Stock Repurchase Program Approved by Carpenter Technology (NYSE:CRS) Board of Directors

Carpenter Technology (NYSE:CRS) announced that its Board of Directors has authorized a share buyback program on Thursday, April 24th, RTT News reports. The company plans to repurchase $400.00 million in shares. This repurchase authorization allows the basic materials company to repurchase up to 4% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

Carpenter Technology Stock Performance

NYSE CRS opened at $198.70 on Friday. The company has a current ratio of 3.80, a quick ratio of 1.92 and a debt-to-equity ratio of 0.40. The company has a fifty day simple moving average of $183.39 and a 200 day simple moving average of $181.77. Carpenter Technology has a 12-month low of $82.46 and a 12-month high of $213.66. The company has a market cap of $9.92 billion, a P/E ratio of 37.49, a PEG ratio of 0.93 and a beta of 1.28.

Carpenter Technology (NYSE:CRS) last posted its earnings results on Thursday, April 24th. The basic materials company reported $1.88 EPS for the quarter, topping the consensus estimate of $1.74 by $0.14. Carpenter Technology had a net margin of 9.34% and a return on equity of 19.88%. The company had revenue of $727.00 million during the quarter, compared to the consensus estimate of $729.67 million. Sell-side analysts predict that Carpenter Technology will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Tuesday, April 22nd will be given a dividend of $0.20 per share. The ex-dividend date is Tuesday, April 22nd. This represents a $0.80 annualized dividend and a dividend yield of 0.40%. Carpenter Technology’s payout ratio is 15.09%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. JPMorgan Chase & Co. increased their price target on Carpenter Technology from $235.00 to $240.00 and gave the stock an “overweight” rating in a report on Wednesday, February 19th. BTIG Research set a $230.00 price target on shares of Carpenter Technology in a report on Friday, January 31st. Finally, Northcoast Research upgraded shares of Carpenter Technology from a “sell” rating to a “neutral” rating in a report on Wednesday, April 9th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $167.17.

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.