Crane Co. (NYSE:CR) – Analysts at Seaport Global Securities cut their Q3 2016 earnings estimates for shares of Crane in a research report issued on Thursday. Seaport Global Securities analyst R. Cassil now expects that the firm will post earnings of $0.99 per share for the quarter, down from their prior forecast of $1.00. Seaport Global Securities also issued estimates for Crane’s Q4 2016 earnings at $1.03 EPS and FY2016 earnings at $4.17 EPS.
A number of other brokerages also recently issued reports on CR. Credit Suisse Group AG reissued a “hold” rating on shares of Crane in a research note on Friday, August 5th. RBC Capital Markets reissued a “sector perform” rating and set a $63.00 target price (up from $57.00) on shares of Crane in a research note on Wednesday, July 27th. Bank of America Corp. raised Crane from an “underperform” rating to a “neutral” rating and set a $70.00 target price for the company in a research note on Friday, July 29th. Zacks Investment Research raised Crane from a “sell” rating to a “hold” rating and set a $69.00 target price for the company in a research note on Wednesday, July 27th. Finally, Royal Bank Of Canada increased their target price on Crane from $57.00 to $63.00 and gave the stock a “sector perform” rating in a research note on Wednesday, July 27th. Ten investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $62.00.
Shares of Crane (NYSE:CR) opened at 63.01 on Friday. The firm has a 50-day moving average price of $63.50 and a 200-day moving average price of $58.64. The stock has a market cap of $3.68 billion, a P/E ratio of 15.15 and a beta of 1.43. Crane has a 52-week low of $41.68 and a 52-week high of $65.88.
Crane (NYSE:CR) last released its quarterly earnings data on Monday, July 25th. The company reported $1.21 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.02 by $0.19. Crane had a return on equity of 21.25% and a net margin of 9.01%. The company had revenue of $712.20 million for the quarter, compared to analyst estimates of $697.13 million. During the same quarter in the previous year, the company posted $1.06 earnings per share. The firm’s revenue for the quarter was up .1% compared to the same quarter last year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 9th. Stockholders of record on Wednesday, August 31st were issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 2.09%. The ex-dividend date of this dividend was Monday, August 29th. Crane’s dividend payout ratio (DPR) is 31.73%.
In related news, insider Louis V. Pinkham sold 16,576 shares of Crane stock in a transaction on Thursday, August 11th. The stock was sold at an average price of $65.32, for a total value of $1,082,744.32. Following the transaction, the insider now owns 20,449 shares in the company, valued at $1,335,728.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP A D. Pantaleoni sold 5,000 shares of Crane 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 completion of the transaction, the vice president now owns 9,876 shares in the company, valued at approximately $619,620.24. The disclosure for this sale can be found here. Insiders own 3.00% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. LS Investment Advisors LLC boosted its position 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 worth $173,000 after buying an additional 1,305 shares during the last quarter. Citigroup Inc. boosted its position in shares of Crane by 32.9% in the second quarter. Citigroup Inc. now owns 3,469 shares of the company’s stock worth $197,000 after buying an additional 859 shares during the last quarter. Synovus Financial Corp boosted its position in shares of 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 during the last quarter. Alambic Investment Management L.P. purchased a new position in shares of Crane during the second quarter worth $210,000. Finally, Calvert Investment Management Inc. purchased a new position in shares of Crane during the second quarter worth $218,000. Hedge funds and other institutional investors own 67.40% of the company’s stock.
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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