Crane Co. (CR) Rating Lowered to Hold at Zacks Investment Research
Crane Co. (NYSE:CR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Tuesday.
According to Zacks, “Crane Co. remains well-positioned to leverage benefits from its diversified product portfolio and a large client base, over the long run. Also, the company consistently undertakes organic and inorganic initiatives to expand in existing and new markets as well as improve its product portfolio. Backed by these positives, the company targets to achieve 10% average annual earnings per share growth in the long run. Free cash flow conversion is anticipated to be 100% or more of net income. For 2016, the company increased its earnings guidance to $4.00-$4.20 per share, from $3.85-$4.15 expected earlier. However, risks from foreign currency translation, stiff competition and uncertain global economic conditions can restrict its momentum in the near term. Adverse foreign currency movements will likely hurt its top line by 2% in 2016.”
Several other equities research analysts also recently weighed in on the company. Bank of America Corp. raised 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. Canaccord Genuity reaffirmed a “hold” rating and set a $60.00 price target on shares of Crane in a report on Friday, June 17th. Credit Suisse Group AG reaffirmed a “hold” rating on shares of Crane in a report on Friday, August 5th. Alembic Global Advisors initiated coverage on Crane in a report on Monday, July 11th. They set a “neutral” rating and a $61.00 price target for the company. Finally, RBC Capital Markets reaffirmed a “sector perform” rating and set a $63.00 price target (up from $57.00) on shares of Crane in a report on Wednesday, July 27th. Ten analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Crane has an average rating of “Hold” and an average price target of $62.00.
Shares of Crane (NYSE:CR) opened at 62.70 on Tuesday. The firm has a market cap of $3.66 billion, a PE ratio of 15.07 and a beta of 1.43. Crane has a 52 week low of $41.68 and a 52 week high of $65.88. The firm’s 50-day moving average is $63.64 and its 200 day moving average is $58.54.
Crane (NYSE:CR) last posted its quarterly earnings data on Monday, July 25th. The company reported $1.21 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.02 by $0.19. The business earned $712.20 million during the quarter, compared to the consensus estimate of $697.13 million. Crane had a return on equity of 21.25% and a net margin of 9.01%. The company’s revenue was up .1% compared to the same quarter last year. During the same period in the prior year, the company earned $1.06 earnings per share. Equities research analysts forecast that Crane will post ($0.17) EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 9th. Stockholders of record on Wednesday, August 31st were given a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.11%. The ex-dividend date was Monday, August 29th. Crane’s dividend payout ratio is currently 31.73%.
In other news, VP A D. Pantaleoni sold 5,000 shares of the firm’s stock in a transaction on Tuesday, August 2nd. The stock was sold at an average price of $62.74, for a total value 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 sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Louis V. Pinkham sold 16,576 shares of the firm’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 completion of the transaction, the insider now owns 20,449 shares of the company’s stock, valued at approximately $1,335,728.68. The disclosure for this sale can be found here. 3.00% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. LS Investment Advisors LLC boosted its position in shares of Crane by 74.5% in the second quarter. LS Investment Advisors LLC now owns 3,056 shares of the company’s stock worth $173,000 after buying an additional 1,305 shares in the last quarter. Citigroup Inc. boosted its position in shares of Crane by 32.9% in the second quarter. Citigroup Inc. now owns 3,469 shares of the company’s stock worth $197,000 after buying an additional 859 shares in the last quarter. Synovus Financial Corp boosted its position in shares of Crane by 46.1% in the second quarter. Synovus Financial Corp now owns 3,485 shares of the company’s stock worth $198,000 after buying an additional 1,100 shares in the last quarter. Alambic Investment Management L.P. purchased a new position in shares of Crane during the second quarter worth $210,000. Finally, Calvert Investment Management Inc. purchased a new position in shares of Crane during the second quarter worth $218,000. Institutional investors and hedge funds own 67.40% of the company’s stock.
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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