Crane Co. (CR) Cut to Hold at Zacks Investment Research
According to Zacks, “Crane Co. remains well-positioned to leverage benefits from its diversified product portfolio and a large client base, over the long run. Also, the company consistently undertakes organic and inorganic initiatives to expand in existing and new markets as well as improve its product portfolio. Backed by these positives, the company targets to achieve 10% average annual earnings per share growth in the long run. Free cash flow conversion is anticipated to be 100% or more of net income. For 2016, the company increased its earnings guidance to $4.00-$4.20 per share, from $3.85-$4.15 expected earlier. However, risks from foreign currency translation, stiff competition and uncertain global economic conditions can restrict its momentum in the near term. Adverse foreign currency movements will likely hurt its top line by 2% in 2016.”
A number of other research firms have also recently commented on CR. RBC Capital Markets reiterated a sector perform rating and set a $63.00 price objective (up previously from $57.00) on shares of Crane in a research report on Wednesday, July 27th. Royal Bank Of Canada lifted their price objective on Crane from $57.00 to $63.00 and gave the stock a sector perform rating in a research report on Wednesday, July 27th. Alembic Global Advisors assumed coverage on Crane in a research report on Monday, July 11th. They set a neutral rating and a $61.00 price objective for the company. Credit Suisse Group AG reiterated a hold rating on shares of Crane in a research report on Friday, August 5th. Finally, Canaccord Genuity reiterated a hold rating and set a $60.00 price objective on shares of Crane in a research report on Friday, June 17th. Ten equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus target price of $62.00.
Shares of Crane (NYSE:CR) opened at 62.31 on Tuesday. The firm has a market cap of $3.64 billion, a PE ratio of 14.98 and a beta of 1.43. The stock’s 50 day moving average is $63.56 and its 200 day moving average is $58.56. Crane has a 12 month low of $41.68 and a 12 month high of $65.88.
Crane (NYSE:CR) last released its quarterly earnings results on Monday, July 25th. The company reported $1.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.02 by $0.19. The business earned $712.20 million during the quarter, compared to the consensus estimate of $697.13 million. Crane had a return on equity of 21.25% and a net margin of 9.01%. The business’s revenue was up .1% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.06 EPS. On average, analysts anticipate that Crane will post ($0.17) earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 9th. Shareholders of record on Wednesday, August 31st were issued a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 2.12%. The ex-dividend date of this dividend was Monday, August 29th. Crane’s dividend payout ratio (DPR) is 31.73%.
In other Crane news, insider Thomas J. Craney sold 3,915 shares of Crane stock in a transaction dated Tuesday, August 9th. The stock was sold at an average price of $64.54, for a total value of $252,674.10. Following the completion of the sale, the insider now owns 20,062 shares in the company, valued at approximately $1,294,801.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP A D. Pantaleoni sold 5,000 shares of Crane stock in a transaction dated Tuesday, August 2nd. The shares were 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 owns 9,876 shares of the company’s stock, valued at approximately $619,620.24. The disclosure for this sale can be found here. 3.00% of the stock is owned by company insiders.
Several hedge funds have recently modified their holdings of CR. State Street Corp boosted its stake in shares of Crane by 2.5% in the first quarter. State Street Corp now owns 1,229,273 shares of the company’s stock worth $66,209,000 after buying an additional 29,426 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of Crane by 7.4% in the second quarter. Principal Financial Group Inc. now owns 507,745 shares of the company’s stock worth $28,799,000 after buying an additional 34,825 shares during the last quarter. Renaissance Technologies LLC boosted its stake in shares of Crane by 61.6% in the first quarter. Renaissance Technologies LLC now owns 352,400 shares of the company’s stock worth $18,980,000 after buying an additional 134,300 shares during the last quarter. LSV Asset Management boosted its stake in shares of Crane by 58.5% in the second quarter. LSV Asset Management now owns 406,488 shares of the company’s stock worth $23,055,000 after buying an additional 150,040 shares during the last quarter. Finally, Robecosam AG boosted its stake in shares of Crane by 16.1% in the first quarter. Robecosam AG now owns 153,319 shares of the company’s stock worth $8,321,000 after buying an additional 21,291 shares during the last quarter. Institutional investors and hedge funds own 67.40% of the company’s stock.
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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