million during the quarter, compared to the consensus estimate of $790.73 million. During the same period last year, the business posted $1.82 EPS. Carpenter Technology's revenue was down 5.4% on a year-over-year basis. Sell-side analysts forecast that Carpenter Technology will post 6.83 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Anastasios John Hart sold 1,000 shares of the business's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $243.72, for a total value of $243,720.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 2.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Carpenter Technology

Hedge funds have recently added to or reduced their stakes in the stock. Rise Advisors LLC acquired a new position in Carpenter Technology during the 1st quarter valued at about $31,000. IMA Advisory Services Inc. purchased a new position in shares of Carpenter Technology in the 1st quarter worth approximately $36,000. MAI Capital Management boosted its stake in shares of Carpenter Technology by 118.8% in the 2nd quarter. MAI Capital Management now owns 221 shares of the basic materials company's stock worth $61,000 after buying an additional 120 shares during the last quarter. Bessemer Group Inc. boosted its stake in shares of Carpenter Technology by 50.3% in the 1st quarter. Bessemer Group Inc. now owns 230 shares of the basic materials company's stock worth $42,000 after buying an additional 77 shares during the last quarter. Finally, Penserra Capital Management LLC purchased a new position in shares of Carpenter Technology in the 2nd quarter worth approximately $71,000. Institutional investors and hedge funds 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.

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