Brokerages expect Carpenter Technology Co. (NYSE:CRS – Get Rating) to report $490.30 million in sales for the current quarter, Zacks Investment Research reports. Two analysts have made estimates for Carpenter Technology’s earnings, with the lowest sales estimate coming in at $455.00 million and the highest estimate coming in at $525.60 million. Carpenter Technology posted sales of $421.60 million in the same quarter last year, which suggests a positive year over year growth rate of 16.3%. The business is scheduled to report its next earnings report on Monday, January 1st.
On average, analysts expect that Carpenter Technology will report full year sales of $1.76 billion for the current fiscal year, with estimates ranging from $1.73 billion to $1.80 billion. For the next fiscal year, analysts expect that the business will post sales of $2.21 billion, with estimates ranging from $2.20 billion to $2.23 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research analysts that that provide coverage for Carpenter Technology.
Carpenter Technology (NYSE:CRS – Get Rating) last issued its quarterly earnings data on Thursday, April 28th. The basic materials company reported ($0.20) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.07. Carpenter Technology had a negative net margin of 6.42% and a negative return on equity of 4.77%. The firm had revenue of $489.00 million during the quarter, compared to analysts’ expectations of $415.67 million. During the same quarter in the previous year, the company earned ($0.54) earnings per share. The business’s revenue for the quarter was up 39.0% on a year-over-year basis.
Several equities analysts have commented on CRS shares. Benchmark upped their price objective on shares of Carpenter Technology from $43.00 to $48.00 in a report on Wednesday, April 20th. JPMorgan Chase & Co. upgraded shares of Carpenter Technology from a “neutral” rating to an “overweight” rating and upped their price target for the company from $52.00 to $53.00 in a research note on Friday, February 11th. Finally, StockNews.com upgraded shares of Carpenter Technology from a “sell” rating to a “hold” rating in a research note on Monday, May 16th.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Morgan Stanley lifted its stake in Carpenter Technology by 113.8% during the 2nd quarter. Morgan Stanley now owns 333,725 shares of the basic materials company’s stock valued at $13,423,000 after acquiring an additional 177,606 shares in the last quarter. Barclays PLC raised its stake in shares of Carpenter Technology by 48.1% during the 3rd quarter. Barclays PLC now owns 39,196 shares of the basic materials company’s stock worth $1,283,000 after purchasing an additional 12,739 shares during the period. Teacher Retirement System of Texas raised its stake in shares of Carpenter Technology by 23.1% during the 3rd quarter. Teacher Retirement System of Texas now owns 7,736 shares of the basic materials company’s stock worth $253,000 after purchasing an additional 1,452 shares during the period. Citigroup Inc. raised its stake in shares of Carpenter Technology by 9.7% during the 3rd quarter. Citigroup Inc. now owns 41,982 shares of the basic materials company’s stock worth $1,374,000 after purchasing an additional 3,713 shares during the period. Finally, Goldman Sachs Group Inc. raised its stake in shares of Carpenter Technology by 109.1% during the 3rd quarter. Goldman Sachs Group Inc. now owns 219,473 shares of the basic materials company’s stock worth $7,185,000 after purchasing an additional 114,498 shares during the period. 91.36% of the stock is owned by institutional investors and hedge funds.
Shares of CRS stock opened at $36.11 on Friday. The company has a quick ratio of 1.38, a current ratio of 2.21 and a debt-to-equity ratio of 0.51. The company’s fifty day simple moving average is $38.51 and its 200-day simple moving average is $34.52. Carpenter Technology has a 12 month low of $26.84 and a 12 month high of $49.20. The firm has a market cap of $1.74 billion, a PE ratio of -15.98 and a beta of 1.72.
The company also recently announced a quarterly dividend, which will be paid on Thursday, June 2nd. Shareholders of record on Tuesday, May 3rd will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date is Monday, May 2nd. Carpenter Technology’s dividend payout ratio is presently -35.40%.
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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