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

Carpenter Technology (NYSE:CRS) announced that its Board of Directors has initiated a stock repurchase plan on Thursday, April 24th, RTT News reports. The company plans to buyback $400.00 million in outstanding shares. This buyback authorization authorizes the basic materials company to repurchase up to 4% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

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

Carpenter Technology Price Performance

Shares of NYSE:CRS opened at $198.70 on Friday. The firm has a market cap of $9.92 billion, a PE ratio of 37.49, a price-to-earnings-growth ratio of 0.93 and a beta of 1.28. Carpenter Technology has a 52 week low of $82.46 and a 52 week high of $213.66. The firm’s fifty day moving average is $183.39 and its 200-day moving average is $181.77. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.92 and a current ratio of 3.80.

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

Carpenter Technology Announces Dividend

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

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.