Carpenter Technology Co. (CRS) to Issue Quarterly Dividend of $0.20 on June 6th

Carpenter Technology Co. (NYSE:CRS) declared a quarterly dividend on Friday, April 12th, investing.com reports. Stockholders of record on Tuesday, April 23rd will be paid 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 dividend yield of 1.03%. The ex-dividend date is Monday, April 22nd. This is a boost from Carpenter Technology’s previous quarterly dividend of $0.18.

Carpenter Technology has a dividend payout ratio of 16.7% meaning 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

Shares of NYSE CRS opened at $78.02 on Friday. The stock has a market capitalization of $3.85 billion, a PE ratio of 27.00 and a beta of 1.56. Carpenter Technology has a 52 week low of $44.40 and a 52 week high of $82.16. The stock has a 50 day moving average price of $69.44 and a 200 day moving average price of $67.58. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.26 and a current ratio of 2.90.

Carpenter Technology (NYSE:CRS) last released its earnings results on Thursday, January 25th. The basic materials company reported $0.85 earnings per share for the quarter, meeting the consensus estimate of $0.85. The business had revenue of $624.20 million during the quarter, compared to analysts’ expectations of $669.56 million. Carpenter Technology had a net margin of 5.27% and a return on equity of 10.21%. Analysts predict that Carpenter Technology will post 3.96 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Carpenter Technology

Institutional investors and hedge funds have recently modified their holdings of the company. Point72 Hong Kong Ltd bought a new position in Carpenter Technology during the first quarter worth about $26,000. Tower Research Capital LLC TRC boosted its stake in shares of Carpenter Technology by 124.5% during the 1st quarter. Tower Research Capital LLC TRC now owns 979 shares of the basic materials company’s stock worth $44,000 after acquiring an additional 543 shares during the period. Point72 Middle East FZE acquired a new position in shares of Carpenter Technology during the 4th quarter worth approximately $95,000. Captrust Financial Advisors raised its stake in Carpenter Technology by 57.8% in the 1st quarter. Captrust Financial Advisors now owns 3,704 shares of the basic materials company’s stock valued at $155,000 after acquiring an additional 1,356 shares during the period. Finally, CIBC Asset Management Inc acquired a new stake in Carpenter Technology during the 4th quarter valued at $201,000. 92.03% of the stock is owned by institutional investors.

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.