StockNews.com Initiates Coverage on Crane (NYSE:CR)

Posted by admin on Mar 19th, 2023

StockNews.com initiated coverage on shares of Crane (NYSE:CR – Get Rating) in a report issued on Saturday. The firm issued a buy rating on the conglomerate’s stock.

Other analysts have also recently issued research reports about the stock. DA Davidson boosted their target price on shares of Crane from $130.00 to $140.00 in a report on Wednesday, January 25th. Morgan Stanley upgraded shares of Crane from an equal weight rating to an overweight rating and boosted their target price for the company from $116.00 to $129.00 in a report on Monday, December 12th. Four research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of Buy and an average target price of $128.75.

Crane Trading Down 1.7 %

NYSE:CR traded down $1.86 during trading hours on Friday, hitting $110.03. The company had a trading volume of 984,114 shares, compared to its average volume of 360,597. The company has a market capitalization of $6.21 billion, a PE ratio of 14.57, a price-to-earnings-growth ratio of 1.55 and a beta of 1.50. The stock has a 50-day moving average price of $115.42 and a 200 day moving average price of $104.26. Crane has a 52 week low of $82.14 and a 52 week high of $123.78. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.18 and a quick ratio of 0.88.

Crane (NYSE:CR – Get Rating) last announced its earnings results on Monday, January 23rd. The conglomerate reported $2.13 EPS for the quarter, beating analysts’ consensus estimates of $1.90 by $0.23. Crane had a net margin of 13.10% and a return on equity of 24.45%. The firm had revenue of $824.10 million for the quarter, compared to analysts’ expectations of $819.89 million. During the same quarter in the previous year, the business posted $1.25 EPS. The company’s quarterly revenue was down .1% on a year-over-year basis. On average, equities research analysts predict that Crane will post 7.84 EPS for the current fiscal year.

Crane Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 8th. Stockholders of record on Tuesday, February 28th were given a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 1.71%. The ex-dividend date of this dividend was Monday, February 27th. Crane’s dividend payout ratio is presently 24.90%.

Insider Transactions at Crane

In other news, VP Edward S. Switter sold 49,409 shares of Crane stock in a transaction dated Tuesday, February 28th. The stock was sold at an average price of $119.88, for a total value of $5,923,150.92. Following the completion of the transaction, the vice president now owns 25,174 shares of the company’s stock, valued at approximately $3,017,859.12. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Crane news, SVP Kurt F. Gallo sold 8,263 shares of the business’s stock in a transaction dated Tuesday, February 7th. The stock was sold at an average price of $119.03, for a total value of $983,544.89. Following the completion of the transaction, the senior vice president now owns 289 shares of the company’s stock, valued at approximately $34,399.67. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Edward S. Switter sold 49,409 shares of the business’s stock in a transaction dated Tuesday, February 28th. The stock was sold at an average price of $119.88, for a total value of $5,923,150.92. Following the completion of the transaction, the vice president now directly owns 25,174 shares of the company’s stock, valued at approximately $3,017,859.12. The disclosure for this sale can be found here. 2.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Crane

A number of hedge funds have recently bought and sold shares of CR. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Crane by 9.4% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,643 shares of the conglomerate’s stock valued at $582,000 after purchasing an additional 569 shares during the last quarter. Ethic Inc. purchased a new stake in shares of Crane during the 3rd quarter valued at about $755,000. Foundry Partners LLC increased its position in shares of Crane by 3.2% during the 3rd quarter. Foundry Partners LLC now owns 50,451 shares of the conglomerate’s stock valued at $4,416,000 after purchasing an additional 1,559 shares during the last quarter. Interval Partners LP increased its position in shares of Crane by 6.5% during the 3rd quarter. Interval Partners LP now owns 122,527 shares of the conglomerate’s stock valued at $10,726,000 after purchasing an additional 7,450 shares during the last quarter. Finally, Shell Asset Management Co. increased its position in shares of Crane by 57.4% during the 3rd quarter. Shell Asset Management Co. now owns 10,771 shares of the conglomerate’s stock valued at $943,000 after purchasing an additional 3,927 shares during the last quarter. Hedge funds and other institutional investors own 70.83% of the company’s stock.

Crane Company Profile

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Crane Holdings Co engages in the management of a subsidiary, which manufacture aerospace equipment, electronics systems, and flow control systems. The company was founded on December 2, 2021 and is headquartered in Stamford, CT.