Crane Co. (CR) Sets New 12-Month High at $63.53
Crane Co. (NYSE:CR)’s share price reached a new 52-week high on Thursday . The stock traded as high as $63.53 and last traded at $63.34, with a volume of 90,904 shares changing hands. The stock had previously closed at $63.09.
CR has been the subject of several research reports. Bank of America Corp. upgraded shares of Crane from an “underperform” rating to a “neutral” rating and set a $70.00 price objective for the company in a research report on Friday, July 29th. Zacks Investment Research upgraded shares of Crane from a “hold” rating to a “buy” rating and set a $63.00 price objective for the company in a research report on Tuesday, April 19th. Susquehanna raised their price objective on shares of Crane from $49.00 to $56.00 and gave the company a “neutral” rating in a research report on Wednesday, April 6th. Canaccord Genuity raised their price objective on shares of Crane from $52.00 to $60.00 and gave the company a “hold” rating in a research report on Wednesday, April 27th. Finally, Alembic Global Advisors initiated coverage on shares of Crane in a research report on Monday, July 11th. They set a “neutral” rating and a $61.00 price objective for the company. Nine analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $62.25.
The company has a market capitalization of $3.67 billion and a price-to-earnings ratio of 15.15. The company has a 50 day moving average of $58.53 and a 200-day moving average of $54.27.
Crane (NYSE:CR) last announced its quarterly earnings data on Monday, July 25th. The company reported $1.21 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.02 by $0.19. The firm had revenue of $712.20 million for the quarter, compared to the consensus estimate of $697.13 million. During the same period in the prior year, the firm posted $1.06 earnings per share. The business’s revenue for the quarter was up .1% compared to the same quarter last year. On average, equities analysts anticipate that Crane Co. will post $4.17 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 9th. Shareholders of record on Wednesday, August 31st will be issued a dividend of $0.33 per share. The ex-dividend date of this dividend is Monday, August 29th. This represents a $1.32 annualized dividend and a yield of 2.09%.
In other Crane news, VP Edward S. Switter sold 6,780 shares of the business’s stock in a transaction dated Wednesday, May 25th. The stock was sold at an average price of $56.82, for a total transaction of $385,239.60. Following the completion of the sale, the vice president now directly owns 21,633 shares of the company’s stock, valued at approximately $1,229,187.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Augustus I. Dupont sold 4,000 shares of the business’s stock in a transaction dated Friday, May 20th. The stock was sold at an average price of $54.88, for a total value of $219,520.00. Following the sale, the vice president now directly owns 88,962 shares of the company’s stock, valued at $4,882,234.56. The disclosure for this sale can be found here.
A number of hedge funds have recently made changes to their positions in CR. US Bancorp DE boosted its stake in shares of Crane by 10.2% in the fourth quarter. US Bancorp DE now owns 24,557 shares of the company’s stock valued at $1,175,000 after buying an additional 2,269 shares in the last quarter. Liberty Mutual Group Asset Management Inc. boosted its stake in shares of Crane by 51.3% in the fourth quarter. Liberty Mutual Group Asset Management Inc. now owns 31,795 shares of the company’s stock valued at $1,521,000 after buying an additional 10,787 shares in the last quarter. Marshall Wace LLP purchased a new stake in shares of Crane during the fourth quarter valued at $1,616,000. Whitebox Advisors LLC purchased a new stake in shares of Crane during the fourth quarter valued at $1,845,000. Finally, Broadview Advisors LLC purchased a new stake in shares of Crane during the fourth quarter valued at $2,055,000.
Crane Co is a diversified manufacturer of engineered industrial products. The Company operates in four segments: 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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