Carpenter Technology (NYSE:CRS) Reaches New 12-Month High After Earnings Beat

Carpenter Technology Co. (NYSE:CRS) hit a new 52-week high during mid-day trading on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $100.21 and last traded at $97.25, with a volume of 134516 shares trading hands. The stock had previously closed at $98.33.

The basic materials company reported $1.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.94 by $0.25. Carpenter Technology had a net margin of 5.27% and a return on equity of 10.21%. The company had revenue of $684.90 million for the quarter, compared to analysts’ expectations of $707.73 million. During the same quarter in the previous year, the company earned $0.38 earnings per share. Carpenter Technology’s quarterly revenue was down .8% on a year-over-year basis.

Carpenter Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 6th. Shareholders of record on Tuesday, April 23rd will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.80%. The ex-dividend date of this dividend is Monday, April 22nd. This is a boost from Carpenter Technology’s previous quarterly dividend of $0.18. Carpenter Technology’s dividend payout ratio is 27.68%.

Institutional Investors Weigh In On Carpenter Technology

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in Carpenter Technology by 0.9% in the third quarter. Vanguard Group Inc. now owns 5,855,711 shares of the basic materials company’s stock worth $393,562,000 after purchasing an additional 53,994 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Carpenter Technology by 1.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,616,808 shares of the basic materials company’s stock valued at $256,072,000 after buying an additional 43,589 shares during the last quarter. FMR LLC grew its holdings in shares of Carpenter Technology by 15.9% during the third quarter. FMR LLC now owns 1,545,931 shares of the basic materials company’s stock valued at $103,902,000 after buying an additional 212,321 shares during the last quarter. Invesco Ltd. grew its holdings in shares of Carpenter Technology by 24.2% during the third quarter. Invesco Ltd. now owns 1,331,705 shares of the basic materials company’s stock valued at $89,504,000 after buying an additional 259,330 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in shares of 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 last quarter. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Carpenter Technology Trading Up 1.3 %

The stock’s fifty day moving average price is $72.59 and its 200 day moving average price is $68.55. The company has a quick ratio of 1.26, a current ratio of 2.90 and a debt-to-equity ratio of 0.47. The stock has a market cap of $4.92 billion, a PE ratio of 34.02 and a beta of 1.47.

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.