Shares of Carpenter Technology (NYSE:CRS) surged in earnings

The stock price of Carpenter Technology Co. (NYSE:CRS – Get Rating ) rose in premarket trading on Friday after a stronger-than-expected earnings report. Shares previously closed at $46.48 but opened at $47.44. Shares of Carpenter Technology last traded at $47.78, with a volume of 27,975 shares trading hands.

The basic materials company reported $0.13 EPS for the quarter, topping the consensus estimate of $0.12 by $0.01. Carpenter Technology had a negative net margin of 2.09% and a negative return on equity of 3.35%. The firm had revenue of $579.10 million for the quarter, compared to analysts’ expectations of $525.67 million. During the same period in the prior year, the business earned ($0.58) earnings per share. Carpenter Technology’s revenue for the quarter was up 46.2% compared to the same quarter last year.

Carpenter Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 2nd. Stockholders of record on Tuesday, January 31st will be given a $0.20 dividend. This represents a $0.80 annual dividend and a yield of 1.67%. The ex-dividend date is Monday, January 30th. Carpenter Technology’s dividend payout ratio (DPR) is currently -93.02%.

Analysts set new price targets

CRS has been the subject of several research reports. raised shares of Carpenter Technology from a “sell” rating to a “hold” rating in a research report on Thursday. 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 research report on Friday.

Institutional Trading with Carpenter Technology

Hedge funds have recently bought and sold shares of the company. Point72 Hong Kong Ltd purchased a new stake in shares of Carpenter Technology in the first quarter valued at approximately $26,000. Wipfli Financial Advisors LLC purchased a new stake in shares of Carpenter Technology in the third quarter valued at approximately $31,000. International Assets Investment Management LLC purchased a new stake in shares of Carpenter Technology during the fourth quarter valued at approximately $502,000. Captrust Financial Advisors raised its position in shares of Carpenter Technology by 57.8% in the first quarter. Captrust Financial Advisors now owns 3,704 shares of the basic materials company’s stock valued at $155,000 after buying an additional 1,356 shares during the last quarter. Finally, Alan B. Lancz & Associates Inc. acquired a new position in Carpenter Technology during the second quarter valued at approximately $125,000. 92.28% of the stock is owned by hedge funds and other institutional investors.

Carpenter Technology stock rose 2.8%

The business has a fifty day moving average of $40.48 and a 200 day moving average of $36.75. The stock has a market cap of $2.31 billion, a price-to-earnings ratio of -54.05 and a beta of 1.69. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.80 and a quick earnings ratio of 1.30.

Carpenter Technology Company Profile

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Carpenter Technology Corporation is engaged in the production, manufacture and distribution of specialty metals in the United States, Europe, Asia Pacific, Mexico, Canada and internationally. It operates in two segments, specialty alloy 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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