Carpenter Technology Co. (NYSE:CRS) Forecasted to Post Q1 2024 Earnings of $0.57 Per Share

Posted by Defense World Staff on Jun 17th, 2023

Carpenter Technology Co. (NYSE:CRS – Get Rating) – Zacks Research lifted their Q1 2024 EPS estimates for Carpenter Technology in a research report issued on Thursday, June 15th. Zacks Research analyst M. Das now anticipates that the basic materials company will earn $0.57 per share for the quarter, up from their previous estimate of $0.49. The consensus estimate for Carpenter Technology’s current full-year earnings is $1.04 per share. Zacks Research also issued estimates for Carpenter Technology’s Q2 2025 earnings at $0.67 EPS.

Separately, StockNews.com started coverage on Carpenter Technology in a research note on Thursday, May 18th. They issued a “hold” rating on the stock.

Carpenter Technology Price Performance

Carpenter Technology stock opened at $51.95 on Friday. Carpenter Technology has a 12 month low of $24.76 and a 12 month high of $54.89. The company has a current ratio of 2.45, a quick ratio of 1.14 and a debt-to-equity ratio of 0.52. The business’s 50 day simple moving average is $48.60 and its 200 day simple moving average is $45.42. The company has a market cap of $2.52 billion, a price-to-earnings ratio of 123.69 and a beta of 1.76.

Carpenter Technology (NYSE:CRS – Get Rating) last posted its quarterly earnings results on Thursday, April 27th. The basic materials company reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.05. The company had revenue of $690.10 million during the quarter, compared to analyst estimates of $632.50 million. Carpenter Technology had a net margin of 0.87% and a return on equity of 1.35%. The firm’s revenue for the quarter was up 41.1% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.20) earnings per share.

Carpenter Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 1st. Investors of record on Tuesday, May 2nd were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.54%. The ex-dividend date of this dividend was Monday, May 1st. Carpenter Technology’s dividend payout ratio is currently 190.48%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of CRS. State Street Corp boosted its stake in Carpenter Technology by 35.7% in the 1st quarter. State Street Corp now owns 3,358,268 shares of the basic materials company’s stock worth $140,980,000 after purchasing an additional 883,239 shares during the period. Millennium Management LLC bought a new position in Carpenter Technology in the 2nd quarter worth about $18,635,000. Norges Bank bought a new position in Carpenter Technology in the 4th quarter worth about $20,328,000. Invesco Ltd. lifted its stake in Carpenter Technology by 33.9% in the 1st quarter. Invesco Ltd. now owns 1,453,421 shares of the basic materials company’s stock worth $61,014,000 after purchasing an additional 368,093 shares in the last quarter. Finally, Frontier Capital Management Co. LLC lifted its stake in Carpenter Technology by 26.7% in the 3rd quarter. Frontier Capital Management Co. LLC now owns 1,598,582 shares of the basic materials company’s stock worth $49,780,000 after purchasing an additional 337,241 shares in the last quarter. 92.28% of the stock is currently owned by hedge funds and other institutional investors.

About Carpenter Technology

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Carpenter Technology Corp. engages in the manufacturing, fabrication, and distribution of specialty metals. It operates through the Specialty Alloys Operations and Performance Engineered Products segments. The Specialty Alloys Operations segment is composed of its major premium alloy and stainless-steel manufacturing operations.