Crane Company (NYSE:CR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday. The firm presently has a $89.00 target price on the conglomerate’s stock. Zacks Investment Research‘s target price suggests a potential upside of 11.81% from the stock’s previous close.
According to Zacks, “Over the last three months, shares of Crane Co. outperformed the Zacks categorized Diversified Operations industry. In the years ahead, the company anticipates benefiting from increasing demand for productivity solutions in Payment & Merchandising Technologies segment, high growth aerospace programs in Aerospace & Electronics, recovering orders in Fluid Handling and strengthening end-markets in Engineered Materials. For 2017, the company increased the lower-end of its previously issued earnings guidance of $4.30-$4.55 per share by $0.05 to $4.35-$4.55. Core sales will likely be flat to up 2%. Over the last 60 days, earnings estimates on the stock were revised upwards for both 2017 and 2018.”
Other equities analysts also recently issued research reports about the stock. Stifel Nicolaus increased their price target on shares of Crane Company from $80.00 to $84.00 and gave the stock a “hold” rating in a report on Wednesday, April 26th. Canaccord Genuity upgraded shares of Crane Company from a “hold” rating to a “buy” rating and increased their price target for the stock from $78.00 to $92.00 in a report on Tuesday, May 16th. ValuEngine upgraded shares of Crane Company from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Oppenheimer Holdings, Inc. reiterated an “outperform” rating and issued a $90.00 price target (up previously from $82.00) on shares of Crane Company in a report on Monday, May 1st. Finally, William Blair upgraded shares of Crane Company from a “market perform” rating to an “outperform” rating in a report on Tuesday, April 25th. Seven analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $73.40.
Shares of Crane Company (NYSE CR) traded up 0.69% during mid-day trading on Wednesday, reaching $80.15. 265,114 shares of the company traded hands. Crane Company has a 52 week low of $54.05 and a 52 week high of $82.35. The firm has a market capitalization of $4.77 billion, a price-to-earnings ratio of 36.42 and a beta of 1.06. The firm has a 50-day moving average price of $78.45 and a 200 day moving average price of $75.38.
Crane Company (NYSE:CR) last issued its quarterly earnings results on Monday, April 24th. The conglomerate reported $1.05 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.00 by $0.05. Crane Company had a net margin of 4.74% and a return on equity of 20.85%. The company had revenue of $673.40 million for the quarter, compared to the consensus estimate of $655.84 million. During the same quarter in the prior year, the company earned $0.93 EPS. Crane Company’s quarterly revenue was up 2.0% on a year-over-year basis. On average, analysts anticipate that Crane Company will post $4.50 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, June 9th. Stockholders of record on Wednesday, May 31st were paid a dividend of $0.33 per share. The ex-dividend date was Friday, May 26th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.66%. Crane Company’s payout ratio is 60.55%.
In other news, VP Curtis A. Baron, Jr. sold 5,364 shares of the stock in a transaction that occurred on Tuesday, May 16th. The stock was sold at an average price of $79.60, for a total transaction of $426,974.40. Following the transaction, the vice president now owns 18,044 shares in the company, valued at approximately $1,436,302.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Philip R. Lochner sold 2,000 shares of the stock in a transaction that occurred on Thursday, April 27th. The shares were sold at an average price of $80.21, for a total value of $160,420.00. Following the transaction, the director now owns 2,350 shares in the company, valued at approximately $188,493.50. The disclosure for this sale can be found here. Insiders have sold a total of 26,392 shares of company stock worth $2,109,190 in the last ninety days. Corporate insiders own 3.10% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. New York State Teachers Retirement System raised its position in shares of Crane Company by 18.2% in the fourth quarter. New York State Teachers Retirement System now owns 94,259 shares of the conglomerate’s stock worth $6,798,000 after buying an additional 14,500 shares during the period. Renaissance Technologies LLC raised its position in shares of Crane Company by 161.8% in the fourth quarter. Renaissance Technologies LLC now owns 156,300 shares of the conglomerate’s stock worth $11,272,000 after buying an additional 96,600 shares during the period. Credit Agricole S A raised its position in shares of Crane Company by 7.3% in the fourth quarter. Credit Agricole S A now owns 6,127 shares of the conglomerate’s stock worth $442,000 after buying an additional 415 shares during the period. Elkfork Partners LLC acquired a new position in shares of Crane Company during the fourth quarter worth about $388,000. Finally, Trexquant Investment LP acquired a new position in shares of Crane Company during the fourth quarter worth about $577,000. Hedge funds and other institutional investors own 69.08% of the company’s stock.
Crane Company Company Profile
Crane Co (Crane) is a manufacturer of engineered industrial products. The Company operates through four segments, including 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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