Carpenter Technology Corporation (NYSE:CRS) – Seaport Global Securities boosted their Q1 2018 earnings per share estimates for Carpenter Technology Corporation in a report released on Thursday. Seaport Global Securities analyst J. Sullivan now forecasts that the basic materials company will post earnings per share of $0.43 for the quarter, up from their previous estimate of $0.41. Seaport Global Securities also issued estimates for Carpenter Technology Corporation’s Q2 2018 earnings at $0.48 EPS, Q3 2018 earnings at $0.59 EPS, Q4 2018 earnings at $0.71 EPS, FY2018 earnings at $2.21 EPS, Q1 2019 earnings at $0.53 EPS, Q2 2019 earnings at $0.59 EPS, Q3 2019 earnings at $0.75 EPS, Q4 2019 earnings at $0.87 EPS and FY2019 earnings at $2.74 EPS.

Carpenter Technology Corporation (NYSE:CRS) last issued its quarterly earnings results on Thursday, July 27th. The basic materials company reported $0.58 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.50 by $0.08. Carpenter Technology Corporation had a return on equity of 4.48% and a net margin of 2.61%. The firm had revenue of $507.70 million during the quarter, compared to analyst estimates of $502.40 million. During the same quarter in the previous year, the company posted $0.35 earnings per share. The company’s revenue was up 10.9% compared to the same quarter last year.

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Other research analysts have also issued research reports about the company. TheStreet upgraded Carpenter Technology Corporation from a “c+” rating to a “b” rating in a research report on Thursday, July 27th. Longbow Research raised their price objective on Carpenter Technology Corporation from $48.00 to $50.00 and gave the company a “buy” rating in a research report on Friday, July 28th. Zacks Investment Research upgraded Carpenter Technology Corporation from a “hold” rating to a “buy” rating and set a $44.00 price objective for the company in a research report on Tuesday, July 18th. Finally, Cowen and Company restated a “hold” rating and set a $37.00 price objective on shares of Carpenter Technology Corporation in a research report on Monday, July 17th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $45.50.

Shares of Carpenter Technology Corporation (NYSE:CRS) opened at 49.75 on Friday. The company has a market cap of $2.33 billion, a price-to-earnings ratio of 50.25 and a beta of 2.10. Carpenter Technology Corporation has a 52 week low of $30.37 and a 52 week high of $50.84. The firm’s 50-day moving average price is $42.93 and its 200 day moving average price is $38.85.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CRS. BlackRock Inc. grew its position in Carpenter Technology Corporation by 17,365.7% in the first quarter. BlackRock Inc. now owns 5,071,683 shares of the basic materials company’s stock worth $189,174,000 after acquiring an additional 5,042,645 shares in the last quarter. Bank of New York Mellon Corp grew its position in Carpenter Technology Corporation by 18.2% in the second quarter. Bank of New York Mellon Corp now owns 1,651,339 shares of the basic materials company’s stock worth $61,809,000 after acquiring an additional 253,969 shares in the last quarter. Vanguard Group Inc. grew its position in Carpenter Technology Corporation by 6.1% in the first quarter. Vanguard Group Inc. now owns 3,909,291 shares of the basic materials company’s stock worth $145,817,000 after acquiring an additional 223,197 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Carpenter Technology Corporation by 5.5% in the first quarter. Dimensional Fund Advisors LP now owns 3,926,931 shares of the basic materials company’s stock worth $146,473,000 after acquiring an additional 206,068 shares in the last quarter. Finally, Royce & Associates LP grew its position in Carpenter Technology Corporation by 18.6% in the second quarter. Royce & Associates LP now owns 774,024 shares of the basic materials company’s stock worth $28,972,000 after acquiring an additional 121,300 shares in the last quarter. Institutional investors own 92.81% of the company’s stock.

In related news, Director Jeffrey Wadsworth sold 4,000 shares of Carpenter Technology Corporation stock in a transaction dated Friday, August 25th. The stock was sold at an average price of $40.25, for a total value of $161,000.00. Following the completion of the transaction, the director now owns 4,200 shares in the company, valued at $169,050. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director I Martin Inglis sold 8,000 shares of Carpenter Technology Corporation stock in a transaction dated Thursday, August 24th. The stock was sold at an average price of $39.77, for a total value of $318,160.00. Following the completion of the transaction, the director now owns 11,200 shares of the company’s stock, valued at approximately $445,424. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 26,522 shares of company stock valued at $1,065,580. Company insiders own 4.51% of the company’s stock.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 7th. Stockholders of record on Tuesday, August 22nd were given a dividend of $0.18 per share. The ex-dividend date was Friday, August 18th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.45%. Carpenter Technology Corporation’s payout ratio is 72.00%.

About Carpenter Technology Corporation

Carpenter Technology Corporation is engaged in the manufacturing, fabrication and distribution of specialty metals. The Company’s segments include Specialty Alloys Operations (SAO) and Performance Engineered Products (PEP). Its SAO segment consists of alloy and stainless steel manufacturing operations.

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

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