Zacks: Brokerages Anticipate Carpenter Technology Co. (CRS) to Post $0.58 Earnings Per Share

Wall Street brokerages expect that Carpenter Technology Co. (NYSE:CRS) will report earnings of $0.58 per share for the current fiscal quarter, according to Zacks Investment Research. Three analysts have issued estimates for Carpenter Technology’s earnings. The highest EPS estimate is $0.60 and the lowest is $0.55. Carpenter Technology posted earnings per share of $0.44 during the same quarter last year, which would suggest a positive year over year growth rate of 31.8%. The company is expected to issue its next quarterly earnings report before the market opens on Thursday, April 26th.

According to Zacks, analysts expect that Carpenter Technology will report full-year earnings of $2.32 per share for the current fiscal year, with EPS estimates ranging from $2.10 to $2.48. For the next year, analysts expect that the firm will post earnings of $3.28 per share, with EPS estimates ranging from $2.95 to $3.68. Zacks Investment Research’s EPS calculations are a mean average based on a survey of analysts that that provide coverage for Carpenter Technology.

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Carpenter Technology (NYSE:CRS) last announced its quarterly earnings data on Thursday, February 1st. The basic materials company reported $0.55 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.51 by $0.04. The business had revenue of $487.80 million for the quarter, compared to analysts’ expectations of $482.20 million. Carpenter Technology had a net margin of 8.30% and a return on equity of 7.94%. The business’s revenue was up 14.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.15 earnings per share.

Several brokerages have recently issued reports on CRS. Zacks Investment Research upgraded shares of Carpenter Technology from a “sell” rating to a “strong-buy” rating and set a $61.00 target price on the stock in a research note on Thursday, January 18th. Deutsche Bank upped their target price on shares of Carpenter Technology from $47.00 to $49.00 and gave the stock a “hold” rating in a research note on Wednesday, April 11th. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Carpenter Technology has an average rating of “Hold” and an average price target of $53.25.

A number of institutional investors have recently modified their holdings of CRS. New York State Common Retirement Fund lifted its position in Carpenter Technology by 11.5% during the third quarter. New York State Common Retirement Fund now owns 56,855 shares of the basic materials company’s stock valued at $2,731,000 after purchasing an additional 5,855 shares during the period. Legal & General Group Plc lifted its position in Carpenter Technology by 2.5% during the third quarter. Legal & General Group Plc now owns 62,202 shares of the basic materials company’s stock valued at $2,985,000 after purchasing an additional 1,492 shares during the period. Schwab Charles Investment Management Inc. lifted its position in Carpenter Technology by 8.9% during the third quarter. Schwab Charles Investment Management Inc. now owns 384,323 shares of the basic materials company’s stock valued at $18,460,000 after purchasing an additional 31,314 shares during the period. Envestnet Asset Management Inc. lifted its position in Carpenter Technology by 66.9% during the third quarter. Envestnet Asset Management Inc. now owns 9,920 shares of the basic materials company’s stock valued at $477,000 after purchasing an additional 3,977 shares during the period. Finally, Jane Street Group LLC bought a new position in Carpenter Technology in the third quarter worth approximately $444,000. Institutional investors own 98.31% of the company’s stock.

CRS traded up $0.51 during midday trading on Friday, reaching $51.79. The company’s stock had a trading volume of 293,465 shares, compared to its average volume of 444,707. The stock has a market cap of $2,348.17, a PE ratio of 47.48 and a beta of 2.02. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.00 and a current ratio of 2.99. Carpenter Technology has a 1 year low of $34.95 and a 1 year high of $54.61.

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 7th. Stockholders of record on Tuesday, May 1st will be paid a $0.18 dividend. The ex-dividend date is Monday, April 30th. This represents a $0.72 annualized dividend and a dividend yield of 1.39%. Carpenter Technology’s dividend payout ratio is presently 66.67%.

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Carpenter Technology Company Profile

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.

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Earnings History and Estimates for Carpenter Technology (NYSE:CRS)

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