Crane Co. (CR) Reaches New 1-Year High at $65.86
Crane Co. (NYSE:CR) shares hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $65.86 and last traded at $65.64, with a volume of 80,527 shares. The stock had previously closed at $64.87.
CR has been the topic of a number of recent research reports. Zacks Investment Research upgraded Crane from a “hold” rating to a “buy” rating and set a $63.00 target price on the stock in a report on Friday, April 29th. Susquehanna raised their target price on Crane to $60.00 and gave the company a “neutral” rating in a report on Wednesday, April 27th. Royal Bank Of Canada raised their target price on Crane from $48.00 to $56.00 and gave the company a “sector perform” rating in a report on Wednesday, April 27th. Topeka Capital Markets initiated coverage on Crane in a report on Thursday, May 26th. They issued a “buy” rating and a $62.00 target price on the stock. Finally, Canaccord Genuity raised their target price on Crane from $52.00 to $60.00 and gave the company a “hold” rating in a report on Wednesday, April 27th. Ten equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $62.00.
The stock has a market capitalization of $3.82 billion and a price-to-earnings ratio of 15.73. The stock has a 50 day moving average price of $61.25 and a 200-day moving average price of $56.04.
Crane (NYSE:CR) last issued its quarterly earnings results on Monday, July 25th. The company reported $1.21 EPS for the quarter, topping analysts’ consensus estimates of $1.02 by $0.19. The company earned $712.20 million during the quarter, compared to the consensus estimate of $697.13 million. During the same period in the prior year, the firm earned $1.06 earnings per share. The business’s revenue for the quarter was up .1% compared to the same quarter last year. On average, analysts predict that Crane Co. will post $4.17 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 9th. Stockholders of record on Wednesday, August 31st will be given a $0.33 dividend. The ex-dividend date of this dividend is Monday, August 29th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.03%.
In other news, Director Philip R. Lochner sold 4,000 shares of the business’s stock in a transaction that occurred on Monday, August 15th. The stock was sold at an average price of $64.90, for a total value of $259,600.00. Following the sale, the director now directly owns 2,350 shares of the company’s stock, valued at approximately $152,515. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP A D. Pantaleoni sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 2nd. The stock was sold at an average price of $62.74, for a total value of $313,700.00. Following the completion of the sale, the vice president now directly owns 9,876 shares in the company, valued at $619,620.24. The disclosure for this sale can be found here.
Several hedge funds recently modified their holdings of the company. KBC Group NV boosted its stake in shares of Crane by 16.6% in the fourth quarter. KBC Group NV now owns 88,624 shares of the company’s stock worth $4,240,000 after buying an additional 12,592 shares in the last quarter. US Bancorp DE boosted its position in 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 during the period. Marshall Wace LLP acquired a new position in Crane during the fourth quarter valued at about $1,616,000. Finally, Morgan Stanley boosted its position in Crane by 41.6% in the fourth quarter. Morgan Stanley now owns 489,048 shares of the company’s stock valued at $23,395,000 after buying an additional 143,628 shares during the period.
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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