Carpenter Technology Co. (NYSE:CRS) – KeyCorp lifted their FY2020 earnings per share estimates for Carpenter Technology in a report released on Wednesday, June 24th. KeyCorp analyst P. Gibbs now expects that the basic materials company will post earnings of $2.75 per share for the year, up from their previous estimate of $2.73.
Carpenter Technology (NYSE:CRS) last released its earnings results on Thursday, April 30th. The basic materials company reported $0.82 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.77 by $0.05. Carpenter Technology had a return on equity of 10.80% and a net margin of 7.08%. The company had revenue of $585.40 million during the quarter, compared to analyst estimates of $573.00 million. During the same quarter in the prior year, the company earned $0.87 earnings per share. The company’s revenue for the quarter was down 4.0% on a year-over-year basis.
A number of other research firms also recently weighed in on CRS. Cowen reaffirmed a “buy” rating and issued a $27.00 price target on shares of Carpenter Technology in a research note on Friday, May 1st. ValuEngine raised shares of Carpenter Technology from a “strong sell” rating to a “sell” rating in a research note on Friday, May 1st. Zacks Investment Research downgraded shares of Carpenter Technology from a “hold” rating to a “strong sell” rating and set a $20.00 price target on the stock. in a research note on Friday, April 17th. JPMorgan Chase & Co. dropped their price target on shares of Carpenter Technology from $49.00 to $30.00 and set a “neutral” rating on the stock in a research note on Friday, April 17th. Finally, TheStreet downgraded shares of Carpenter Technology from a “b-” rating to a “c+” rating in a research report on Monday, March 9th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the stock. Carpenter Technology presently has an average rating of “Hold” and an average price target of $25.67.
NYSE CRS opened at $24.28 on Monday. Carpenter Technology has a 1-year low of $13.60 and a 1-year high of $56.33. The company has a current ratio of 2.67, a quick ratio of 0.98 and a debt-to-equity ratio of 0.34. The company has a market capitalization of $1.10 billion, a PE ratio of 7.02 and a beta of 2.19. The firm’s fifty day simple moving average is $23.73 and its 200-day simple moving average is $32.24.
The business also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Tuesday, May 5th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.29%. The ex-dividend date of this dividend was Monday, May 4th. Carpenter Technology’s dividend payout ratio is currently 23.12%.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Envestnet Asset Management Inc. grew its holdings in Carpenter Technology by 0.6% during the 4th quarter. Envestnet Asset Management Inc. now owns 46,822 shares of the basic materials company’s stock worth $2,331,000 after acquiring an additional 299 shares during the period. Mason Street Advisors LLC boosted its position in shares of Carpenter Technology by 1.5% during the fourth quarter. Mason Street Advisors LLC now owns 25,382 shares of the basic materials company’s stock worth $1,264,000 after purchasing an additional 386 shares in the last quarter. Amalgamated Bank boosted its position in shares of Carpenter Technology by 9.4% during the fourth quarter. Amalgamated Bank now owns 7,911 shares of the basic materials company’s stock worth $394,000 after purchasing an additional 678 shares in the last quarter. Advisor Group Inc. boosted its position in shares of Carpenter Technology by 22.5% during the fourth quarter. Advisor Group Inc. now owns 4,360 shares of the basic materials company’s stock worth $218,000 after purchasing an additional 800 shares in the last quarter. Finally, Eqis Capital Management Inc. boosted its position in shares of Carpenter Technology by 11.5% during the first quarter. Eqis Capital Management Inc. now owns 8,091 shares of the basic materials company’s stock worth $349,000 after purchasing an additional 835 shares in the last quarter. 88.30% of the stock is owned by hedge funds and other institutional investors.
About Carpenter Technology
Carpenter Technology Corporation manufactures, fabricates, and distributes specialty metals worldwide. The company operates through two segments, Specialty Alloys Operations and Performance Engineered Products. It offers specialty alloys, including titanium alloys, powder metals, stainless steels, alloy steels, and tool steels, as well as drilling tools; and metal powders and parts.
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