Carpenter Technology (NYSE:CRS – Get Free Report) released its quarterly earnings results on Thursday. The basic materials company reported $3.25 EPS for the quarter, topping the consensus estimate of $3.04 by $0.21, Briefing.com reports. Carpenter Technology had a net margin of 16.96% and a return on equity of 26.46%. During the same quarter last year, the company earned $2.43 earnings per share. The firm’s revenue was up 8.8% compared to the same quarter last year.
Carpenter Technology Price Performance
CRS stock traded down $70.95 during trading hours on Thursday, hitting $297.21. 724,997 shares of the stock traded hands, compared to its average volume of 761,886. The stock has a 50-day simple moving average of $433.10 and a 200 day simple moving average of $480.80. The company has a market cap of $14.73 billion, a P/E ratio of 27.87, a P/E/G ratio of 1.30 and a beta of 1.29. Carpenter Technology has a one year low of $262.25 and a one year high of $625.98. The company has a current ratio of 3.81, a quick ratio of 2.23 and a debt-to-equity ratio of 0.31.
Carpenter Technology Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 3rd. Stockholders of record on Tuesday, October 20th will be issued a $0.20 dividend. The ex-dividend date is Tuesday, October 20th. This represents a $0.80 annualized dividend and a dividend yield of 0.3%. Carpenter Technology’s dividend payout ratio is 7.60%.
Analyst Ratings Changes
Several analysts recently weighed in on CRS shares. TD Cowen cut their price objective on shares of Carpenter Technology from $650.00 to $500.00 and set a “buy” rating on the stock in a research report on Friday, October 9th. KeyCorp decreased their target price on shares of Carpenter Technology from $608.00 to $465.00 and set an “overweight” rating for the company in a research report on Thursday, October 8th. JPMorgan Chase & Co. decreased their target price on shares of Carpenter Technology from $700.00 to $520.00 and set an “overweight” rating for the company in a research report on Wednesday, October 14th. BTIG Research raised their price target on shares of Carpenter Technology from $450.00 to $620.00 and gave the company a “buy” rating in a research note on Friday, July 31st. Finally, Zacks Research cut Carpenter Technology from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 15th. Seven research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $519.29.
Check Out Our Latest Report on Carpenter Technology
Insiders Place Their Bets
In other news, CEO Tony Thene sold 57,456 shares of the firm’s stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $483.90, for a total transaction of $27,802,958.40. Following the completion of the sale, the chief executive officer directly owned 439,631 shares of the company’s stock, valued at $212,737,440.90. This trade represents a 11.56% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Ramin Younessi sold 438 shares of the company’s stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $493.15, for a total transaction of $215,999.70. Following the sale, the director directly owned 1,953 shares of the company’s stock, valued at $963,121.95. This represents a 18.32% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 112,996 shares of company stock worth $54,644,436. 2.90% of the stock is owned by corporate insiders.
Carpenter Technology Company Profile
Carpenter Technology Corporation is a manufacturer of premium specialty metals and engineered materials for demanding applications. The company produces stainless steels, nickel- and cobalt-based alloys, titanium, powder metals, and other high-performance materials designed to withstand extreme temperatures, corrosion, stress, and wear.
Its products are used in aerospace and defense, medical devices, energy, transportation, industrial equipment, and other specialized markets. Carpenter Technology supplies materials in forms such as bar, wire, strip, sheet, and powder, and also provides processing and engineered component solutions through its performance-engineered products operations.
Founded in 1889 as Carpenter Steel Company, the company has developed a global customer base supported by manufacturing, research, and service operations in the United States and international markets.
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