Pacer Advisors Inc. purchased a new position in shares of Crane (NYSE:CR – Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 17,100 shares of the conglomerate’s stock, valued at approximately $1,243,000.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. ARS Investment Partners LLC purchased a new stake in Crane during the 2nd quarter worth $412,000. Maryland State Retirement & Pension System increased its stake in Crane by 100.0% during the 2nd quarter. Maryland State Retirement & Pension System now owns 7,788 shares of the conglomerate’s stock worth $567,000 after buying an additional 3,894 shares during the period. AE Wealth Management LLC increased its stake in Crane by 70.7% during the 2nd quarter. AE Wealth Management LLC now owns 40,398 shares of the conglomerate’s stock worth $2,559,000 after buying an additional 16,738 shares during the period. First Hawaiian Bank bought a new stake in shares of Crane in the 2nd quarter worth about $1,239,000. Finally, Harvest Fund Management Co. Ltd increased its position in shares of Crane by 110.1% in the 2nd quarter. Harvest Fund Management Co. Ltd now owns 1,967 shares of the conglomerate’s stock worth $111,000 after purchasing an additional 1,031 shares during the last quarter. Hedge funds and other institutional investors own 85.91% of the company’s stock.
Analysts Set New Price Targets
CR has been the subject of several research analyst reports. Stifel Nicolaus boosted their target price on shares of Crane from $87.00 to $101.00 and gave the stock a “buy” rating in a research report on Wednesday, July 19th. DA Davidson boosted their target price on shares of Crane from $92.00 to $107.00 in a research report on Thursday, July 27th. StockNews.com initiated coverage on shares of Crane in a research report on Thursday, August 17th. They issued a “hold” rating for the company. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Crane in a research report on Wednesday. They issued a “buy” rating for the company. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $104.75.
Crane Price Performance
Shares of NYSE:CR opened at $86.40 on Thursday. The company has a quick ratio of 0.88, a current ratio of 1.18 and a debt-to-equity ratio of 0.29. Crane has a fifty-two week low of $67.28 and a fifty-two week high of $95.21. The firm has a 50-day simple moving average of $88.75 and a 200 day simple moving average of $86.28. The company has a market cap of $4.91 billion, a PE ratio of 11.44, a P/E/G ratio of 1.93 and a beta of 1.49.
Crane (NYSE:CR – Get Free Report) last posted its earnings results on Tuesday, July 25th. The conglomerate reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.91 by $0.19. The firm had revenue of $509.60 million during the quarter, compared to analyst estimates of $524.65 million. Crane had a net margin of 13.10% and a return on equity of 24.45%. Crane’s revenue was down 3.9% on a year-over-year basis. During the same period in the previous year, the business posted $1.90 EPS. On average, sell-side analysts anticipate that Crane will post 7.87 EPS for the current year.
Crane Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Wednesday, September 13th. Shareholders of record on Thursday, August 31st were paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 0.83%. The ex-dividend date was Wednesday, August 30th. Crane’s payout ratio is 9.54%.
Crane Company Profile
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 three segments: Aerospace & Electronics, Process Flow Technologies, and Engineered Materials. The Aerospace & Electronics segment supplies critical components and systems, including original equipment and aftermarket parts, primarily for the commercial aerospace, and the military aerospace, defense, and space markets.
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