Bridgewater Associates LP Sells 4,226 Shares of Crane Co. (CR)
Bridgewater Associates LP cut its holdings in shares of Crane Co. (NYSE:CR) by 49.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,344 shares of the conglomerate’s stock after selling 4,226 shares during the period. Bridgewater Associates LP’s holdings in Crane were worth $348,000 at the end of the most recent reporting period.
Several other large investors have also bought and sold shares of the company. Ceredex Value Advisors LLC bought a new stake in Crane in the 1st quarter worth about $36,264,000. FMR LLC grew its position in Crane by 37.2% in the 2nd quarter. FMR LLC now owns 1,205,673 shares of the conglomerate’s stock worth $96,610,000 after purchasing an additional 326,859 shares in the last quarter. Hancock Holding Co. bought a new stake in Crane in the 1st quarter worth about $13,518,000. Robecosam AG grew its position in Crane by 142.7% in the 2nd quarter. Robecosam AG now owns 237,759 shares of the conglomerate’s stock worth $19,021,000 after purchasing an additional 139,815 shares in the last quarter. Finally, Lord Abbett & CO. LLC grew its position in Crane by 23.7% in the 1st quarter. Lord Abbett & CO. LLC now owns 688,180 shares of the conglomerate’s stock worth $63,822,000 after purchasing an additional 132,033 shares in the last quarter. 68.33% of the stock is owned by institutional investors.
A number of brokerages have issued reports on CR. UBS Group upped their price objective on shares of Crane from $100.00 to $105.00 and gave the stock a “buy” rating in a research report on Thursday, August 30th. Zacks Investment Research raised shares of Crane from a “hold” rating to a “buy” rating and set a $100.00 price objective for the company in a research report on Friday, July 27th. DA Davidson set a $111.00 price objective on shares of Crane and gave the stock a “buy” rating in a research report on Friday, May 25th. Finally, ValuEngine raised shares of Crane from a “sell” rating to a “hold” rating in a research report on Thursday, July 19th. Four research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $107.00.
Crane (NYSE:CR) last released its earnings results on Monday, July 23rd. The conglomerate reported $1.41 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.35 by $0.06. Crane had a net margin of 6.17% and a return on equity of 21.72%. The firm had revenue of $851.00 million during the quarter, compared to the consensus estimate of $834.45 million. During the same period in the prior year, the firm earned $1.17 EPS. The company’s revenue was up 21.1% compared to the same quarter last year. equities analysts expect that Crane Co. will post 5.76 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, September 10th. Stockholders of record on Friday, August 31st were given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.50%. The ex-dividend date of this dividend was Thursday, August 30th. Crane’s dividend payout ratio is currently 30.91%.
In other news, insider Max H. Mitchell sold 40,765 shares of the stock in a transaction that occurred on Monday, July 30th. The shares were sold at an average price of $89.18, for a total transaction of $3,635,422.70. Following the completion of the transaction, the insider now directly owns 200,654 shares of the company’s stock, valued at approximately $17,894,323.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Brendan Curran sold 3,000 shares of the stock in a transaction that occurred on Thursday, August 30th. The shares were sold at an average price of $91.07, for a total transaction of $273,210.00. Following the transaction, the insider now directly owns 14,346 shares of the company’s stock, valued at $1,306,490.22. The disclosure for this sale can be found here. Insiders have sold a total of 83,531 shares of company stock valued at $7,477,261 over the last three months. Insiders own 3.00% of the company’s stock.
Crane Co manufactures and sells engineered industrial products worldwide. The company's Fluid Handling segment offers process valves and related products, including on/off valves and related products for application in the chemical, oil and gas, power, and general industrial end markets; valves and related products for the non-residential construction, general industrial, and municipal markets; and pumps and related products for water and wastewater applications in the industrial, municipal, commercial, and military markets.
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