Carpenter Technology Co. (NYSE:CRS) to Issue Dividend Increase – $0.20 Per Share

Carpenter Technology Co. (NYSE:CRS) declared a dividend on Tuesday, April 16th, investing.com reports. Investors of record on Tuesday, April 23rd will be paid a dividend of 0.20 per share by the basic materials company on Thursday, June 6th. This represents a yield of 1.03%. The ex-dividend date is Monday, April 22nd. This is a positive change from Carpenter Technology’s previous dividend of $0.18.

Carpenter Technology has a payout ratio of 16.7% meaning its dividend is sufficiently covered by earnings. Research analysts expect Carpenter Technology to earn $4.58 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 17.5%.

Carpenter Technology Stock Performance

Shares of CRS opened at $75.88 on Tuesday. 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 stock has a market capitalization of $3.75 billion, a P/E ratio of 26.26 and a beta of 1.56. The firm’s fifty day simple moving average is $68.19 and its two-hundred day simple moving average is $67.28. Carpenter Technology has a 12 month low of $44.40 and a 12 month high of $82.16.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings results on Thursday, January 25th. The basic materials company reported $0.85 EPS for the quarter, meeting analysts’ consensus estimates of $0.85. The business had revenue of $624.20 million for the quarter, compared to analysts’ expectations of $669.56 million. Carpenter Technology had a net margin of 5.27% and a return on equity of 10.21%. As a group, analysts predict that Carpenter Technology will post 3.96 EPS for the current year.

Institutional Investors Weigh In On Carpenter Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in CRS. State Street Corp increased its stake in shares of Carpenter Technology by 35.7% during the 1st quarter. State Street Corp now owns 3,358,268 shares of the basic materials company’s stock worth $140,980,000 after purchasing an additional 883,239 shares during the last quarter. Millennium Management LLC bought a new position in Carpenter Technology in the 2nd quarter worth approximately $18,635,000. Norges Bank bought a new position in Carpenter Technology in the 4th quarter worth approximately $20,328,000. Goldman Sachs Group Inc. boosted its holdings in Carpenter Technology by 82.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 972,222 shares of the basic materials company’s stock worth $68,833,000 after buying an additional 438,781 shares during the period. Finally, Invesco Ltd. boosted its holdings in Carpenter Technology by 33.9% in the 1st quarter. Invesco Ltd. now owns 1,453,421 shares of the basic materials company’s stock worth $61,014,000 after buying an additional 368,093 shares during the period. Hedge funds and other institutional investors own 92.03% of the company’s stock.

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.