Carpenter Technology (NYSE:CRS) Shares Gap Up on Earnings Beat

Carpenter Technology Co. (NYSE:CRSGet Rating) shares gapped up before the market opened on Friday following a better than expected earnings announcement. The stock had previously closed at $46.48, but opened at $47.44. Carpenter Technology shares last traded at $47.78, with a volume of 27,975 shares trading hands.

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The basic materials company reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.01. The business had revenue of $579.10 million for the quarter, compared to analysts’ expectations of $525.67 million. Carpenter Technology had a negative net margin of 0.26% and a negative return on equity of 0.78%. The firm’s revenue for the quarter was up 46.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.58) earnings per share.

Carpenter Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 2nd. Investors of record on Tuesday, January 31st will be paid a $0.20 dividend. The ex-dividend date of this dividend is Monday, January 30th. This represents a $0.80 dividend on an annualized basis and a yield of 1.63%. Carpenter Technology’s payout ratio is currently -666.61%.

Analyst Ratings Changes

Several analysts have weighed in on the stock. raised shares of Carpenter Technology from a “sell” rating to a “hold” rating in a research note on Thursday. Cowen upped their price objective on shares of Carpenter Technology from $50.00 to $54.00 and gave the stock an “outperform” rating in a research note on Friday.

Hedge Funds Weigh In On Carpenter Technology

A number of large investors have recently modified their holdings of CRS. Point72 Hong Kong Ltd acquired a new position in shares of Carpenter Technology during the first quarter worth approximately $26,000. Wipfli Financial Advisors LLC acquired a new position in shares of Carpenter Technology during the third quarter worth approximately $31,000. KBC Group NV acquired a new position in shares of Carpenter Technology during the second quarter worth approximately $122,000. Alan B. Lancz & Associates Inc. acquired a new position in shares of Carpenter Technology during the second quarter worth approximately $125,000. Finally, Captrust Financial Advisors lifted its position in shares of Carpenter Technology by 57.8% during the first quarter. Captrust Financial Advisors now owns 3,704 shares of the basic materials company’s stock worth $155,000 after purchasing an additional 1,356 shares in the last quarter. 92.28% of the stock is currently owned by institutional investors and hedge funds.

Carpenter Technology Price Performance

The stock’s 50-day moving average price is $40.64 and its 200-day moving average price is $36.98. The company has a market capitalization of $2.38 billion, a price-to-earnings ratio of -409.47 and a beta of 1.69. The company has a quick ratio of 1.30, a current ratio of 2.52 and a debt-to-equity ratio of 0.52.

Carpenter Technology Company Profile

(Get Rating)

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.

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