Carpenter Technology Co. (NYSE:CRS) Shares Sold by ARK Investment Management LLC

ARK Investment Management LLC trimmed its position in Carpenter Technology Co. (NYSE:CRS) by 32.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 568 shares of the basic materials company’s stock after selling 272 shares during the period. ARK Investment Management LLC’s holdings in Carpenter Technology were worth $96,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CRS. Stratos Wealth Partners LTD. raised its holdings in shares of Carpenter Technology by 2.7% in the 4th quarter. Stratos Wealth Partners LTD. now owns 2,415 shares of the basic materials company’s stock worth $410,000 after purchasing an additional 63 shares in the last quarter. CIBC Asset Management Inc lifted its position in shares of Carpenter Technology by 5.4% during the 4th quarter. CIBC Asset Management Inc now owns 1,521 shares of the basic materials company’s stock valued at $258,000 after acquiring an additional 78 shares during the last quarter. Strengthening Families & Communities LLC lifted its position in shares of Carpenter Technology by 0.6% during the 3rd quarter. Strengthening Families & Communities LLC now owns 17,314 shares of the basic materials company’s stock valued at $2,763,000 after acquiring an additional 100 shares during the last quarter. Fifth Third Bancorp boosted its stake in shares of Carpenter Technology by 23.5% during the 4th quarter. Fifth Third Bancorp now owns 573 shares of the basic materials company’s stock worth $97,000 after acquiring an additional 109 shares in the last quarter. Finally, Wesbanco Bank Inc. grew its holdings in shares of Carpenter Technology by 1.2% in the 4th quarter. Wesbanco Bank Inc. now owns 9,797 shares of the basic materials company’s stock worth $1,663,000 after acquiring an additional 115 shares during the last quarter. 92.03% of the stock is owned by institutional investors.

Carpenter Technology Stock Performance

Shares of CRS stock opened at $199.00 on Thursday. The company has a market capitalization of $9.94 billion, a price-to-earnings ratio of 37.55, a P/E/G ratio of 0.93 and a beta of 1.54. Carpenter Technology Co. has a 1-year low of $62.99 and a 1-year high of $213.65. The company has a current ratio of 3.80, a quick ratio of 1.92 and a debt-to-equity ratio of 0.40. The stock’s fifty day simple moving average is $190.58 and its 200-day simple moving average is $171.66.

Carpenter Technology (NYSE:CRS) last issued its earnings results on Thursday, January 30th. The basic materials company reported $1.66 earnings per share for the quarter, beating analysts’ consensus estimates of $1.58 by $0.08. Carpenter Technology had a return on equity of 19.88% and a net margin of 9.34%. On average, sell-side analysts predict that Carpenter Technology Co. will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 6th. Shareholders of record on Friday, February 28th will be given a $0.20 dividend. The ex-dividend date of this dividend is Tuesday, January 28th. This represents a $0.80 dividend on an annualized basis and a yield of 0.40%. Carpenter Technology’s payout ratio is 15.09%.

Analyst Upgrades and Downgrades

CRS has been the subject of several analyst reports. JPMorgan Chase & Co. upped their target price on Carpenter Technology from $235.00 to $240.00 and gave the company an “overweight” rating in a report on Wednesday, February 19th. BTIG Research set a $230.00 price objective on shares of Carpenter Technology in a research note on Friday, January 31st. One investment analyst has rated the stock with a sell rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Carpenter Technology currently has an average rating of “Moderate Buy” and an average price target of $167.17.

Carpenter Technology Company Profile

Carpenter Technology Corporation engages in the manufacture, fabrication, and distribution of specialty metals in the United States, Europe, the Asia Pacific, Mexico, Canada, and internationally. It operates in 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.