LONDON, UK / ACCESSWIRE / October 20, 2017 / Pro-Trader Daily takes a closer look at Carpenter Technology Corp. (NYSE: CRS) as the Company's stock will begin trading ex-dividend (the date the common stock trades without the dividend) on October 23, 2017. In order to capture the dividend payout, investors are required to purchase the stock a day prior (excluding the weekend) to the ex-dividend date that is by latest at the end of trading session on October 20, 2017. Are you looking for research on dividend stocks, if so register with us now for your free membership at:
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Dividend Declared
On October 10, 2017, Carpenter Technology announced that its Board of Directors has declared a quarterly cash dividend of $0.18 per share of common stock, payable December 07, 2017, to shareholders of record on October 24, 2017.
Carpenter Technology's indicated dividend represents a yield of 1.44% compared to the average dividend yield of 2.28% for the Basic Materials sector.
Dividend Insights
Carpenter Technology has a dividend payout ratio of 34.1%, which means that the Company distributes approximately $0.34 for every $1.00 earned. The dividend payout ratio reflects how much amount a Company is returning to shareholders versus how much money it is keeping on hand to reinvest in growth, to pay off debt, and/ or to add to its cash reserves.
According to analysts' estimates, Carpenter Technology is estimated to report earnings of $2.97 for the next year, which is more than four times the Company's annualized dividend of $0.72 per share.
Carpenter Technology's cash provided from operating activities in Q4 FY17 was $93.8 million compared to $119.7 million in Q4 FY16. The decrease in operating cash flow was primarily related to higher working capital levels, driven by improving sequential sales in the reported quarter. The Company's free cash flow in Q4 FY17 was $64.4 million compared to free cash flow of $83.2 million in the year-ago same period.
Carpenter Technology's total liquidity, including cash and available revolver balance, was $460.2 million at the end of the fourth quarter of fiscal 2017. This consisted of $66.3 million of cash and $393.9 million of available borrowings under the Company's credit facility. The Company's strong financial position indicates its ability to absorb any fluctuations in earnings and cash flow and to sustain its dividend distribution for a long period.
Recent Development for Carpenter Technology
On September 20, 2017, Carpenter Technology announced base prices increase of 3% to 8% on new non-contract orders across all stainless-steel product forms. The increases came into effect with new orders placed after September 30, 2017.
About Carpenter Technology
Carpenter Technology is a leading producer and distributor of premium specialty alloys, including titanium alloys, nickel and cobalt-based super-alloys, stainless-steels, alloy-steels, and tool steels. Carpenter Technology's high-performance materials and advanced process solutions are an integral part of critical applications used within the aerospace, transportation, medical, and energy markets, among other markets. The Company's powder technology capabilities support a range of next-generation products and manufacturing techniques, including additive manufacturing and 3D Printing.
Stock Performance
At the closing bell, on Thursday, October 19, 2017, Carpenter Technology's stock slightly slipped 0.30%, ending the trading session at $49.85. A total volume of 313.36 thousand shares have exchanged hands. The Company's stock price soared 32.05% in the last three months, 36.31% in the past six months, and 27.10% in the previous twelve months. Moreover, the stock skyrocketed 37.82% since the start of the year. The stock is trading at a PE ratio of 50.30 and has a dividend yield of 1.44%. The stock currently has a market cap of $2.31 billion.
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