Q3 2016 Earnings Forecast for Crane Co. Issued By Seaport Global Securities (CR)
Crane Co. (NYSE:CR) – Equities researchers at Seaport Global Securities decreased their Q3 2016 EPS estimates for Crane in a research report issued to clients and investors on Thursday. Seaport Global Securities analyst R. Cassil now expects that the firm will earn $0.99 per share for the quarter, down from their previous estimate of $1.00. Seaport Global Securities also issued estimates for Crane’s Q4 2016 earnings at $1.03 EPS and FY2016 earnings at $4.17 EPS.
A number of other equities analysts have also commented on the stock. Bank of America Corp. raised shares of Crane from an “underperform” rating to a “neutral” rating and set a $70.00 price target on the stock in a research report on Friday, July 29th. Zacks Investment Research lowered shares of Crane from a “buy” rating to a “hold” rating in a research report on Tuesday. Canaccord Genuity reaffirmed a “hold” rating and set a $60.00 price target on shares of Crane in a research report on Friday, June 17th. Credit Suisse Group AG reaffirmed a “hold” rating on shares of Crane in a research report on Friday, August 5th. Finally, Alembic Global Advisors started coverage on shares of Crane in a research report on Monday, July 11th. They set a “neutral” rating and a $61.00 price target on the stock. Ten investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Crane presently has a consensus rating of “Hold” and a consensus target price of $62.00.
Crane (NYSE:CR) opened at 63.01 on Friday. The stock’s 50 day moving average is $63.50 and its 200-day moving average is $58.64. Crane has a 12 month low of $41.68 and a 12 month high of $65.88. The firm has a market capitalization of $3.68 billion, a price-to-earnings ratio of 15.15 and a beta of 1.43.
Crane (NYSE:CR) last announced its earnings results on Monday, July 25th. The company reported $1.21 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.02 by $0.19. Crane had a net margin of 9.01% and a return on equity of 21.25%. The company had revenue of $712.20 million for the quarter, compared to analyst estimates of $697.13 million. During the same period in the prior year, the business earned $1.06 earnings per share. Crane’s quarterly revenue was up .1% on a year-over-year basis.
Large investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in Crane by 7.4% in the second quarter. Vanguard Group Inc. now owns 3,869,873 shares of the company’s stock worth $219,500,000 after buying an additional 265,637 shares during the last quarter. BlackRock Fund Advisors raised its stake in Crane by 5.4% in the second quarter. BlackRock Fund Advisors now owns 1,749,403 shares of the company’s stock worth $99,226,000 after buying an additional 89,444 shares during the last quarter. BlackRock Institutional Trust Company N.A. raised its stake in Crane by 3.3% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 1,460,348 shares of the company’s stock worth $82,831,000 after buying an additional 47,212 shares during the last quarter. State Street Corp raised its stake in Crane by 3.4% in the second quarter. State Street Corp now owns 1,270,734 shares of the company’s stock worth $72,078,000 after buying an additional 41,461 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in Crane by 4.0% in the second quarter. Dimensional Fund Advisors LP now owns 839,081 shares of the company’s stock worth $47,591,000 after buying an additional 32,008 shares during the last quarter. 67.40% of the stock is currently owned by hedge funds and other institutional investors.
In other Crane news, Director E Thayer Bigelow sold 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 24th. The shares were sold at an average price of $64.96, for a total transaction of $259,840.00. Following the sale, the director now directly owns 21,791 shares of the company’s stock, valued at approximately $1,415,543.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP A D. Pantaleoni sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 2nd. The stock was sold at an average price of $62.74, for a total transaction of $313,700.00. Following the sale, the vice president now directly owns 9,876 shares in the company, valued at $619,620.24. The disclosure for this sale can be found here. Company insiders own 3.00% of the company’s stock.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 9th. Shareholders of record on Wednesday, August 31st were issued a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 2.09%. The ex-dividend date was Monday, August 29th. Crane’s payout ratio is 31.73%.
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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