ARK Investment Management LLC decreased its holdings in Carpenter Technology Co. (NYSE:CRS – Get Rating) by 41.5% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,651 shares of the basic materials company’s stock after selling 4,717 shares during the period. ARK Investment Management LLC’s holdings in Carpenter Technology were worth $234,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Point72 Hong Kong Ltd bought a new stake in Carpenter Technology in the first quarter valued at approximately $26,000. Toth Financial Advisory Corp increased its stake in shares of Carpenter Technology by 25.8% during the first quarter. Toth Financial Advisory Corp now owns 1,394 shares of the basic materials company’s stock worth $59,000 after purchasing an additional 286 shares during the period. Hazlett Burt & Watson Inc. bought a new position in shares of Carpenter Technology during the first quarter worth approximately $67,000. Investors Research Corp increased its stake in shares of Carpenter Technology by 26.1% during the first quarter. Investors Research Corp now owns 2,900 shares of the basic materials company’s stock worth $122,000 after purchasing an additional 600 shares during the period. Finally, Captrust Financial Advisors increased its stake in shares of Carpenter Technology by 57.8% during the first quarter. Captrust Financial Advisors now owns 3,704 shares of the basic materials company’s stock worth $155,000 after purchasing an additional 1,356 shares during the period. Institutional investors own 93.11% of the company’s stock.
Analyst Ratings Changes
A number of equities analysts have recently weighed in on the company. Cowen upgraded Carpenter Technology from a “market perform” rating to an “outperform” rating and set a $45.00 target price on the stock in a research note on Monday, September 12th. Cowen upgraded Carpenter Technology from a “market perform” rating to an “outperform” rating and set a $45.00 target price on the stock in a research note on Monday, September 12th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Carpenter Technology presently has an average rating of “Moderate Buy” and an average price target of $47.75.
Carpenter Technology Trading Up 4.8 %
Carpenter Technology Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Thursday, September 1st. Investors of record on Tuesday, August 23rd were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 2.12%. The ex-dividend date was Monday, August 22nd. Carpenter Technology’s dividend payout ratio is currently -77.67%.
Carpenter Technology 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.
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