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

Carpenter Technology (NYSE:CRS) released 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 Down 8.2 %

Shares of Carpenter Technology stock traded down $17.16 on Thursday, reaching $191.95. 1,173,491 shares of the company were exchanged, compared to its average volume of 676,941. Carpenter Technology has a one year low of $58.87 and a one year high of $213.65. The company has a market capitalization of $9.57 billion, a price-to-earnings ratio of 42.61, a PEG ratio of 0.98 and a beta of 1.55. The company has a current ratio of 3.84, a quick ratio of 2.00 and a debt-to-equity ratio of 0.42. The company has a 50-day moving average of $187.51 and a 200 day moving average of $162.91.

Carpenter Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 6th. Stockholders of record on Friday, February 28th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.42%. The ex-dividend date of this dividend is Tuesday, January 28th. Carpenter Technology’s dividend payout ratio is currently 17.82%.

Analyst Ratings Changes

Several equities research analysts have commented on CRS shares. Benchmark restated a “buy” rating and issued a $175.00 target price on shares of Carpenter Technology in a research note on Friday, October 25th. JPMorgan Chase & Co. boosted their target price on Carpenter Technology from $220.00 to $235.00 and gave the company an “overweight” rating in a research note on Monday. One equities research analyst has rated the stock with a sell rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price 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.