Carpenter Technology Corporation (CRS) to Issue Quarterly Dividend of $0.20 on March 5th

Carpenter Technology Corporation (NYSE:CRS) announced a quarterly dividend on Friday, January 16th. Investors of record on Tuesday, January 27th will be paid a dividend of 0.20 per share by the basic materials company on Thursday, March 5th. 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, January 27th.

Carpenter Technology has a dividend payout ratio of 8.8% indicating that its dividend is sufficiently covered by earnings. 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

Shares of CRS stock opened at $336.21 on Friday. The company’s 50 day moving average is $323.40 and its 200 day moving average is $284.98. The company has a quick ratio of 2.37, a current ratio of 4.44 and a debt-to-equity ratio of 0.36. The firm has a market cap of $16.75 billion, a price-to-earnings ratio of 41.10, a PEG ratio of 1.40 and a beta of 1.29. Carpenter Technology has a 52-week low of $138.61 and a 52-week high of $348.99.

Carpenter Technology (NYSE:CRS) last released its quarterly earnings results on Thursday, October 23rd. The basic materials company reported $2.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.13 by $0.30. The business had revenue of $733.70 million for 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 business’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same period in the previous year, the company earned $1.73 earnings per share. On average, sell-side analysts anticipate that Carpenter Technology will post 6.83 EPS for the current fiscal year.

Insiders Place Their Bets

In other Carpenter Technology news, VP Elizabeth A. Socci sold 3,900 shares of the company’s stock in a transaction on Wednesday, November 26th. The stock was sold at an average price of $321.25, for a total value of $1,252,875.00. Following the completion of the sale, the vice president directly owned 9,594 shares in the company, valued at $3,082,072.50. This represents a 28.90% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Brian J. Malloy sold 4,130 shares of the firm’s stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $303.52, for a total value of $1,253,537.60. Following the completion of the sale, the chief operating officer directly owned 78,875 shares of the company’s stock, valued at $23,940,140. This trade represents a 4.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 79,358 shares of company stock valued at $24,254,008 in the last ninety days. Insiders own 2.90% of the company’s stock.

Institutional Trading of Carpenter Technology

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Prudential Financial Inc. boosted its stake in Carpenter Technology by 43.3% during the 2nd quarter. Prudential Financial Inc. now owns 56,082 shares of the basic materials company’s stock worth $15,500,000 after purchasing an additional 16,954 shares during the period. Schroder Investment Management Group increased its stake in Carpenter Technology by 11.1% in the second quarter. Schroder Investment Management Group now owns 57,625 shares of the basic materials company’s stock valued at $15,926,000 after purchasing an additional 5,757 shares during the period. Whitaker Myers Wealth Managers LTD. purchased a new stake in shares of Carpenter Technology in the third quarter valued at about $797,000. Y Intercept Hong Kong Ltd acquired a new stake in shares of Carpenter Technology during the second quarter worth about $1,460,000. Finally, Allspring Global Investments Holdings LLC grew its holdings in shares of Carpenter Technology by 15.0% during the third quarter. Allspring Global Investments Holdings LLC now owns 550,055 shares of the basic materials company’s stock worth $138,328,000 after buying an additional 71,872 shares during the last quarter. 92.03% of the stock is owned by institutional investors and hedge funds.

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