Crane NXT (NYSE:CXT) Receives Buy Rating from DA Davidson

Crane NXT (NYSE:CXT)‘s stock had its “buy” rating reiterated by equities research analysts at DA Davidson in a note issued to investors on Monday,Benzinga reports. They currently have a $85.00 target price on the stock. DA Davidson’s price objective would suggest a potential upside of 40.75% from the company’s previous close.

Crane NXT Price Performance

Shares of NYSE:CXT opened at $60.39 on Monday. The company has a current ratio of 1.20, a quick ratio of 0.89 and a debt-to-equity ratio of 0.73. The stock’s fifty day simple moving average is $59.40 and its two-hundred day simple moving average is $54.37. Crane NXT has a 1-year low of $41.54 and a 1-year high of $67.00. The stock has a market cap of $3.47 billion, a PE ratio of 23.05 and a beta of 1.37.

Crane NXT (NYSE:CXT) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.97 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.05. Crane NXT had a return on equity of 20.22% and a net margin of 9.84%.The business had revenue of $404.40 million for the quarter, compared to analysts’ expectations of $382.79 million. As a group, analysts forecast that Crane NXT will post 4.16 EPS for the current fiscal year.

Institutional Investors Weigh In On Crane NXT

A number of hedge funds have recently made changes to their positions in CXT. Alliancebernstein L.P. raised its stake in shares of Crane NXT by 2,449.9% during the 2nd quarter. Alliancebernstein L.P. now owns 1,770,807 shares of the company’s stock worth $95,446,000 after purchasing an additional 1,701,361 shares during the period. Ameriprise Financial Inc. increased its holdings in Crane NXT by 173.3% in the 1st quarter. Ameriprise Financial Inc. now owns 1,084,625 shares of the company’s stock worth $55,750,000 after acquiring an additional 687,738 shares during the last quarter. Norges Bank purchased a new stake in Crane NXT in the 2nd quarter worth about $32,163,000. Wellington Management Group LLP increased its holdings in Crane NXT by 16.2% in the 1st quarter. Wellington Management Group LLP now owns 3,668,953 shares of the company’s stock worth $188,584,000 after acquiring an additional 512,813 shares during the last quarter. Finally, Conestoga Capital Advisors LLC increased its holdings in Crane NXT by 83.5% in the 1st quarter. Conestoga Capital Advisors LLC now owns 993,154 shares of the company’s stock worth $51,048,000 after acquiring an additional 451,814 shares during the last quarter. 77.49% of the stock is currently owned by institutional investors.

About Crane NXT

Crane NXT, Co operates as an industrial technology company that provides technology solutions to secure, detect, and authenticate customers’ important assets. The company operates through Crane Payment Innovations and Crane Currency segments. The Crane Payment Innovations segment offers electronic equipment and associated software, as well as advanced automation solutions, processing systems, field service solutions, remote diagnostics, and productivity software solutions.