Wall Street analysts expect Carpenter Technology Co. (NYSE:CRS) to announce $585.15 million in sales for the current fiscal quarter, according to Zacks. Three analysts have made estimates for Carpenter Technology’s earnings, with the lowest sales estimate coming in at $569.00 million and the highest estimate coming in at $615.24 million. Carpenter Technology posted sales of $479.80 million in the same quarter last year, which suggests a positive year-over-year growth rate of 22%. The firm is expected to issue its next earnings results on Thursday, October 25th.
On average, analysts expect that Carpenter Technology will report full-year sales of $2.46 billion for the current financial year, with estimates ranging from $2.45 billion to $2.47 billion. For the next year, analysts forecast that the business will report sales of $2.56 billion per share, with estimates ranging from $2.51 billion to $2.62 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Carpenter Technology.
Carpenter Technology (NYSE:CRS) last announced its quarterly earnings data on Thursday, August 2nd. The basic materials company reported $0.87 EPS for the quarter, topping the consensus estimate of $0.74 by $0.13. The business had revenue of $618.00 million for the quarter, compared to analyst estimates of $574.60 million. Carpenter Technology had a net margin of 8.74% and a return on equity of 8.86%. The company’s revenue for the quarter was up 21.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.58 earnings per share.
Several analysts have commented on the stock. Cowen reaffirmed a “buy” rating and issued a $66.00 price objective on shares of Carpenter Technology in a research report on Friday, June 1st. Zacks Investment Research raised shares of Carpenter Technology from a “hold” rating to a “buy” rating and set a $66.00 price objective on the stock in a research report on Monday, August 6th. Longbow Research lowered shares of Carpenter Technology from a “buy” rating to a “neutral” rating and set a $50.00 price target on the stock. in a research report on Monday, June 25th. Finally, ValuEngine raised shares of Carpenter Technology from a “hold” rating to a “buy” rating in a research report on Friday, May 4th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Carpenter Technology presently has an average rating of “Hold” and a consensus target price of $57.75.
CRS stock traded up $0.75 during mid-day trading on Wednesday, hitting $56.74. The company had a trading volume of 105,939 shares, compared to its average volume of 379,610. The firm has a market cap of $2.71 billion, a price-to-earnings ratio of 22.70 and a beta of 1.95. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.35 and a current ratio of 3.24. Carpenter Technology has a 12 month low of $37.01 and a 12 month high of $61.49.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 6th. Stockholders of record on Tuesday, August 28th will be given a $0.20 dividend. The ex-dividend date is Monday, August 27th. This represents a $0.80 annualized dividend and a dividend yield of 1.41%. This is a positive change from Carpenter Technology’s previous quarterly dividend of $0.18. Carpenter Technology’s payout ratio is 28.80%.
In other news, CFO Damon J. Audia sold 10,215 shares of the business’s stock in a transaction that occurred on Monday, May 21st. The shares were sold at an average price of $58.86, for a total value of $601,254.90. Following the sale, the chief financial officer now owns 33,121 shares of the company’s stock, valued at $1,949,502.06. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 4.51% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Millennium Management LLC purchased a new position in Carpenter Technology during the fourth quarter valued at approximately $936,000. Financial Engines Advisors L.L.C. grew its stake in Carpenter Technology by 20.4% during the first quarter. Financial Engines Advisors L.L.C. now owns 14,011 shares of the basic materials company’s stock valued at $618,000 after acquiring an additional 2,377 shares in the last quarter. Wells Fargo & Company MN grew its stake in Carpenter Technology by 14.3% during the first quarter. Wells Fargo & Company MN now owns 201,076 shares of the basic materials company’s stock valued at $8,872,000 after acquiring an additional 25,145 shares in the last quarter. New York State Teachers Retirement System grew its stake in Carpenter Technology by 5.1% during the first quarter. New York State Teachers Retirement System now owns 85,893 shares of the basic materials company’s stock valued at $3,790,000 after acquiring an additional 4,200 shares in the last quarter. Finally, Advisors Preferred LLC purchased a new position in Carpenter Technology during the first quarter valued at approximately $112,000. 94.87% of the stock is currently owned by institutional investors.
About Carpenter Technology
Carpenter Technology Corporation manufactures, fabricates, and distributes specialty metals worldwide. It operates through 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.
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