Carpenter Technology Co. (NYSE:CRS) to Issue Quarterly Dividend of $0.20

Carpenter Technology Co. (NYSE:CRS) declared a quarterly dividend on Friday, April 12th, investing.com reports. Shareholders of record on Tuesday, April 23rd will be given a dividend of 0.20 per share by the basic materials company on Thursday, June 6th. This represents a $0.80 annualized dividend and a yield of 1.03%. The ex-dividend date is Monday, April 22nd. This is an increase 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. Research 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 Stock Performance

NYSE CRS opened at $78.02 on Friday. Carpenter Technology has a 1 year low of $44.40 and a 1 year high of $82.16. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.90 and a quick ratio of 1.26. The firm has a market cap of $3.85 billion, a price-to-earnings ratio of 27.00 and a beta of 1.56. The company has a fifty day moving average price of $69.44 and a 200-day moving average price of $67.58.

Carpenter Technology (NYSE:CRS) last posted its earnings results on Thursday, January 25th. The basic materials company reported $0.85 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.85. Carpenter Technology had a net margin of 5.27% and a return on equity of 10.21%. The firm had revenue of $624.20 million during the quarter, compared to analyst estimates of $669.56 million. As a group, equities research analysts predict that Carpenter Technology will post 3.96 EPS for the current fiscal year.

Institutional Trading of Carpenter Technology

Several institutional investors have recently made changes to their positions in CRS. State Street Corp grew its stake in shares of Carpenter Technology by 35.7% in the 1st quarter. State Street Corp now owns 3,358,268 shares of the basic materials company’s stock worth $140,980,000 after acquiring an additional 883,239 shares in the last quarter. Millennium Management LLC bought a new stake in shares of Carpenter Technology in the 2nd quarter worth $18,635,000. Norges Bank bought a new position in Carpenter Technology during the fourth quarter valued at about $20,328,000. Goldman Sachs Group Inc. grew its position in 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 buying an additional 438,781 shares during the period. Finally, Invesco Ltd. grew its position in Carpenter Technology by 33.9% during the first quarter. Invesco Ltd. now owns 1,453,421 shares of the basic materials company’s stock valued at $61,014,000 after buying an additional 368,093 shares during the period. Institutional investors own 92.03% of the company’s stock.

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.