Bank of New York Mellon Corp Cuts Holdings in Crane Holdings, Co. (NYSE:CR)

Posted by Defense World Staff on Mar 11th, 2023

Bank of New York Mellon Corp decreased its position in shares of Crane Holdings, Co. (NYSE:CR – Get Rating) by 1.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 576,866 shares of the conglomerate’s stock after selling 9,042 shares during the period. Bank of New York Mellon Corp owned approximately 1.03% of Crane worth $50,499,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Van ECK Associates Corp lifted its holdings in shares of Crane by 9.9% in the 3rd quarter. Van ECK Associates Corp now owns 1,446 shares of the conglomerate’s stock valued at $127,000 after acquiring an additional 130 shares during the last quarter. Lazard Asset Management LLC lifted its holdings in shares of Crane by 14.1% in the 1st quarter. Lazard Asset Management LLC now owns 1,077 shares of the conglomerate’s stock valued at $116,000 after acquiring an additional 133 shares during the last quarter. Bank of Montreal Can lifted its holdings in shares of Crane by 1.1% in the 1st quarter. Bank of Montreal Can now owns 12,777 shares of the conglomerate’s stock valued at $1,408,000 after acquiring an additional 136 shares during the last quarter. Baird Financial Group Inc. lifted its holdings in shares of Crane by 1.0% in the 1st quarter. Baird Financial Group Inc. now owns 15,765 shares of the conglomerate’s stock valued at $1,707,000 after acquiring an additional 152 shares during the last quarter. Finally, Greenleaf Trust lifted its stake in Crane by 6.2% in the third quarter. Greenleaf Trust now owns 3,519 shares of the conglomerate’s stock worth $308,000 after purchasing an additional 206 shares during the last quarter. Hedge funds and other institutional investors own 70.83% of the company’s stock.

Crane Stock Performance

Crane stock opened at $110.64 on Friday. The company has a 50 day moving average price of $114.41 and a 200-day moving average price of $103.85. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.88 and a current ratio of 1.18. Crane Holdings, Co. has a fifty-two week low of $82.14 and a fifty-two week high of $123.78. The company has a market capitalization of $6.24 billion, a PE ratio of 14.65, a P/E/G ratio of 1.60 and a beta of 1.50.

Crane (NYSE:CR – Get Rating) last issued its quarterly earnings data on Monday, January 23rd. The conglomerate reported $2.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.90 by $0.23. The company had revenue of $824.10 million for the quarter, compared to analyst estimates of $819.89 million. Crane had a net margin of 13.10% and a return on equity of 24.45%. Crane’s revenue was down .1% compared to the same quarter last year. During the same period last year, the company posted $1.25 earnings per share. As a group, equities analysts forecast that Crane Holdings, Co. will post 8.08 earnings per share for the current year.

Crane Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 8th. Investors of record on Tuesday, February 28th were issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 1.70%. The ex-dividend date was Monday, February 27th. Crane’s payout ratio is 24.90%.

Insider Activity at Crane

In related news, SVP Kurt F. Gallo sold 8,263 shares of Crane stock in a transaction that occurred on Tuesday, February 7th. The shares were sold at an average price of $119.03, for a total transaction of $983,544.89. Following the transaction, the senior vice president now directly owns 289 shares of the company’s stock, valued at $34,399.67. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other Crane news, SVP Kurt F. Gallo sold 8,263 shares of Crane stock in a transaction on Tuesday, February 7th. The shares were sold at an average price of $119.03, for a total value of $983,544.89. Following the transaction, the senior vice president now directly owns 289 shares of the company’s stock, valued at $34,399.67. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Edward S. Switter sold 49,409 shares of Crane stock in a transaction on Tuesday, February 28th. The stock was sold at an average price of $119.88, for a total transaction of $5,923,150.92. Following the completion of the transaction, the vice president now directly owns 25,174 shares in the company, valued at $3,017,859.12. The disclosure for this sale can be found here. 2.40% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

CR has been the subject of several analyst reports. Morgan Stanley raised shares of Crane from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $116.00 to $129.00 in a research note on Monday, December 12th. DA Davidson raised their price objective on shares of Crane from $130.00 to $140.00 in a research note on Wednesday, January 25th. Finally, StockNews.com initiated coverage on shares of Crane in a research note on Friday. They issued a “buy” rating for the company. Four research analysts have rated the stock with a buy rating, According to MarketBeat, Crane has an average rating of “Buy” and an average price target of $128.75.

About Crane

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Crane Holdings Co engages in the management of a subsidiary, which manufacture aerospace equipment, electronics systems, and flow control systems. The company was founded on December 2, 2021 and is headquartered in Stamford, CT.