Crane Company (NYSE:CR) released its quarterly earnings results on Monday, July 24th. The conglomerate reported $1.17 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.17, Bloomberg Earnings reports. Crane had a return on equity of 20.57% and a net margin of 4.79%. The company had revenue of $702.50 million during the quarter, compared to analysts’ expectations of $702.53 million. During the same quarter in the prior year, the firm posted $1.21 EPS. Crane’s quarterly revenue was down 1.4% compared to the same quarter last year. Crane updated its FY17 guidance to $4.35-4.55 EPS.
Shares of Crane (NYSE CR) opened at 73.49 on Friday. The stock has a 50 day moving average price of $78.52 and a 200 day moving average price of $76.76. The firm has a market capitalization of $4.38 billion, a PE ratio of 33.48 and a beta of 1.10. Crane has a 52 week low of $59.81 and a 52 week high of $84.34.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 8th. Stockholders of record on Thursday, August 31st will be given a dividend of $0.33 per share. The ex-dividend date of this dividend is Tuesday, August 29th. This represents a $1.32 annualized dividend and a dividend yield of 1.80%. Crane’s dividend payout ratio is currently 60.83%.
In other Crane news, VP Kristian Robert Salovaara sold 9,200 shares of the business’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $76.20, for a total value of $701,040.00. Following the completion of the transaction, the vice president now directly owns 24,786 shares of the company’s stock, valued at $1,888,693.20. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 3.10% of the company’s stock.
Several large investors have recently modified their holdings of CR. BlackRock Inc. boosted its stake in shares of Crane by 9,355.1% in the first quarter. BlackRock Inc. now owns 3,997,437 shares of the conglomerate’s stock valued at $299,129,000 after buying an additional 3,955,159 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of Crane by 115.7% in the second quarter. Principal Financial Group Inc. now owns 1,273,069 shares of the conglomerate’s stock valued at $101,056,000 after buying an additional 682,934 shares in the last quarter. Systematic Financial Management LP boosted its stake in shares of Crane by 148.3% in the first quarter. Systematic Financial Management LP now owns 661,439 shares of the conglomerate’s stock valued at $49,495,000 after buying an additional 395,055 shares in the last quarter. AQR Capital Management LLC boosted its stake in shares of Crane by 31.7% in the first quarter. AQR Capital Management LLC now owns 1,533,772 shares of the conglomerate’s stock valued at $114,772,000 after buying an additional 369,589 shares in the last quarter. Finally, Prudential Financial Inc. boosted its stake in shares of Crane by 69.0% in the second quarter. Prudential Financial Inc. now owns 640,052 shares of the conglomerate’s stock valued at $50,807,000 after buying an additional 261,354 shares in the last quarter. Institutional investors own 70.61% of the company’s stock.
A number of equities analysts have commented on CR shares. Canaccord Genuity raised Crane from a “hold” rating to a “buy” rating and increased their target price for the company from $78.00 to $92.00 in a report on Tuesday, May 16th. TheStreet raised Crane from a “c+” rating to a “b+” rating in a report on Monday, April 24th. Zacks Investment Research upgraded Crane from a “hold” rating to a “buy” rating and set a $93.00 price target for the company in a research report on Monday, July 17th. ValuEngine upgraded Crane from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Finally, Oppenheimer Holdings, Inc. restated an “outperform” rating and issued a $90.00 price target (up from $82.00) on shares of Crane in a research report on Monday, May 1st. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $76.88.
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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