ARK Investment Management LLC Reduces Stock Position in Carpenter Technology Co. (NYSE:CRS)

ARK Investment Management LLC lessened its stake in shares of Carpenter Technology Co. (NYSE:CRS) by 33.5% during the fourth quarter, HoldingsChannel.com reports. The fund owned 2,230 shares of the basic materials company’s stock after selling 1,121 shares during the quarter. ARK Investment Management LLC’s holdings in Carpenter Technology were worth $158,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Bessemer Group Inc. purchased a new position in shares of Carpenter Technology in the second quarter worth approximately $26,000. Penserra Capital Management LLC purchased a new position in shares of Carpenter Technology in the second quarter worth approximately $32,000. Point72 Hong Kong Ltd purchased a new position in shares of Carpenter Technology in the first quarter worth approximately $26,000. West Tower Group LLC purchased a new position in shares of Carpenter Technology in the second quarter worth approximately $49,000. Finally, Tower Research Capital LLC TRC boosted its holdings in shares of Carpenter Technology by 124.5% in the first quarter. Tower Research Capital LLC TRC now owns 979 shares of the basic materials company’s stock worth $44,000 after buying an additional 543 shares during the last quarter. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Carpenter Technology Stock Performance

CRS opened at $70.16 on Thursday. The company has a current ratio of 2.90, a quick ratio of 1.26 and a debt-to-equity ratio of 0.47. The company has a market cap of $3.47 billion, a price-to-earnings ratio of 24.28 and a beta of 1.55. The company’s 50 day moving average is $65.06 and its 200 day moving average is $66.55. Carpenter Technology Co. has a 12-month low of $40.57 and a 12-month high of $74.06.

Carpenter Technology (NYSE:CRS) last issued its quarterly earnings results on Thursday, January 25th. The basic materials company reported $0.85 earnings per share for the quarter, meeting the consensus estimate of $0.85. The business had revenue of $624.20 million for the quarter, compared to the consensus estimate of $669.56 million. Carpenter Technology had a net margin of 5.27% and a return on equity of 10.21%. On average, equities research analysts predict that Carpenter Technology Co. will post 4 EPS for the current year.

Carpenter Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 7th. Shareholders of record on Tuesday, January 30th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.14%. The ex-dividend date of this dividend was Monday, January 29th. Carpenter Technology’s dividend payout ratio (DPR) is 27.68%.

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.