Carpenter Technology Co. (NYSE:CRS) – Equities researchers at Seaport Global Securities raised their FY2019 earnings per share estimates for shares of Carpenter Technology in a research note issued on Monday, April 29th. Seaport Global Securities analyst J. Sullivan now forecasts that the basic materials company will post earnings of $3.27 per share for the year, up from their previous forecast of $3.22.
Carpenter Technology (NYSE:CRS) last announced its quarterly earnings data on Thursday, April 25th. The basic materials company reported $0.87 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.83 by $0.04. The business had revenue of $609.90 million for the quarter, compared to analyst estimates of $585.08 million. Carpenter Technology had a net margin of 6.83% and a return on equity of 9.93%. The company’s revenue was up 6.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.63 EPS.
CRS has been the topic of several other research reports. ValuEngine upgraded shares of Carpenter Technology from a “sell” rating to a “hold” rating in a report on Saturday, February 2nd. Zacks Investment Research upgraded shares of Carpenter Technology from a “hold” rating to a “buy” rating and set a $56.00 price target on the stock in a report on Tuesday, April 9th. Finally, Cowen restated a “buy” rating and issued a $53.00 price target on shares of Carpenter Technology in a report on Thursday, January 31st. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Carpenter Technology currently has a consensus rating of “Hold” and an average price target of $53.50.
Shares of CRS stock opened at $48.92 on Thursday. The stock has a market cap of $2.35 billion, a PE ratio of 19.57 and a beta of 2.40. Carpenter Technology has a 1-year low of $32.77 and a 1-year high of $61.49. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.87 and a current ratio of 2.53.
A number of hedge funds and other institutional investors have recently bought and sold shares of CRS. Norges Bank bought a new stake in shares of Carpenter Technology during the fourth quarter valued at about $19,815,000. Boston Partners grew its stake in shares of Carpenter Technology by 1,135.0% in the fourth quarter. Boston Partners now owns 410,280 shares of the basic materials company’s stock worth $14,610,000 after purchasing an additional 377,060 shares during the last quarter. BlackRock Inc. grew its stake in shares of Carpenter Technology by 2.6% in the fourth quarter. BlackRock Inc. now owns 5,445,945 shares of the basic materials company’s stock worth $193,930,000 after purchasing an additional 135,525 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Carpenter Technology by 2.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,964,000 shares of the basic materials company’s stock worth $141,159,000 after purchasing an additional 88,200 shares during the last quarter. Finally, Crestline Management LP bought a new stake in shares of Carpenter Technology in the fourth quarter worth about $2,665,000. Hedge funds and other institutional investors own 94.43% of the company’s stock.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 6th. Investors of record on Tuesday, April 30th will be issued a $0.20 dividend. The ex-dividend date is Monday, April 29th. This represents a $0.80 annualized dividend and a yield of 1.64%. Carpenter Technology’s payout ratio is 32.00%.
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.