Carpenter Technology (NYSE:CRS) Releases Earnings Results, Beats Expectations By $0.08 EPS

Carpenter Technology (NYSE:CRS) announced its quarterly earnings data on Thursday. The basic materials company reported $1.66 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.08, Zacks reports. Carpenter Technology had a return on equity of 18.01% and a net margin of 8.05%.

Carpenter Technology Stock Performance

Carpenter Technology stock traded down $24.27 on Thursday, hitting $184.84. The company’s stock had a trading volume of 891,098 shares, compared to its average volume of 660,527. The company has a fifty day moving average price of $187.51 and a 200-day moving average price of $162.91. The firm has a market cap of $9.21 billion, a P/E ratio of 41.08, a price-to-earnings-growth ratio of 0.98 and a beta of 1.55. Carpenter Technology has a one year low of $58.87 and a one year high of $213.65. The company has a quick ratio of 2.00, a current ratio of 3.84 and a debt-to-equity ratio of 0.42.

Carpenter Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 6th. Investors of record on Friday, February 28th will be given a $0.20 dividend. The ex-dividend date of this dividend is Tuesday, January 28th. This represents a $0.80 annualized dividend and a yield of 0.43%. Carpenter Technology’s dividend payout ratio (DPR) is currently 17.82%.

Analysts Set New Price Targets

Several research firms have recently weighed in on CRS. Benchmark reissued a “buy” rating and set a $175.00 price objective on shares of Carpenter Technology in a research note on Friday, October 25th. JPMorgan Chase & Co. lifted their price objective on Carpenter Technology from $220.00 to $235.00 and gave the company an “overweight” rating in a research report on Monday. One equities research analyst has rated the stock with a sell rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $155.50.

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.