Retirement Systems of Alabama raised its stake in Crane Co. (NYSE:CR) by 0.2% during the second quarter, Holdings Channel reports. The firm owned 63,928 shares of the company’s stock after buying an additional 102 shares during the period. Retirement Systems of Alabama’s holdings in Crane were worth $3,626,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also made changes to their positions in CR. BlackRock Group LTD increased its stake in Crane by 113.5% in the first quarter. BlackRock Group LTD now owns 424,658 shares of the company’s stock valued at $22,871,000 after buying an additional 225,790 shares in the last quarter. Foundry Partners LLC purchased a new stake in Crane during the second quarter valued at about $10,643,000. Boston Advisors LLC purchased a new stake in Crane during the second quarter valued at about $9,568,000. Renaissance Technologies LLC increased its stake in Crane by 61.6% in the first quarter. Renaissance Technologies LLC now owns 352,400 shares of the company’s stock valued at $18,980,000 after buying an additional 134,300 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its stake in Crane by 31.1% in the first quarter. JPMorgan Chase & Co. now owns 474,453 shares of the company’s stock valued at $25,555,000 after buying an additional 112,572 shares in the last quarter. Institutional investors own 67.39% of the company’s stock.
Shares of Crane Co. (NYSE:CR) traded down 0.23% during midday trading on Tuesday, hitting $60.63. 221,413 shares of the company were exchanged. The company has a market capitalization of $3.54 billion, a P/E ratio of 14.57 and a beta of 1.37. Crane Co. has a one year low of $41.68 and a one year high of $65.88. The company has a 50-day moving average of $62.29 and a 200 day moving average of $59.33.
Crane (NYSE:CR) last issued its earnings results 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. The business had revenue of $712.20 million for the quarter, compared to the consensus estimate of $697.13 million. Crane had a net margin of 9.01% and a return on equity of 21.25%. The firm’s revenue for the quarter was up .1% on a year-over-year basis. During the same period in the previous year, the company earned $1.06 earnings per share. On average, equities research analysts expect that Crane Co. will post $4.17 earnings per share for the current fiscal year.
CR has been the subject of several recent analyst reports. Alembic Global Advisors initiated coverage on shares of Crane in a report on Monday, July 11th. They set a “neutral” rating and a $61.00 price objective for the company. Zacks Investment Research downgraded shares of Crane from a “hold” rating to a “sell” rating in a report on Tuesday, July 19th. Royal Bank Of Canada upped their price objective on shares of Crane from $57.00 to $63.00 and gave the stock a “sector perform” rating in a report on Wednesday, July 27th. RBC Capital Markets reaffirmed a “sector perform” rating and set a $63.00 price objective (up from $57.00) on shares of Crane in a report on Wednesday, July 27th. Finally, Bank of America Corp. raised shares of Crane from an “underperform” rating to a “neutral” rating and set a $70.00 price objective for the company in a report on Friday, July 29th. Ten research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Crane currently has a consensus rating of “Hold” and an average target price of $62.70.
In other Crane news, insider Louis V. Pinkham sold 16,576 shares of the company’s stock in a transaction on Thursday, August 11th. The shares were sold at an average price of $65.32, for a total value of $1,082,744.32. Following the transaction, the insider now directly owns 20,449 shares in the company, valued at $1,335,728.68. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP A D. Pantaleoni sold 5,000 shares of the company’s stock in a transaction on Tuesday, August 2nd. The shares were sold at an average price of $62.74, for a total transaction of $313,700.00. Following the completion of the transaction, the vice president now owns 9,876 shares in the company, valued at $619,620.24. The disclosure for this sale can be found here. Corporate insiders own 3.00% 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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