Crane Co. (CR) Shares Bought by Vanguard Group Inc.
Vanguard Group Inc. increased its stake in Crane Co. (NYSE:CR) by 7.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,869,873 shares of the company’s stock after buying an additional 265,637 shares during the period. Vanguard Group Inc. owned about 6.63% of Crane worth $219,500,000 as of its most recent filing with the SEC.
Several other hedge funds also recently made changes to their positions in the company. 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 valued at $66,209,000 after buying an additional 29,426 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Crane by 4.0% in the second quarter. Dimensional Fund Advisors LP now owns 839,081 shares of the company’s stock valued at $47,591,000 after buying an additional 32,008 shares during the period. Edge Asset Management Inc. boosted its stake in shares of Crane by 3.6% in the second quarter. Edge Asset Management Inc. now owns 716,460 shares of the company’s stock valued at $40,638,000 after buying an additional 24,746 shares during the period. Victory Capital Management Inc. boosted its stake in shares of Crane by 3.1% in the second quarter. Victory Capital Management Inc. now owns 596,038 shares of the company’s stock valued at $33,808,000 after buying an additional 17,770 shares during the period. Finally, 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 valued at $28,799,000 after buying an additional 34,825 shares during the period. 67.40% of the stock is owned by institutional investors and hedge funds.
Shares of Crane Co. (NYSE:CR) opened at 60.78 on Friday. Crane Co. has a one year low of $41.68 and a one year high of $65.88. The company’s 50 day moving average is $62.55 and its 200 day moving average is $59.16. The company has a market capitalization of $3.55 billion, a price-to-earnings ratio of 14.61 and a beta of 1.37.
Crane (NYSE:CR) last issued its earnings results on Monday, July 25th. The company reported $1.21 earnings per share for the quarter, topping analysts’ consensus estimates of $1.02 by $0.19. The firm earned $712.20 million during the quarter, compared to analyst estimates of $697.13 million. Crane had a net margin of 9.01% and a return on equity of 21.25%. The company’s quarterly revenue was up .1% on a year-over-year basis. During the same quarter last year, the business earned $1.06 earnings per share. Equities research analysts predict that Crane Co. will post ($0.17) earnings per share for the current year.
CR has been the subject of several analyst reports. Zacks Investment Research cut shares of Crane from a “buy” rating to a “hold” rating in a research note on Tuesday, September 27th. Avondale Partners reiterated a “market perform” rating on shares of Crane in a research note on Wednesday. Alembic Global Advisors initiated coverage on shares of Crane in a research note on Monday, July 11th. They issued a “neutral” rating and a $61.00 price objective for the company. 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 note on Friday, July 29th. Finally, Royal Bank Of Canada lifted their price objective on shares of Crane from $57.00 to $63.00 and gave the stock a “sector perform” rating in a research note on Wednesday, July 27th. Ten research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $62.70.
In other news, VP A D. Pantaleoni sold 5,000 shares of the 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 sale, the vice president now directly owns 9,876 shares of the company’s stock, valued at $619,620.24. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Louis V. Pinkham sold 16,576 shares of the stock in a transaction dated Thursday, August 11th. The stock was sold at an average price of $65.32, for a total transaction of $1,082,744.32. Following the completion of the sale, the insider now directly owns 20,449 shares in the company, valued at $1,335,728.68. The disclosure for this sale can be found here. Company insiders own 3.00% 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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