Zacks: Analysts Expect Carpenter Technology Co. (NYSE:CRS) Will Post Quarterly Sales of $490.30 Million

Equities research analysts predict that Carpenter Technology Co. (NYSE:CRS - Get Rating) will announce $490.30 million in sales for the current quarter, Zacks Investment Research reports. Two analysts have issued estimates for Carpenter Technology's earnings, with the lowest sales estimate coming in at $455.00 million and the highest estimate coming in at $525.60 million. Carpenter Technology posted sales of $421.60 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 16.3%. The firm is expected to issue its next earnings results on Monday, January 1st.

According to Zacks, analysts expect that Carpenter Technology will report full year sales of $1.76 billion for the current financial year, with estimates ranging from $1.73 billion to $1.80 billion. For the next year, analysts anticipate that the firm will post sales of $2.21 billion, with estimates ranging from $2.20 billion to $2.23 billion. Zacks' sales calculations are a mean average based on a survey of research firms that follow Carpenter Technology.

Carpenter Technology (NYSE:CRS - Get Rating) last released its quarterly earnings data on Thursday, April 28th. The basic materials company reported ($0.20) EPS for the quarter, topping the consensus estimate of ($0.27) by $0.07. Carpenter Technology had a negative net margin of 6.42% and a negative return on equity of 4.77%. The business had revenue of $489.00 million for the quarter, compared to analyst estimates of $415.67 million. During the same period in the previous year, the firm earned ($0.54) EPS. The business's revenue for the quarter was up 39.0% compared to the same quarter last year.

Several brokerages recently weighed in on CRS. Benchmark boosted their target price on shares of Carpenter Technology from $43.00 to $48.00 in a research note on Wednesday, April 20th. JPMorgan Chase & Co. raised shares of Carpenter Technology from a "neutral" rating to an "overweight" rating and upped their price objective for the company from $52.00 to $53.00 in a research note on Friday, February 11th. Finally, StockNews.com raised shares of Carpenter Technology from a "sell" rating to a "hold" rating in a research note on Monday, May 16th.

Hedge funds and other institutional investors have recently modified their holdings of the business. Toth Financial Advisory Corp boosted its stake in Carpenter Technology by 25.8% during the first quarter. Toth Financial Advisory Corp now owns 1,394 shares of the basic materials company's stock valued at $59,000 after buying an additional 286 shares in the last quarter. Mutual of America Capital Management LLC boosted its position in shares of Carpenter Technology by 5.7% in the 1st quarter. Mutual of America Capital Management LLC now owns 6,955 shares of the basic materials company's stock valued at $292,000 after purchasing an additional 372 shares during the period. Great West Life Assurance Co. Can boosted its position in shares of Carpenter Technology by 1.0% in the 1st quarter. Great West Life Assurance Co. Can now owns 43,358 shares of the basic materials company's stock valued at $1,871,000 after purchasing an additional 412 shares during the period. Stifel Financial Corp boosted its position in Carpenter Technology by 2.5% during the 4th quarter. Stifel Financial Corp now owns 17,452 shares of the basic materials company's stock worth $509,000 after acquiring an additional 419 shares during the period. Finally, Maryland State Retirement & Pension System boosted its position in Carpenter Technology by 2.3% during the 1st quarter. Maryland State Retirement & Pension System now owns 19,491 shares of the basic materials company's stock worth $818,000 after acquiring an additional 444 shares during the period. 91.36% of the stock is currently owned by hedge funds and other institutional investors.

Shares of CRS stock opened at $36.11 on Friday. The firm has a 50-day moving average price of $38.51 and a 200 day moving average price of $34.52. Carpenter Technology has a twelve month low of $26.84 and a twelve month high of $49.20. The company has a market capitalization of $1.74 billion, a price-to-earnings ratio of -15.98 and a beta of 1.72. The company has a current ratio of 2.21, a quick ratio of 1.38 and a debt-to-equity ratio of 0.51.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 2nd. Stockholders of record on Tuesday, May 3rd will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 2.22%. The ex-dividend date is Monday, May 2nd. Carpenter Technology's dividend payout ratio (DPR) is currently -35.40%.

About Carpenter Technology (Get Rating)

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, as well as additives, and metal powders and parts.

See Also

Get a free copy of the Zacks research report on Carpenter Technology (CRS)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected]

Should you invest $1,000 in Carpenter Technology right now?

Before you consider Carpenter Technology, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Carpenter Technology wasn't on the list.

While Carpenter Technology currently has a "Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.

View The 5 Stocks Here

Comments are closed.