Analysts predict that Carpenter Technology Co. (NYSE:CRS – Get Rating) will report sales of $410.66 million for the current quarter, according to Zacks. Two analysts have made estimates for Carpenter Technology’s earnings, with the highest sales estimate coming in at $435.70 million and the lowest estimate coming in at $385.61 million. Carpenter Technology reported sales of $351.90 million in the same quarter last year, which indicates a positive year-over-year growth rate of 16.7%. The company is scheduled to issue its next earnings report before the market opens on Monday, January 1st.
On average, analysts expect that Carpenter Technology will report full year sales of $1.66 billion for the current fiscal year, with estimates ranging from $1.62 billion to $1.70 billion. For the next financial year, analysts anticipate that the company will post sales of $2.13 billion, with estimates ranging from $2.04 billion to $2.23 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that cover Carpenter Technology.
Carpenter Technology (NYSE:CRS – Get Rating) last posted its quarterly earnings results on Wednesday, February 2nd. The basic materials company reported ($0.58) earnings per share for the quarter, topping the consensus estimate of ($0.63) by $0.05. The company had revenue of $396.00 million during the quarter, compared to the consensus estimate of $348.33 million. Carpenter Technology had a negative return on equity of 5.96% and a negative net margin of 9.11%. The firm’s quarterly revenue was up 13.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.61) EPS.
A number of analysts recently issued reports on the company. Benchmark raised Carpenter Technology from a “hold” rating to a “buy” rating and set a $40.00 price objective on the stock in a report on Thursday, January 13th. JPMorgan Chase & Co. raised Carpenter Technology from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $52.00 to $53.00 in a report on Friday, February 11th. Finally, StockNews.com assumed coverage on Carpenter Technology in a report on Thursday, March 31st. They set a “sell” rating on the stock.
Shares of CRS opened at $42.46 on Monday. The stock’s 50-day simple moving average is $38.61 and its 200-day simple moving average is $33.76. The stock has a market capitalization of $2.05 billion, a price-to-earnings ratio of -14.44 and a beta of 1.78. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.73 and a current ratio of 3.55. Carpenter Technology has a 52-week low of $26.84 and a 52-week high of $49.20.
The firm also recently declared a quarterly dividend, which was paid on Thursday, March 3rd. Shareholders of record on Tuesday, February 1st were issued a $0.20 dividend. The ex-dividend date of this dividend was Monday, January 31st. This represents a $0.80 annualized dividend and a dividend yield of 1.88%. Carpenter Technology’s payout ratio is currently -27.21%.
Several large investors have recently added to or reduced their stakes in the business. BlackRock Inc. raised its holdings in shares of Carpenter Technology by 3.3% in the 4th quarter. BlackRock Inc. now owns 7,798,106 shares of the basic materials company’s stock valued at $227,628,000 after acquiring an additional 249,578 shares in the last quarter. Alliancebernstein LP raised its holdings in shares of Carpenter Technology by 2.4% in the 3rd quarter. Alliancebernstein LP now owns 4,018,451 shares of the basic materials company’s stock valued at $131,564,000 after acquiring an additional 93,907 shares in the last quarter. Frontier Capital Management Co. LLC raised its holdings in shares of Carpenter Technology by 27.6% in the 1st quarter. Frontier Capital Management Co. LLC now owns 1,610,376 shares of the basic materials company’s stock valued at $67,604,000 after acquiring an additional 348,004 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Carpenter Technology by 16.6% in the 3rd quarter. Invesco Ltd. now owns 1,162,364 shares of the basic materials company’s stock valued at $38,056,000 after acquiring an additional 165,117 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Carpenter Technology by 3.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 668,863 shares of the basic materials company’s stock valued at $19,525,000 after acquiring an additional 23,009 shares in the last quarter. 89.94% of the stock is currently owned by hedge funds and other institutional investors.
About Carpenter Technology (Get Rating)
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, as well as additives, and metal powders and parts.
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