ARK Investment Management LLC Sells 597 Shares of Carpenter Technology Co. (NYSE:CRS)

ARK Investment Management LLC cut its stake in Carpenter Technology Co. (NYSE:CRS) by 28.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,525 shares of the basic materials company’s stock after selling 597 shares during the period. ARK Investment Management LLC’s holdings in Carpenter Technology were worth $167,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. CWM LLC increased its stake in shares of Carpenter Technology by 12.6% during the second quarter. CWM LLC now owns 921 shares of the basic materials company’s stock valued at $101,000 after purchasing an additional 103 shares in the last quarter. GAMMA Investing LLC boosted its holdings in Carpenter Technology by 9.2% in the second quarter. GAMMA Investing LLC now owns 1,614 shares of the basic materials company’s stock worth $177,000 after acquiring an additional 136 shares in the last quarter. American International Group Inc. grew its stake in shares of Carpenter Technology by 0.7% in the fourth quarter. American International Group Inc. now owns 26,653 shares of the basic materials company’s stock worth $1,887,000 after acquiring an additional 188 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Carpenter Technology by 1.9% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 11,557 shares of the basic materials company’s stock valued at $825,000 after acquiring an additional 215 shares in the last quarter. Finally, Janney Montgomery Scott LLC raised its position in shares of Carpenter Technology by 1.1% in the 1st quarter. Janney Montgomery Scott LLC now owns 25,689 shares of the basic materials company’s stock worth $1,835,000 after purchasing an additional 281 shares during the last quarter. 92.03% of the stock is owned by institutional investors.

Carpenter Technology Stock Performance

Carpenter Technology stock traded up $0.52 during midday trading on Tuesday, hitting $143.70. The stock had a trading volume of 174,445 shares, compared to its average volume of 598,040. The company has a current ratio of 3.41, a quick ratio of 1.84 and a debt-to-equity ratio of 0.43. Carpenter Technology Co. has a 52-week low of $58.83 and a 52-week high of $148.94. The company has a market capitalization of $7.13 billion, a PE ratio of 54.29, a P/E/G ratio of 0.85 and a beta of 1.43. The firm’s fifty day moving average is $123.98 and its two-hundred day moving average is $98.03.

Carpenter Technology (NYSE:CRS) last released its earnings results on Thursday, July 25th. The basic materials company reported $1.82 earnings per share for the quarter, beating analysts’ consensus estimates of $1.51 by $0.31. Carpenter Technology had a net margin of 6.76% and a return on equity of 15.81%. The company had revenue of $798.70 million for the quarter, compared to analysts’ expectations of $763.76 million. During the same quarter in the previous year, the company earned $0.78 EPS. Carpenter Technology’s revenue for the quarter was up 5.4% on a year-over-year basis. On average, research analysts forecast that Carpenter Technology Co. will post 5.84 EPS for the current year.

Carpenter Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Tuesday, August 27th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.56%. The ex-dividend date is Tuesday, August 27th. Carpenter Technology’s dividend payout ratio is currently 30.42%.

Analysts Set New Price Targets

A number of analysts have weighed in on CRS shares. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Carpenter Technology in a research note on Tuesday, June 25th. They set a “buy” rating and a $144.00 price objective for the company. Benchmark boosted their price objective on shares of Carpenter Technology from $140.00 to $175.00 and gave the stock a “buy” rating in a report on Friday, July 26th. TD Cowen increased their target price on Carpenter Technology from $116.00 to $125.00 and gave the company a “buy” rating in a research note on Monday, June 10th. BTIG Research lifted their price target on shares of Carpenter Technology from $120.00 to $165.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. Finally, Northcoast Research reissued a “sell” rating and set a $89.00 price target on shares of Carpenter Technology in a report on Friday, June 14th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $139.60.

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.