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

ARK Investment Management LLC reduced its holdings in shares of Carpenter Technology Co. (NYSE:CRS) by 11.5% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,879 shares of the basic materials company’s stock after selling 506 shares during the quarter. ARK Investment Management LLC’s holdings in Carpenter Technology were worth $218,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. LPL Financial LLC boosted its holdings in shares of Carpenter Technology by 1.0% during the fourth quarter. LPL Financial LLC now owns 21,039 shares of the basic materials company’s stock worth $777,000 after purchasing an additional 204 shares during the last quarter. Cerity Partners LLC purchased a new stake in Carpenter Technology in the 1st quarter valued at about $752,000. PNC Financial Services Group Inc. grew its holdings in Carpenter Technology by 0.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 63,867 shares of the basic materials company’s stock valued at $2,359,000 after buying an additional 345 shares during the period. Envestnet Asset Management Inc. increased its stake in shares of Carpenter Technology by 2.8% during the 2nd quarter. Envestnet Asset Management Inc. now owns 13,226 shares of the basic materials company’s stock valued at $369,000 after acquiring an additional 361 shares during the last quarter. Finally, Sei Investments Co. lifted its holdings in shares of Carpenter Technology by 0.5% during the 1st quarter. Sei Investments Co. now owns 73,603 shares of the basic materials company’s stock worth $3,294,000 after acquiring an additional 371 shares during the period. Institutional investors and hedge funds own 91.86% of the company’s stock.

Carpenter Technology Stock Performance

Shares of NYSE:CRS opened at $67.02 on Friday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.40 and a current ratio of 2.79. Carpenter Technology Co. has a one year low of $31.02 and a one year high of $71.19. The business’s 50-day simple moving average is $59.60 and its 200 day simple moving average is $52.12. The company has a market cap of $3.27 billion, a P/E ratio of 58.28 and a beta of 1.78.

Carpenter Technology (NYSE:CRS) last announced its earnings results on Thursday, July 27th. The basic materials company reported $0.78 earnings per share for the quarter, beating the consensus estimate of $0.67 by $0.11. Carpenter Technology had a net margin of 2.21% and a return on equity of 4.21%. The business had revenue of $758.10 million during the quarter, compared to the consensus estimate of $743.07 million. Carpenter Technology’s revenue for the quarter was up 34.5% compared to the same quarter last year. On average, sell-side analysts forecast that Carpenter Technology Co. will post 3.48 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 7th. Investors of record on Tuesday, August 22nd were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.19%. The ex-dividend date of this dividend was Monday, August 21st. Carpenter Technology’s dividend payout ratio (DPR) is 69.57%.

Analyst Ratings Changes

CRS has been the topic of a number of recent analyst reports. TD Cowen increased their price target on shares of Carpenter Technology from $60.00 to $72.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 1st. StockNews.com initiated coverage on Carpenter Technology in a research report on Thursday, August 17th. They set a “hold” rating for the company. TheStreet upgraded Carpenter Technology from a “c+” rating to a “b” rating in a report on Tuesday, June 20th. Benchmark lifted their price objective on Carpenter Technology from $65.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, Northcoast Research started coverage on shares of Carpenter Technology in a research report on Friday, August 25th. They set a “buy” rating and a $73.00 target price for the company. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $74.75.

Insider Buying and Selling

In other Carpenter Technology news, VP Marshall D. Akins sold 1,500 shares of Carpenter Technology stock in a transaction that occurred on Wednesday, September 13th. The stock was sold at an average price of $65.00, for a total transaction of $97,500.00. Following the sale, the vice president now directly owns 23,008 shares in the company, valued at approximately $1,495,520. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, VP Marshall D. Akins sold 1,500 shares of the firm’s stock in a transaction that occurred on Wednesday, September 13th. The shares were sold at an average price of $65.00, for a total transaction of $97,500.00. Following the completion of the sale, the vice president now owns 23,008 shares of the company’s stock, valued at $1,495,520. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Steven E. Karol sold 810 shares of the company’s stock in a transaction on Monday, July 31st. The shares were sold at an average price of $60.55, for a total transaction of $49,045.50. Following the completion of the sale, the director now directly owns 229,733 shares in the company, valued at $13,910,333.15. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 12,682 shares of company stock worth $765,650. 3.50% of the stock is currently owned by corporate insiders.

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.