PHILADELPHIA - Carpenter Technology Corporation (NYSE: NYSE:CRS) has announced a quarterly cash dividend of $0.20 per share. The dividend is scheduled to be paid on June 6, 2024, to shareholders on record as of April 23, 2024.
The company, which specializes in high-performance specialty alloy-based materials, has set the ex-dividend date for April 22, 2024, meaning the stock will trade without the dividend from that date.
Carpenter Technology, established in 1889, operates in various markets, including aerospace, defense, transportation, energy, industrial, medical, and consumer electronics. The company is known for its expertise in producing premium specialty alloys, such as titanium, nickel, and cobalt.
These materials are essential for critical applications and have been increasingly used in additive manufacturing (AM) and soft magnetics.
This dividend declaration follows Carpenter Technology's tradition of returning value to its shareholders and reflects the company's financial health and commitment to its investors. Dividends are a way for companies to distribute a portion of their earnings back to shareholders, and the amount of the dividend can signal the company's confidence in its current and future financial stability.
The information regarding the dividend announcement is based on a press release statement from Carpenter Technology Corporation.
InvestingPro Insights
Carpenter Technology Corporation (NYSE: CRS) continues to demonstrate its financial resilience and investor commitment, as evidenced by its recent dividend announcement. As we delve into the company's performance metrics, several factors stand out.
The market capitalization of Carpenter Technology stands at $3.83 billion, reflecting its significant presence in the specialty materials industry. Moreover, the company's P/E ratio is currently at 26.5, which aligns with industry standards and suggests a balanced valuation relative to its earnings.
Investors tracking the stock's performance will note that Carpenter Technology has experienced a robust one-year price total return of 87.29%, indicating strong growth and investor confidence over the past year. This is further supported by a 24.99% price total return over the last month, showcasing a positive short-term trend.
Looking ahead, Carpenter Technology's net income is expected to grow this year, according to InvestingPro Tips. This projection aligns with the company's consistent history of dividend payments for 54 consecutive years, underscoring its stability and reliability as an investment.
Moreover, the company's stock is currently trading near its 52-week high, with a price percentage of 99.84% of that peak, signifying investor optimism and the stock's potential ceiling.
For those seeking more in-depth analysis and additional InvestingPro Tips, including insights on the company's liquid assets, volatility, and RSI indications, the comprehensive list of tips is available at Investing.com/pro/CRS. Subscribers can unlock these insights and more, and by using the coupon code PRONEWS24, they can enjoy an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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