New York State Common Retirement Fund Lowers Position in Crane (NYSE:CR)

New York State Common Retirement Fund lowered its position in shares of Crane (NYSE:CR) by 10.7% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 57,480 shares of the conglomerate’s stock after selling 6,853 shares during the quarter. New York State Common Retirement Fund owned 0.10% of Crane worth $6,791,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Park Avenue Securities LLC bought a new stake in shares of Crane in the 3rd quarter worth approximately $264,000. TD Asset Management Inc bought a new stake in shares of Crane in the third quarter valued at $1,297,000. Portside Wealth Group LLC purchased a new position in shares of Crane during the 3rd quarter valued at $351,000. Resonant Capital Advisors LLC bought a new position in shares of Crane during the 3rd quarter worth $340,000. Finally, Legacy Wealth Asset Management LLC bought a new stake in Crane in the 3rd quarter valued at about $282,000. Hedge funds and other institutional investors own 75.14% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on CR shares. Vertical Research upgraded shares of Crane from a “hold” rating to a “buy” rating in a research note on Wednesday, April 24th. StockNews.com raised shares of Crane from a “hold” rating to a “buy” rating in a report on Saturday, April 27th. DA Davidson raised their price target on Crane from $142.00 to $160.00 and gave the stock a “buy” rating in a report on Wednesday, April 24th. Stifel Nicolaus boosted their price objective on Crane from $150.00 to $157.00 and gave the company a “buy” rating in a research note on Wednesday, April 24th. Finally, Bank of America raised their target price on Crane from $110.00 to $140.00 and gave the stock a “buy” rating in a research note on Tuesday, March 5th. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Crane currently has an average rating of “Moderate Buy” and a consensus price target of $137.00.

Crane Stock Performance

Shares of CR opened at $142.90 on Friday. The company has a current ratio of 1.18, a quick ratio of 0.88 and a debt-to-equity ratio of 0.29. The stock has a 50-day moving average price of $132.86 and a 200-day moving average price of $117.86. The company has a market cap of $8.16 billion, a PE ratio of 38.31, a price-to-earnings-growth ratio of 1.93 and a beta of 1.49. Crane has a 12-month low of $67.28 and a 12-month high of $146.29.

Crane (NYSE:CR) last issued its quarterly earnings results on Monday, April 22nd. The conglomerate reported $1.22 EPS for the quarter, topping analysts’ consensus estimates of $1.12 by $0.10. Crane had a net margin of 13.10% and a return on equity of 24.45%. The firm had revenue of $565.30 million for the quarter, compared to analyst estimates of $546.39 million. During the same quarter in the prior year, the firm earned $1.25 EPS. The business’s revenue for the quarter was up 10.0% compared to the same quarter last year. As a group, equities analysts forecast that Crane will post 7.87 earnings per share for the current fiscal year.

Crane Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 12th. Stockholders of record on Friday, May 31st will be given a dividend of $0.205 per share. The ex-dividend date is Thursday, May 30th. This represents a $0.82 annualized dividend and a dividend yield of 0.57%. Crane’s dividend payout ratio (DPR) is presently 21.98%.

Crane Company Profile

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.