Crane (NYSE:CR) Releases Earnings Results, Beats Expectations By $0.10 EPS

Crane (NYSE:CR) issued its earnings results on Monday. The conglomerate reported $1.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.12 by $0.10, Briefing.com reports. The company had revenue of $565.30 million for the quarter, compared to analysts’ expectations of $546.39 million. Crane had a net margin of 13.10% and a return on equity of 24.45%. Crane’s quarterly revenue was up 10.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.25 EPS. Crane updated its FY24 guidance to $4.75-5.05 EPS and its FY 2024 guidance to 4.750-5.050 EPS.

Crane Stock Performance

Shares of Crane stock opened at $138.27 on Wednesday. The company’s 50 day moving average price is $130.01 and its two-hundred day moving average price is $115.65. The firm has a market capitalization of $7.89 billion, a P/E ratio of 37.47, a P/E/G ratio of 1.93 and a beta of 1.49. Crane has a fifty-two week low of $67.28 and a fifty-two week high of $139.54. 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 Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 12th. Shareholders of record on Friday, May 31st will be given a $0.205 dividend. The ex-dividend date is Friday, May 31st. This represents a $0.82 dividend on an annualized basis and a yield of 0.59%. Crane’s dividend payout ratio is currently 22.22%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on CR. Bank of America increased their price target on shares of Crane from $110.00 to $140.00 and gave the company a “buy” rating in a report on Tuesday, March 5th. Stifel Nicolaus increased their target price on shares of Crane from $150.00 to $157.00 and gave the stock a “buy” rating in a research report on Wednesday. Vertical Research upgraded shares of Crane from a “hold” rating to a “buy” rating in a research report on Wednesday. Finally, StockNews.com lowered shares of Crane from a “buy” rating to a “hold” rating in a research report on Friday, April 19th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Crane currently has an average rating of “Moderate Buy” and an average price target of $126.40.

About Crane

Crane Company, together with its subsidiaries, manufactures and sells engineered industrial products in the United States, Canada, the United Kingdom, Continental Europe, and internationally. The company operates in three segments: Aerospace & Electronics, Process Flow Technologies, and Engineered Materials.