Carpenter Technology said on April 20, 2023 that its board of directors declared a regular quarterly dividend of $0.20 per share ($0.80 annualized). Previously, the company paid $0.20 per share.
Shares must be purchased before the ex-div date of May 1, 2023 to qualify for the dividend. Shareholders of record as of May 2, 2023 will receive the payment on June 1, 2023.
At the current share price of $46.87 / share, the stock’s dividend yield is 1.71%. Looking back five years and taking a sample every week, the average dividend yield has been 2.23%, the lowest has been 1.21%, and the highest has been 4.85%. The standard deviation of yields is 0.78 (n=235).
The current dividend yield is 0.67 standard deviations below the historical average.
Additionally, the company’s dividend payout ratio is -6.93. The payout ratio tells us how much of a company’s income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company’s income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend – not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company has not increased its dividend in the last three years.
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What is the Fund Sentiment?
There are 499 funds or institutions reporting positions in Carpenter Technology. This is an increase of 17 owner(s) or 3.53% in the last quarter. Average portfolio weight of all funds dedicated to CRS is 0.16%, an increase of 5.18%. Total shares owned by institutions decreased in the last three months by 0.88% to 52,841K shares. 
The put/call ratio of CRS is 0.56, indicating a bullish outlook.
Analyst Price Forecast Suggests 24.05% Upside
As of April 6, 2023, the average one-year price target for Carpenter Technology is $58.14. The forecasts range from a low of $54.54 to a high of $63.00. The average price target represents an increase of 24.05% from its latest reported closing price of $46.87.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Carpenter Technology is $2,260MM, an increase of 4.89%. The projected annual non-GAAP EPS is $1.27.
What are Other Shareholders Doing?
IJR – iShares Core S&P Small-Cap ETF holds 3,590K shares representing 7.40% ownership of the company. In it’s prior filing, the firm reported owning 3,537K shares, representing an increase of 1.47%. The firm increased its portfolio allocation in CRS by 9.53% over the last quarter.
T. Rowe Price Investment Management holds 1,832K shares representing 3.78% ownership of the company. In it’s prior filing, the firm reported owning 2,152K shares, representing a decrease of 17.50%. The firm decreased its portfolio allocation in CRS by 3.03% over the last quarter.
Frontier Capital Management Co holds 1,761K shares representing 3.63% ownership of the company. In it’s prior filing, the firm reported owning 1,599K shares, representing an increase of 9.23%. The firm increased its portfolio allocation in CRS by 21.40% over the last quarter.
VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 1,480K shares representing 3.05% ownership of the company. In it’s prior filing, the firm reported owning 1,475K shares, representing an increase of 0.35%. The firm increased its portfolio allocation in CRS by 9.94% over the last quarter.
Thrivent Financial For Lutherans holds 1,425K shares representing 2.94% ownership of the company. In it’s prior filing, the firm reported owning 1,558K shares, representing a decrease of 9.32%. The firm decreased its portfolio allocation in CRS by 99.90% over the last quarter.
Carpenter Technology Background Information
(This description is provided by the company.)
Carpenter Technology Corporation is a recognized leader in high-performance specialty alloy-based materials and process solutions for critical applications in the aerospace, defense, medical, transportation, energy, industrial and consumer electronics markets. Founded in 1889, Carpenter Technology has evolved to become a pioneer in premium specialty alloys, including titanium, nickel, and cobalt, as well as alloys specifically engineered for additive manufacturing (AM) processes and soft magnetics applications. Carpenter Technology has expanded its AM capabilities to provide a complete ‘end-to-end’ solution to accelerate materials innovation and streamline parts production.
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.