State Street Corp lowered its position in shares of Crane Company (NYSE:CR) by 2.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,267,829 shares of the conglomerate’s stock after selling 38,341 shares during the period. State Street Corp owned approximately 2.13% of Crane worth $94,868,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also recently made changes to their positions in CR. BlackRock Inc. raised its position in Crane by 9,355.1% in the first quarter. BlackRock Inc. now owns 3,997,437 shares of the conglomerate’s stock worth $299,129,000 after buying an additional 3,955,159 shares during the period. Norges Bank bought a new position in Crane during the fourth quarter worth $44,392,000. Systematic Financial Management LP raised its position in Crane by 148.3% in the first quarter. Systematic Financial Management LP now owns 661,439 shares of the conglomerate’s stock worth $49,495,000 after buying an additional 395,055 shares during the period. Martingale Asset Management L P raised its position in Crane by 1,062.7% in the first quarter. Martingale Asset Management L P now owns 279,219 shares of the conglomerate’s stock worth $20,895,000 after buying an additional 255,204 shares during the period. Finally, Mesirow Financial Investment Management Equity Management bought a new position in Crane during the first quarter worth $17,353,000. 69.42% of the stock is owned by hedge funds and other institutional investors.
Shares of Crane Company (NYSE CR) traded down 0.39% on Tuesday, hitting $75.93. The company’s stock had a trading volume of 317,254 shares. The firm has a market cap of $4.52 billion, a price-to-earnings ratio of 34.59 and a beta of 1.10. Crane Company has a one year low of $59.81 and a one year high of $84.34. The stock has a 50-day moving average price of $79.75 and a 200 day moving average price of $76.66.
Crane (NYSE:CR) last posted its quarterly earnings data on Monday, July 24th. The conglomerate reported $1.17 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.17. The business had revenue of $702.50 million during the quarter, compared to analyst estimates of $702.53 million. Crane had a net margin of 4.79% and a return on equity of 20.57%. The company’s revenue was down 1.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.21 earnings per share. Equities research analysts predict that Crane Company will post $4.47 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 8th. Investors of record on Thursday, August 31st will be given a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 1.74%. The ex-dividend date is Tuesday, August 29th. Crane’s dividend payout ratio (DPR) is 60.83%.
CR has been the topic of several recent analyst reports. Canaccord Genuity upgraded Crane from a “hold” rating to a “buy” rating and raised their price target for the stock from $78.00 to $92.00 in a research note on Tuesday, May 16th. TheStreet raised Crane from a “c+” rating to a “b+” rating in a report on Monday, April 24th. ValuEngine raised Crane from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and issued a $90.00 target price (up from $82.00) on shares of Crane in a report on Monday, May 1st. Finally, Stifel Nicolaus raised their price target on Crane from $80.00 to $84.00 and gave the company a “hold” rating in a report on Wednesday, April 26th. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $76.88.
In related news, VP Curtis A. Baron, Jr. sold 5,364 shares of the company’s stock in a transaction that occurred on Tuesday, May 16th. The shares were sold at an average price of $79.60, for a total transaction of $426,974.40. Following the completion of the transaction, the vice president now owns 18,044 shares of the company’s stock, valued at $1,436,302.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Kristian Robert Salovaara sold 9,200 shares of the company’s stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $76.20, for a total transaction of $701,040.00. Following the transaction, the vice president now directly owns 24,786 shares of the company’s stock, valued at approximately $1,888,693.20. The disclosure for this sale can be found here. Corporate insiders own 3.10% of the company’s stock.
Crane Co (Crane) is a manufacturer of engineered industrial products. The Company operates through four segments, including 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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