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

Carpenter Technology Co. (NYSE:CRS)’s share price hit a new 52-week high during trading on Thursday following a stronger than expected earnings report. The company traded as high as $100.21 and last traded at $97.25, with a volume of 134516 shares changing hands. The stock had previously closed at $98.33.

The basic materials company reported $1.19 earnings per share for the quarter, topping the consensus estimate of $0.94 by $0.25. The business had revenue of $684.90 million during the quarter, compared to the consensus estimate of $707.73 million. Carpenter Technology had a net margin of 5.27% and a return on equity of 10.21%. The company’s revenue was down .8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.38 EPS.

Carpenter Technology Increases Dividend

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

Institutional Trading of Carpenter Technology

Several institutional investors and hedge funds have recently bought and sold shares of CRS. Cape Investment Advisory Inc. acquired a new position in Carpenter Technology in the 4th quarter valued at $29,000. Johnson Financial Group Inc. acquired a new position in Carpenter Technology in the 4th quarter valued at $31,000. Westend Capital Management LLC acquired a new position in Carpenter Technology in the 1st quarter valued at $36,000. Fifth Third Bancorp increased its stake in Carpenter Technology by 322.5% in the 4th quarter. Fifth Third Bancorp now owns 1,162 shares of the basic materials company’s stock valued at $82,000 after buying an additional 887 shares during the period. Finally, NBC Securities Inc. acquired a new position in Carpenter Technology in the 3rd quarter valued at $91,000. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Carpenter Technology Stock Performance

The company has a current ratio of 2.90, a quick ratio of 1.26 and a debt-to-equity ratio of 0.47. The firm has a market capitalization of $4.92 billion, a price-to-earnings ratio of 34.02 and a beta of 1.47. The stock’s 50 day moving average price is $72.59 and its two-hundred day moving average price is $68.55.

Carpenter Technology Company Profile

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.