Shares of Carpenter Technology Co. (NYSE: CRS – Get Rating ) gapped ahead of Friday’s session after reporting a stronger-than-expected earnings report. The stock had previously closed at $46.48, but opened at $47.44. Carpenter Technology shares last traded at $47.78 on a volume of 27,975 shares.
The basic materials company reported EPS of $0.13 for the quarter, beating the consensus estimate of $0.12 by $0.01. Carpenter Technology has a negative net profit margin of 2.09% and a negative return on equity of 3.35%. The company’s revenue for the quarter was $579.10 million, beating analysts’ estimate of $525.67 million. In the same period last year, the company earned $0.58 per share. Carpenter Technology’s revenue for the quarter rose 46.2% compared to the same period last year.
Carpenter Technology Dividend Announcement
The company also recently announced a quarterly dividend, payable on Thursday, March 2. Shareholders of record on Tuesday, January 31 will receive a $0.20 dividend. This represents an annualized dividend of $0.80 and a yield of 1.67%. The ex-dividend date is Monday, January 30. Carpenter Technology’s dividend payout ratio (DPR) currently stands at -93.02%.
Analyst sets new price target
CRS has been the subject of several research reports. StockNews.com upgraded shares of Carpenter Technology from a “sell” rating to a “hold” rating in a research report on Thursday. Cowen raised their price target on shares of Carpenter Technology from $50.00 to $54.00 and gave the stock an “outperform” rating in a research note on Friday.
Institutional deal for Carpenter Technology
Hedge funds have recently bought and sold the company’s shares. Point72 Hong Kong Ltd purchased a new stake in Carpenter Technology in the first quarter, worth approximately US$26,000. Wipfli Financial Advisors LLC purchased a new stake in Carpenter Technology in the third quarter, valued at approximately $31,000. International Assets Investment Management LLC purchased a new stake in Carpenter Technology in the fourth quarter, valued at approximately $502,000. Captrust Financial Advisors increased its position in Carpenter Technology stock by 57.8% in the first quarter. Captrust Financial Advisors now owns 3,704 shares of the basic materials company, worth $155,000, after buying an additional 1,356 shares last quarter. Finally, Alan B. Lancz & Associates Inc. landed a new position at Carpenter Technology in the second quarter valued at approximately $125,000. 92.28% of the shares are held by hedge funds and other institutional investors.
Carpenter tech shares rose 2.8 percent
The business has a 50-day moving average of $40.48 and a 200-day moving average of $36.75. The market cap is $2.31 billion, with a P/E ratio of -54.05 and a beta of 1.69. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.80, and a quick ratio of 1.30.
About Carpenter Technologies
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Carpenter Technology Corporation manufactures, manufactures, and distributes specialty metals in the United States, Europe, Asia Pacific, Mexico, Canada, and internationally. It is organized into two segments, Specialty Alloys Business and Performance Engineered Products. The company offers specialty alloys, including titanium alloys, powdered metals, stainless steels, alloy steels and tool steels, as well as additives, metal powders and components.
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