Crane (NYSE:CR) Reaches New 12-Month High Following Earnings Beat

Crane (NYSE:CR)’s share price hit a new 52-week high during mid-day trading on Tuesday following a better than expected earnings announcement. The stock traded as high as $139.54 and last traded at $134.59, with a volume of 37167 shares changing hands. The stock had previously closed at $130.73.

The conglomerate reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.12 by $0.10. Crane had a net margin of 13.10% and a return on equity of 24.45%. The business had revenue of $565.30 million for the quarter, compared to analyst estimates of $546.39 million. During the same period in the previous year, the business earned $1.25 EPS. The firm’s revenue was up 10.0% on a year-over-year basis.

Crane Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 12th. Investors of record on Friday, May 31st will be issued a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a yield of 0.58%. The ex-dividend date is Friday, May 31st. Crane’s dividend payout ratio is currently 22.22%.

Analyst Upgrades and Downgrades

CR has been the subject of several analyst reports. Vertical Research raised shares of Crane from a “hold” rating to a “buy” rating in a report on Wednesday. StockNews.com downgraded shares of Crane from a “buy” rating to a “hold” rating in a report on Friday, April 19th. DA Davidson lifted their price target on shares of Crane from $142.00 to $160.00 and gave the company a “buy” rating in a report on Wednesday. Bank of America lifted their price target on shares of Crane from $110.00 to $140.00 and gave the company a “buy” rating in a report on Tuesday, March 5th. Finally, Stifel Nicolaus boosted their target price on shares of Crane from $150.00 to $157.00 and gave the stock a “buy” rating in a research note on Wednesday. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $137.00.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Ronald Blue Trust Inc. boosted its holdings in shares of Crane by 99.3% in the third quarter. Ronald Blue Trust Inc. now owns 287 shares of the conglomerate’s stock valued at $26,000 after buying an additional 143 shares during the period. Fifth Third Bancorp boosted its holdings in shares of Crane by 40.9% in the fourth quarter. Fifth Third Bancorp now owns 341 shares of the conglomerate’s stock valued at $40,000 after buying an additional 99 shares during the period. Picton Mahoney Asset Management acquired a new position in shares of Crane in the fourth quarter valued at approximately $90,000. Jump Financial LLC bought a new stake in shares of Crane in the third quarter worth $201,000. Finally, Claret Asset Management Corp bought a new stake in shares of Crane in the fourth quarter worth $201,000. Institutional investors and hedge funds own 75.14% of the company’s stock.

Crane Stock Performance

The stock’s 50-day moving average price is $130.01 and its 200 day moving average price is $115.65. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.18 and a quick ratio of 0.88. The firm has a market cap of $8.12 billion, a P/E ratio of 38.55, a price-to-earnings-growth ratio of 1.93 and a beta of 1.49.

About Crane

Crane Company, together with its subsidiaries, manufactures and sells engineered industrial products in the United States, Canada, the United Kingdom, Continental Europe, and internationally. The company operates in three segments: Aerospace & Electronics, Process Flow Technologies, and Engineered Materials.