Zacks: Analysts Expect Carpenter Technology Co. (CRS) Will Announce Earnings of $0.75 Per Share

Wall Street analysts expect Carpenter Technology Co. (NYSE:CRS) to report earnings of $0.75 per share for the current quarter, according to Zacks Investment Research. Three analysts have made estimates for Carpenter Technology’s earnings, with the highest EPS estimate coming in at $0.78 and the lowest estimate coming in at $0.71. Carpenter Technology reported earnings of $0.58 per share in the same quarter last year, which indicates a positive year over year growth rate of 29.3%. The business is expected to report its next quarterly earnings results on Thursday, July 26th.

On average, analysts expect that Carpenter Technology will report full year earnings of $2.39 per share for the current fiscal year, with EPS estimates ranging from $2.36 to $2.43. For the next fiscal year, analysts forecast that the company will report earnings of $3.45 per share, with EPS estimates ranging from $3.35 to $3.57. Zacks Investment Research’s EPS calculations are a mean average based on a survey of sell-side research analysts that follow Carpenter Technology.

Carpenter Technology (NYSE:CRS) last posted its quarterly earnings results on Thursday, April 26th. The basic materials company reported $0.60 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.58 by $0.02. Carpenter Technology had a net margin of 8.36% and a return on equity of 8.23%. The firm had revenue of $572.20 million for the quarter, compared to analyst estimates of $518.98 million. During the same quarter last year, the firm posted $0.44 earnings per share. Carpenter Technology’s revenue for the quarter was up 20.8% compared to the same quarter last year.

CRS has been the topic of several research reports. Zacks Investment Research upgraded shares of Carpenter Technology from a “sell” rating to a “hold” rating in a report on Monday, April 16th. Cowen upgraded shares of Carpenter Technology from a “market perform” rating to an “outperform” rating in a report on Friday, April 27th. Deutsche Bank raised their price target on shares of Carpenter Technology from $47.00 to $49.00 and gave the company a “hold” rating in a report on Wednesday, April 11th. Finally, ValuEngine upgraded shares of Carpenter Technology from a “hold” rating to a “buy” rating in a report on Friday, May 4th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Carpenter Technology has a consensus rating of “Buy” and an average price target of $53.25.

In other news, insider Tony R. Thene sold 31,797 shares of Carpenter Technology stock in a transaction that occurred on Friday, May 18th. The shares were sold at an average price of $58.83, for a total transaction of $1,870,617.51. Following the sale, the insider now owns 130,472 shares in the company, valued at $7,675,667.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Timothy Lain sold 1,007 shares of Carpenter Technology stock in a transaction that occurred on Friday, May 4th. The shares were sold at an average price of $55.00, for a total transaction of $55,385.00. Following the sale, the vice president now owns 11,288 shares in the company, valued at approximately $620,840. The disclosure for this sale can be found here. Insiders have sold 61,419 shares of company stock worth $3,556,619 in the last quarter. Insiders own 4.51% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of CRS. Huntington National Bank raised its stake in shares of Carpenter Technology by 1,902.0% during the fourth quarter. Huntington National Bank now owns 2,002 shares of the basic materials company’s stock valued at $102,000 after purchasing an additional 1,902 shares during the period. Amundi Pioneer Asset Management Inc. acquired a new stake in shares of Carpenter Technology during the fourth quarter worth approximately $103,000. Citigroup Inc. grew its position in shares of Carpenter Technology by 153.9% during the first quarter. Citigroup Inc. now owns 2,511 shares of the basic materials company’s stock worth $110,000 after buying an additional 1,522 shares in the last quarter. Advisors Preferred LLC acquired a new stake in shares of Carpenter Technology during the first quarter worth approximately $112,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Carpenter Technology by 42.7% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,483 shares of the basic materials company’s stock worth $154,000 after buying an additional 1,042 shares in the last quarter. Institutional investors own 96.93% of the company’s stock.

NYSE CRS traded up $0.14 during mid-day trading on Friday, hitting $59.33. The company’s stock had a trading volume of 4,840 shares, compared to its average volume of 391,510. Carpenter Technology has a 52-week low of $35.01 and a 52-week high of $60.48. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.14 and a current ratio of 2.97. The firm has a market capitalization of $2.78 billion, a price-to-earnings ratio of 54.81 and a beta of 2.01.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 7th. Investors of record on Tuesday, May 1st will be issued a $0.18 dividend. The ex-dividend date is Monday, April 30th. This represents a $0.72 annualized dividend and a yield of 1.21%. Carpenter Technology’s payout ratio is 66.67%.

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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Earnings History and Estimates for Carpenter Technology (NYSE:CRS)

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