Carpenter Technology Corporation (NYSE:CRS) Shareholders to Collect $0.20 Quarterly Dividend

Key Points

• Carpenter Technology declared a quarterly dividend of $0.20 per share, payable December 3 to shareholders of record as of October 20. The annualized dividend is $0.80, representing a 0.2% yield.
• The dividend appears well covered, with an 8.8% current payout ratio and an expected future payout ratio of 5.1% based on projected earnings.
• Analysts maintain a generally positive outlook, with eight Buy ratings and two Holds, resulting in a consensus “Moderate Buy” rating and an average price target of $526.88.

Carpenter Technology Corporation (NYSE:CRS - Get Free Report) announced a quarterly dividend on Friday, October 9th. Investors of record on Tuesday, October 20th will be given a dividend of $0.20 per share by the basic materials company on Thursday, December 3rd. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend is Tuesday, October 20th.

Carpenter Technology has a dividend payout ratio of 8.8% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Carpenter Technology to earn $15.71 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 5.1%.

Carpenter Technology Stock Performance

Shares of NYSE:CRS traded down $0.56 during midday trading on Friday, reaching $386.55. The company had a trading volume of 608,569 shares, compared to its average volume of 766,914. The stock has a market cap of $19.16 billion, a P/E ratio of 36.74, a P/E/G ratio of 1.38 and a beta of 1.29. The company's 50 day moving average price is $464.33 and its 200 day moving average price is $481.56. The company has a current ratio of 3.81, a quick ratio of 2.23 and a debt-to-equity ratio of 0.31. Carpenter Technology has a 52-week low of $233.77 and a 52-week high of $625.98.

Carpenter Technology (NYSE:CRS - Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The basic materials company reported $3.23 EPS for the quarter, topping analysts' consensus estimates of $3.09 by $0.14. Carpenter Technology had a return on equity of 26.46% and a net margin of 16.96%.The firm had revenue of $679.70 million during the quarter, compared to analyst estimates of $863.33 million. During the same period last year, the company earned $2.21 earnings per share. The business's revenue for the quarter was up 12.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Carpenter Technology will post 13.28 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Susquehanna cut their target price on shares of Carpenter Technology from $680.00 to $600.00 and set a "positive" rating on the stock in a research note on Friday, July 31st. TD Cowen cut their target price on shares of Carpenter Technology from $650.00 to $500.00 and set a "buy" rating for the company in a report on Friday. Wall Street Zen upgraded Carpenter Technology from a "hold" rating to a "buy" rating in a report on Saturday, September 12th. KeyCorp lowered their price target on Carpenter Technology from $608.00 to $465.00 and set an "overweight" rating for the company in a research report on Thursday. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Carpenter Technology in a report on Monday, August 31st. Eight research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $526.88.

About Carpenter Technology

Carpenter Technology Corporation is a manufacturer of specialty metals and engineered products for applications that require high performance, durability, and resistance to extreme conditions. Founded in 1889, the company produces stainless steels, nickel- and cobalt-based alloys, titanium alloys, and other specialty materials.

Its product offerings include specialty wire, rod, bar, strip, billet, and powder, as well as precision-engineered components and additive-manufacturing materials.

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