Carpenter Technology Co. (NYSE:CRS) – Seaport Global Securities lowered their Q2 2019 EPS estimates for shares of Carpenter Technology in a research note issued on Wednesday, October 24th. Seaport Global Securities analyst J. Sullivan now forecasts that the basic materials company will post earnings of $0.71 per share for the quarter, down from their prior estimate of $0.82. Seaport Global Securities also issued estimates for Carpenter Technology’s Q3 2019 earnings at $0.89 EPS, Q4 2019 earnings at $1.03 EPS and FY2019 earnings at $3.30 EPS.
A number of other analysts have also recently commented on the stock. Deutsche Bank set a $50.00 target price on shares of Carpenter Technology and gave the stock a “hold” rating in a research note on Thursday, October 25th. ValuEngine cut shares of Carpenter Technology from a “hold” rating to a “sell” rating in a research note on Wednesday, October 24th. Finally, Zacks Investment Research cut shares of Carpenter Technology from a “buy” rating to a “hold” rating in a research note on Friday, September 7th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $58.00.
Carpenter Technology (NYSE:CRS) last released its earnings results on Wednesday, October 24th. The basic materials company reported $0.65 EPS for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.09). The company had revenue of $572.40 million for the quarter, compared to analysts’ expectations of $559.00 million. Carpenter Technology had a return on equity of 9.03% and a net margin of 8.74%. The firm’s revenue for the quarter was up 19.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.49 EPS.
The business also recently announced a quarterly dividend, which will be paid on Thursday, December 6th. Stockholders of record on Tuesday, October 23rd will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, October 22nd. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.94%. Carpenter Technology’s dividend payout ratio is currently 32.00%.
Several hedge funds have recently added to or reduced their stakes in CRS. Fisher Asset Management LLC purchased a new stake in shares of Carpenter Technology during the second quarter worth about $13,081,000. Frontier Capital Management Co. LLC increased its stake in shares of Carpenter Technology by 22.3% during the third quarter. Frontier Capital Management Co. LLC now owns 1,149,392 shares of the basic materials company’s stock worth $67,757,000 after purchasing an additional 209,210 shares in the last quarter. BlackRock Inc. increased its stake in shares of Carpenter Technology by 4.2% during the second quarter. BlackRock Inc. now owns 5,226,200 shares of the basic materials company’s stock worth $274,743,000 after purchasing an additional 208,884 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in shares of Carpenter Technology during the second quarter worth about $4,447,000. Finally, Retirement Systems of Alabama increased its stake in shares of Carpenter Technology by 131.7% during the third quarter. Retirement Systems of Alabama now owns 140,774 shares of the basic materials company’s stock worth $8,299,000 after purchasing an additional 80,004 shares in the last quarter. 94.64% of the stock is owned by institutional investors and hedge funds.
Carpenter Technology Company Profile
Carpenter Technology Corporation manufactures, fabricates, and distributes specialty metals worldwide. The company operates through two segments, Specialty Alloys Operations and Performance Engineered Products. It offers specialty alloys, including titanium alloys, powder metals, stainless steels, alloy steels, and tool steels, as well as drilling tools; and metal powders and parts.
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