Retirement Systems of Alabama Sells 544 Shares of Crane (NYSE:CR)

Posted by Defense World Staff on Jul 25th, 2023

Retirement Systems of Alabama cut its stake in Crane (NYSE:CR – Free Report) by 0.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 62,355 shares of the conglomerate’s stock after selling 544 shares during the quarter. Retirement Systems of Alabama owned about 0.11% of Crane worth $7,077,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of CR. Money Concepts Capital Corp bought a new stake in shares of Crane during the fourth quarter worth $25,000. Allworth Financial LP lifted its position in shares of Crane by 769.2% during the first quarter. Allworth Financial LP now owns 226 shares of the conglomerate’s stock worth $26,000 after purchasing an additional 200 shares during the last quarter. Amundi bought a new stake in shares of Crane during the fourth quarter worth $32,000. Ronald Blue Trust Inc. increased its stake in shares of Crane by 109.7% during the fourth quarter. Ronald Blue Trust Inc. now owns 390 shares of the conglomerate’s stock valued at $34,000 after buying an additional 204 shares during the period. Finally, FNY Investment Advisers LLC purchased a new position in shares of Crane during the first quarter valued at $35,000. 26.26% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CEO Max H. Mitchell sold 37,495 shares of the company’s stock in a transaction dated Monday, May 15th. The shares were sold at an average price of $76.48, for a total transaction of $2,867,617.60. Following the transaction, the chief executive officer now owns 322,628 shares in the company, valued at $24,674,589.44. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.40% of the company’s stock.

Crane Price Performance

CR opened at $91.03 on Tuesday. The business’s 50-day moving average is $82.35 and its two-hundred day moving average is $95.00. Crane has a 1 year low of $67.28 and a 1 year high of $94.39. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.18 and a quick ratio of 0.88. The firm has a market capitalization of $5.16 billion, a PE ratio of 12.06, a price-to-earnings-growth ratio of 1.93 and a beta of 1.49.

Crane (NYSE:CR – Get Free Report) last posted its earnings results on Wednesday, May 10th. The conglomerate reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.84 by $0.41. Crane had a return on equity of 24.45% and a net margin of 13.10%. The company had revenue of $513.80 million for the quarter, compared to analyst estimates of $483.80 million. Research analysts anticipate that Crane will post 7.87 earnings per share for the current fiscal year.

Crane Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 8th. Stockholders of record on Wednesday, May 31st were issued a dividend of $0.18 per share. The ex-dividend date was Tuesday, May 30th. This represents a $0.72 annualized dividend and a dividend yield of 0.79%. Crane’s dividend payout ratio (DPR) is currently 9.54%.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. DA Davidson raised their price target on Crane from $90.00 to $92.00 in a research note on Friday, May 12th. Stifel Nicolaus raised their price target on Crane from $87.00 to $101.00 and gave the company a “buy” rating in a research note on Wednesday, July 19th. UBS Group cut their price target on Crane from $120.00 to $82.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 5th. Finally, StockNews.com assumed coverage on Crane in a research note on Tuesday, June 6th. They set a “hold” rating on the stock. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $101.00.

About Crane

(Free Report)

Crane Company, together with its subsidiaries, manufactures and sells engineered industrial products in the Americas, Europe, the Middle East, Asia, and Australia. The company has four business segments: Aerospace & Electronics, Process Flow Technologies, Payment & Merchandising Technologies, and Engineered Materials.