Fintel reports that on August 25, 2023, Northcoast Research initiated coverage of Carpenter Technology (NYSE:CRS) with a Buy recommendation.
Analyst Price Forecast Suggests 18.75% Upside
As of August 2, 2023, the average one-year price target for Carpenter Technology is 69.87. The forecasts range from a low of 65.65 to a high of $75.60. The average price target represents an increase of 18.75% from its latest reported closing price of 58.84.
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The projected annual revenue for Carpenter Technology is 2,383MM, a decrease of 6.56%. The projected annual non-GAAP EPS is 2.65.
Carpenter Technology Declares $0.20 Dividend
On August 9, 2023 the company declared a regular quarterly dividend of $0.20 per share ($0.80 annualized). Shareholders of record as of August 22, 2023 will receive the payment on September 7, 2023. Previously, the company paid $0.20 per share.
At the current share price of $58.84 / share, the stock’s dividend yield is 1.36%.
Looking back five years and taking a sample every week, the average dividend yield has been 2.25%, the lowest has been 1.33%, and the highest has been 4.85%. The standard deviation of yields is 0.77 (n=234).
The current dividend yield is 1.15 standard deviations below the historical average.
Additionally, the company’s dividend payout ratio is 0.69. 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.
What is the Fund Sentiment?
There are 550 funds or institutions reporting positions in Carpenter Technology. This is an increase of 36 owner(s) or 7.00% in the last quarter. Average portfolio weight of all funds dedicated to CRS is 0.21%, an increase of 20.77%. Total shares owned by institutions increased in the last three months by 0.01% to 52,354K shares. 
The put/call ratio of CRS is 0.48, indicating a bullish outlook.
What are Other Shareholders Doing?
IJR – iShares Core S&P Small-Cap ETF holds 3,405K shares representing 6.97% ownership of the company. In it’s prior filing, the firm reported owning 3,529K shares, representing a decrease of 3.65%. The firm increased its portfolio allocation in CRS by 17.17% over the last quarter.
Frontier Capital Management Co holds 1,580K shares representing 3.23% ownership of the company. In it’s prior filing, the firm reported owning 1,803K shares, representing a decrease of 14.11%. The firm increased its portfolio allocation in CRS by 1.82% over the last quarter.
VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 1,508K shares representing 3.09% ownership of the company. In it’s prior filing, the firm reported owning 1,480K shares, representing an increase of 1.80%. The firm increased its portfolio allocation in CRS by 13.94% over the last quarter.
NAESX – Vanguard Small-Cap Index Fund Investor Shares holds 1,270K shares representing 2.60% ownership of the company. In it’s prior filing, the firm reported owning 1,248K shares, representing an increase of 1.69%. The firm increased its portfolio allocation in CRS by 18.30% over the last quarter.
DFSVX – U.s. Small Cap Value Portfolio – Institutional Class holds 1,244K shares representing 2.55% ownership of the company. In it’s prior filing, the firm reported owning 1,235K shares, representing an increase of 0.73%. The firm increased its portfolio allocation in CRS by 22.69% 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.
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