Wolfe Research lowered shares of Crane Company (NYSE:CR) from an outperform rating to a market perform rating in a research note issued to investors on Wednesday, October 25th, The Fly reports.
Other analysts have also issued research reports about the company. Boenning Scattergood restated a hold rating on shares of Crane in a report on Monday, October 2nd. BidaskClub raised Crane from a hold rating to a buy rating in a report on Saturday, July 8th. Zacks Investment Research raised Crane from a hold rating to a buy rating and set a $90.00 price target on the stock in a research report on Monday, October 2nd. Stifel Nicolaus reissued a hold rating and set a $84.00 price target on shares of Crane in a research report on Wednesday, October 4th. Finally, Royal Bank of Canada reaffirmed a hold rating on shares of Crane in a research report on Monday, September 25th. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Crane currently has a consensus rating of Buy and a consensus price target of $92.14.
Crane (NYSE CR) opened at $82.67 on Wednesday. Crane has a 1 year low of $67.62 and a 1 year high of $86.67. The company has a current ratio of 2.66, a quick ratio of 1.96 and a debt-to-equity ratio of 0.54. The firm has a market cap of $4,907.05, a PE ratio of 18.92, a PEG ratio of 1.81 and a beta of 1.17.
Crane (NYSE:CR) last issued its quarterly earnings results on Monday, October 23rd. The conglomerate reported $1.13 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.10 by $0.03. Crane had a net margin of 4.96% and a return on equity of 20.70%. The business had revenue of $695.90 million for the quarter, compared to analysts’ expectations of $679.77 million. During the same quarter in the prior year, the company earned $1.07 earnings per share. The business’s quarterly revenue was up .2% on a year-over-year basis. analysts expect that Crane will post 4.53 earnings per share for the current year.
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The business also recently announced a quarterly dividend, which will be paid on Friday, December 8th. Investors of record on Thursday, November 30th will be given a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.60%. The ex-dividend date is Wednesday, November 29th. Crane’s dividend payout ratio is currently 59.19%.
In other news, VP Edward S. Switter sold 7,000 shares of the business’s stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $74.03, for a total transaction of $518,210.00. Following the completion of the sale, the vice president now owns 23,873 shares in the company, valued at $1,767,318.19. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Augustus I. Dupont sold 3,556 shares of the business’s stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $83.89, for a total value of $298,312.84. Following the completion of the sale, the vice president now owns 80,560 shares of the company’s stock, valued at $6,758,178.40. The disclosure for this sale can be found here. In the last ninety days, insiders sold 33,403 shares of company stock worth $2,693,998. 3.10% of the stock is owned by company insiders.
Hedge funds have recently modified their holdings of the stock. Legal & General Group Plc boosted its stake in shares of Crane by 7.8% in the second quarter. Legal & General Group Plc now owns 54,028 shares of the conglomerate’s stock valued at $4,288,000 after buying an additional 3,894 shares during the period. Bank of New York Mellon Corp lifted its stake in Crane by 1.8% during the second quarter. Bank of New York Mellon Corp now owns 642,497 shares of the conglomerate’s stock worth $51,002,000 after purchasing an additional 11,670 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in Crane by 23.7% during the second quarter. JPMorgan Chase & Co. now owns 582,484 shares of the conglomerate’s stock worth $46,237,000 after purchasing an additional 111,581 shares during the last quarter. DekaBank Deutsche Girozentrale bought a new stake in Crane during the second quarter worth $204,000. Finally, American Century Companies Inc. lifted its stake in Crane by 41.9% during the second quarter. American Century Companies Inc. now owns 98,750 shares of the conglomerate’s stock worth $7,839,000 after purchasing an additional 29,150 shares during the last quarter. Institutional investors and hedge funds own 69.02% of the company’s stock.
Crane Company Profile
Crane Co (Crane) is a manufacturer of engineered industrial products. The Company operates through four segments, including Fluid Handling, Payment & Merchandising Technologies, Aerospace & Electronics, and Engineered Materials. The Fluid Handling segment is a provider of engineered fluid handling equipment, including Process Valves and Related Products, Commercial Valves and Other Products.
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