Crane Co. (NYSE:CR) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Monday.
According to Zacks, “Crane Co. remains well-positioned to leverage benefits from its diversified product portfolio and a large client base, over the long run. Also, the company consistently undertakes organic and inorganic initiatives to expand in existing and new markets as well as improve its product portfolio. Backed by these positives, the company targets to achieve 10% average annual earnings per share growth in the long run. Free cash flow conversion is anticipated to be 100% or more of net income. For 2016, the company increased its earnings guidance to $4.00-$4.20 per share, from $3.85-$4.15 expected earlier. However, risks from foreign currency translation, stiff competition and uncertain global economic conditions can restrict its momentum in the near term. Adverse foreign currency movements will likely hurt its top line by 2% in 2016. Over the last 60 days, the Zacks Consensus Estimate for the stock has decreased for 2016 while remained stable for 2017.”
Several other brokerages have also weighed in on CR. Credit Suisse Group AG reaffirmed a “hold” rating on shares of Crane in a research report on Friday, August 5th. Bank of America Corp. raised shares of Crane from an “underperform” rating to a “neutral” rating and set a $70.00 price objective on the stock in a research report on Friday, July 29th. RBC Capital Markets reaffirmed a “sector perform” rating and set a $63.00 price objective (up previously from $57.00) on shares of Crane in a research report on Wednesday, July 27th. Royal Bank Of Canada raised their price objective on shares of Crane from $57.00 to $63.00 and gave the company a “sector perform” rating in a research report on Wednesday, July 27th. Finally, Alembic Global Advisors assumed coverage on shares of Crane in a research report on Monday, July 11th. They set a “neutral” rating and a $61.00 price objective on the stock. Ten equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $62.00.
Crane (NYSE:CR) opened at 61.72 on Monday. The stock has a market capitalization of $3.60 billion, a P/E ratio of 14.84 and a beta of 1.37. The stock has a 50 day moving average of $63.35 and a 200 day moving average of $58.84. Crane has a 52 week low of $41.68 and a 52 week high of $65.88.
Crane (NYSE:CR) last posted its quarterly earnings results on Monday, July 25th. The company reported $1.21 EPS for the quarter, topping the consensus estimate of $1.02 by $0.19. The business earned $712.20 million during the quarter, compared to analysts’ expectations of $697.13 million. Crane had a net margin of 9.01% and a return on equity of 21.25%. The firm’s quarterly revenue was up .1% compared to the same quarter last year. During the same period last year, the company posted $1.06 earnings per share. On average, equities research analysts predict that Crane will post ($0.17) earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 9th. Stockholders of record on Wednesday, August 31st were paid a $0.33 dividend. The ex-dividend date of this dividend was Monday, August 29th. This represents a $1.32 annualized dividend and a dividend yield of 2.14%. Crane’s payout ratio is 31.73%.
In other news, VP A D. Pantaleoni sold 5,000 shares of the firm’s stock in a transaction on Tuesday, August 2nd. The shares were sold at an average price of $62.74, for a total value of $313,700.00. Following the sale, the vice president now owns 9,876 shares in the company, valued at $619,620.24. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Thomas J. Craney sold 3,915 shares of the firm’s stock in a transaction on Tuesday, August 9th. The stock was sold at an average price of $64.54, for a total transaction of $252,674.10. Following the completion of the sale, the insider now owns 20,062 shares in the company, valued at approximately $1,294,801.48. The disclosure for this sale can be found here. 3.00% of the stock is currently owned by insiders.
Several large investors have recently made changes to their positions in CR. LS Investment Advisors LLC increased its stake in shares of Crane by 74.5% in the second quarter. LS Investment Advisors LLC now owns 3,056 shares of the company’s stock valued at $173,000 after buying an additional 1,305 shares during the last quarter. Citigroup Inc. increased its stake in shares of Crane by 32.9% in the second quarter. Citigroup Inc. now owns 3,469 shares of the company’s stock valued at $197,000 after buying an additional 859 shares during the last quarter. Synovus Financial Corp increased its stake in Crane by 46.1% in the second quarter. Synovus Financial Corp now owns 3,485 shares of the company’s stock worth $198,000 after buying an additional 1,100 shares in the last quarter. Alambic Investment Management L.P. acquired a new stake in Crane during the second quarter worth $210,000. Finally, Calvert Investment Management Inc. acquired a new stake in Crane during the second quarter worth $218,000. Institutional investors and hedge funds own 67.40% of the company’s stock.
Crane Company Profile
Crane Co is a diversified manufacturer of engineered industrial products. The Company operates in four segments: 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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