Carpenter Technology (NYSE:CRS) Hits New 1-Year High on Earnings Beat

Carpenter Technology Co. (NYSE:CRS) reached a new 52-week high during trading on Thursday following a stronger than expected earnings report. The stock traded as high as $100.21 and last traded at $97.25, with a volume of 134516 shares traded. The stock had previously closed at $98.33.

The basic materials company reported $1.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.94 by $0.25. Carpenter Technology had a return on equity of 12.75% and a net margin of 4.83%. The firm had revenue of $684.90 million during the quarter, compared to analyst estimates of $707.73 million. During the same quarter in the prior year, the firm posted $0.38 earnings per share. The business’s quarterly revenue was down .8% compared to the same quarter last year.

Carpenter Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 6th. Stockholders of record on Tuesday, April 23rd will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.77%. This is an increase from Carpenter Technology’s previous quarterly dividend of $0.18. The ex-dividend date is Monday, April 22nd. Carpenter Technology’s dividend payout ratio is 30.42%.

Wall Street Analysts Forecast Growth

Separately, TD Cowen increased their price objective on Carpenter Technology from $90.00 to $116.00 and gave the stock a “buy” rating in a report on Thursday. One investment analyst has rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $96.33.

Hedge Funds Weigh In On Carpenter Technology

Hedge funds and other institutional investors have recently modified their holdings of the stock. Hawk Ridge Capital Management LP grew its holdings in shares of Carpenter Technology by 199.1% during the 4th quarter. Hawk Ridge Capital Management LP now owns 688,427 shares of the basic materials company’s stock worth $48,741,000 after acquiring an additional 458,227 shares during the period. Goldman Sachs Group Inc. boosted its position in shares of Carpenter Technology by 82.3% during the fourth quarter. Goldman Sachs Group Inc. now owns 972,222 shares of the basic materials company’s stock valued at $68,833,000 after purchasing an additional 438,781 shares in the last quarter. Hennessy Advisors Inc. purchased a new stake in Carpenter Technology in the fourth quarter worth $27,407,000. Norges Bank bought a new position in Carpenter Technology in the fourth quarter worth $22,901,000. Finally, Invesco Ltd. lifted its position in Carpenter Technology by 24.2% during the third quarter. Invesco Ltd. now owns 1,331,705 shares of the basic materials company’s stock valued at $89,504,000 after buying an additional 259,330 shares during the period. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Carpenter Technology Price Performance

The firm has a 50-day simple moving average of $73.29 and a 200 day simple moving average of $68.77. The firm has a market cap of $5.12 billion, a PE ratio of 39.43 and a beta of 1.47. The company has a debt-to-equity ratio of 0.46, a current ratio of 3.20 and a quick ratio of 1.26.

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.