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Carpenter Technology Co. (NYSE:CRS – Get Rating ) – Equities researchers at KeyCorp dropped their Q3 2023 earnings estimates for Carpenter Technology in a note issued to investors on Wednesday, February 8th. KeyCorp P. Gibbs now anticipates that the basic materials company will post earnings of $0.35 per share for the quarter, up from their previous forecast of $0.49. The consensus estimate for Carpenter Technology’s current full-year earnings is $1.10 per share. KeyCorp also issued estimates for Carpenter Technology’s Q4 2023 earnings at $0.67 EPS, FY2023 earnings at $1.00 EPS and FY2024 earnings at $2.80 EPS.
CRS has been the subject of many other research reports. StockNews.com raised shares of Carpenter Technology from a “sell” rating to a “hold” rating in a research report on Thursday, January 26th. Cowen boosted their target price on shares of Carpenter Technology from $50.00 to $54.00 and gave the stock an “outperform” rating in a report on Friday, January 27th.
Carpenter Technology Stock Performance
NYSE CRS opened at $49.34 on Monday. The company’s 50-day moving average is $42.38 and its 200-day moving average is $38.54. Carpenter Technology has a 12-month low of $24.76 and a 12-month high of $51.71. The company has a quick ratio of 1.10, a current ratio of 2.52 and a debt-to-equity ratio of 0.52. The company has a market cap of $2.39 billion, a P/E ratio of -411.13 and a beta of 1.78.
Carpenter Technology (NYSE:CRS – Get Rating ) last posted its quarterly earnings results on Thursday, January 26. The basic materials company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 is $0.01. Carpenter Technology had a negative net margin of 0.26% and a negative return on equity of 0.78%. The company had revenue of $579.10 million for the quarter, compared to analyst estimates of $525.67 million. In the same quarter last year, the company posted ($0.58) earnings per share. The company’s quarterly revenue was up 46.2% compared to the same quarter last year.
Institutional Sales of Carpenter Technology
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. JPMorgan Chase & Co. grew its stake in Carpenter Technology by 168.6% in the 1st quarter. JPMorgan Chase & Co. now owns 125,803 shares of the basic materials company’s stock valued at $5,281,000 after purchasing an additional 78,961 shares during the last quarter. Raymond James Financial Services Advisors Inc. grew its stake in Carpenter Technology by 11.3% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 9,917 shares of the basic materials company’s stock worth $416,000 after buying an additional 1,009 shares during the last quarter. Private Advisor Group LLC bought a new position in Carpenter Technology in the 1st quarter valued at approximately $325,000. Citigroup Inc. grew its stake in Carpenter Technology by 4.1% in the 1st quarter. Citigroup Inc. now owns 42,825 shares of the basic materials company’s stock valued at $1,797,000 after buying an additional 1,685 shares during the last quarter. Finally, MetLife Investment Management LLC grew its stake in Carpenter Technology by 38.5% in the 1st quarter. MetLife Investment Management LLC now owns 25,021 shares of the basic materials company’s stock worth $1,050,000 after buying an additional 6,949 shares in the last quarter. Institutional investors own 92.28% of the company’s stock.
Carpenter Technology Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, March 2nd. Investors of record on Tuesday, January 31st will be issued a dividend of $0.20 per share. It provides a $0.80 dividend for an annual basis and a yield of 1.62%. The ex-dividend date of this dividend is Monday, January 30. Carpenter Technology’s dividend payout ratio (DPR) is currently -666.61%.
Carpenter Technology Company Profile
(Get Rating)
Carpenter Technology Corp. engaged in the production, manufacture, and distribution of specialty metals. It operates through the Specialty Alloys Operations and Performance Engineered Products segments. The Specialty Alloys Operations segment consists primarily of premium alloy and stainless-steel manufacturing operations.
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