Carpenter Technology Co. (NYSE:CRS) Increases Dividend to $0.20 Per Share

Carpenter Technology Co. (NYSE:CRS - Get Free Report) declared a quarterly dividend on Friday, April 12th, investing.com reports. Stockholders of record on Tuesday, April 23rd will be paid a dividend of 0.20 per share by the basic materials company on Thursday, June 6th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.03%. The ex-dividend date of this dividend is Monday, April 22nd. This is a positive change from Carpenter Technology's previous quarterly dividend of $0.18.

Carpenter Technology has a payout ratio of 16.7% indicating that its dividend is sufficiently covered by earnings. Analysts expect Carpenter Technology to earn $4.58 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 17.5%.

Carpenter Technology Trading Up 2.1 %

Shares of NYSE:CRS traded up $1.62 on Tuesday, reaching $77.49. 603,382 shares of the company traded hands, compared to its average volume of 479,996. The business's 50-day simple moving average is $68.52 and its 200 day simple moving average is $67.35. Carpenter Technology has a 52 week low of $44.40 and a 52 week high of $82.16. The stock has a market capitalization of $3.83 billion, a P/E ratio of 26.81 and a beta of 1.56. The company has a current ratio of 2.90, a quick ratio of 1.26 and a debt-to-equity ratio of 0.47.

Carpenter Technology (NYSE:CRS - Get Free Report) last announced its quarterly earnings data on Thursday, January 25th. The basic materials company reported $0.85 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.85. Carpenter Technology had a return on equity of 10.21% and a net margin of 5.27%. The firm had revenue of $624.20 million for the quarter, compared to analysts' expectations of $669.56 million. As a group, equities analysts anticipate that Carpenter Technology will post 3.96 EPS for the current fiscal year.

Institutional Trading of Carpenter Technology

Several large investors have recently modified their holdings of the business. Legal & General Group Plc grew its stake in shares of Carpenter Technology by 1.5% in the fourth quarter. Legal & General Group Plc now owns 141,032 shares of the basic materials company's stock worth $9,985,000 after purchasing an additional 2,025 shares during the last quarter. Barclays PLC grew its stake in shares of Carpenter Technology by 221.0% in the fourth quarter. Barclays PLC now owns 77,510 shares of the basic materials company's stock worth $5,489,000 after purchasing an additional 53,362 shares during the last quarter. Oberweis Asset Management Inc. bought a new stake in shares of Carpenter Technology in the fourth quarter worth about $2,528,000. Profund Advisors LLC bought a new stake in shares of Carpenter Technology in the fourth quarter worth about $208,000. Finally, Public Sector Pension Investment Board grew its stake in shares of Carpenter Technology by 70.5% in the fourth quarter. Public Sector Pension Investment Board now owns 102,312 shares of the basic materials company's stock worth $7,244,000 after purchasing an additional 42,305 shares during the last quarter. 92.03% of the stock is owned by institutional investors.

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.