Crane Co. (CR) Stock Rating Upgraded by Zacks Investment Research
Crane Co. (NYSE:CR) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Monday.
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. Over the last 60 days, the Zacks Consensus Estimate for the stock has decreased for 2016 while remained stable for 2017.”
CR has been the topic of several other reports. Royal Bank Of Canada lifted their target price on Crane from $57.00 to $63.00 and gave the company a “sector perform” rating in a research report on Wednesday, July 27th. Credit Suisse Group AG reiterated a “hold” rating on shares of Crane in a research report on Friday, August 5th. Bank of America Corp. upgraded Crane from an “underperform” rating to a “neutral” rating and set a $70.00 target price on the stock in a research report on Friday, July 29th. Canaccord Genuity reiterated a “hold” rating and set a $60.00 target price on shares of Crane in a research report on Friday, June 17th. Finally, Alembic Global Advisors assumed coverage on Crane in a research report on Monday, July 11th. They set a “neutral” rating and a $61.00 target price on the stock. Ten analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Crane presently has an average rating of “Hold” and an average target price of $62.00.
Crane (NYSE:CR) traded down 0.60% during trading on Monday, hitting $62.63. The stock had a trading volume of 70,834 shares. The firm has a market cap of $3.66 billion, a P/E ratio of 15.06 and a beta of 1.37. The company has a 50-day moving average of $63.50 and a 200 day moving average of $58.64. Crane has a 52-week low of $41.68 and a 52-week high of $65.88.
Crane (NYSE:CR) last released its quarterly 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. The firm had revenue of $712.20 million for 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 for the quarter was up .1% on a year-over-year basis. During the same period last year, the business posted $1.06 EPS. On average, equities research analysts predict that Crane will post ($0.17) earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 9th. Stockholders of record on Wednesday, August 31st were issued a $0.33 dividend. The ex-dividend date of this dividend was Monday, August 29th. This represents a $1.32 annualized dividend and a dividend yield of 2.10%. Crane’s dividend payout ratio (DPR) is 31.73%.
In other news, insider Bradley Ellis sold 10,000 shares of Crane stock in a transaction dated Friday, August 19th. The stock was sold at an average price of $65.14, for a total value of $651,400.00. Following the sale, the insider now directly owns 167,711 shares of the company’s stock, valued at $10,924,694.54. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP A D. Pantaleoni sold 5,000 shares of Crane stock in a transaction dated 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 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. 3.00% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CR. Krasney Financial LLC raised its position in Crane by 0.5% in the second quarter. Krasney Financial LLC now owns 4,674 shares of the company’s stock valued at $265,000 after buying an additional 21 shares in the last quarter. Capstone Asset Management Co. raised its position in Crane by 0.7% in the second quarter. Capstone Asset Management Co. now owns 5,679 shares of the company’s stock valued at $322,000 after buying an additional 40 shares in the last quarter. Sit Investment Associates Inc. raised its position in Crane by 0.7% in the second quarter. Sit Investment Associates Inc. now owns 27,225 shares of the company’s stock valued at $1,544,000 after buying an additional 200 shares in the last quarter. State Treasurer State of Michigan raised its position in Crane by 1.0% in the second quarter. State Treasurer State of Michigan now owns 19,932 shares of the company’s stock valued at $1,131,000 after buying an additional 200 shares in the last quarter. Finally, Broadview Advisors LLC raised its position in Crane by 0.5% in the second quarter. Broadview Advisors LLC now owns 43,200 shares of the company’s stock valued at $2,450,000 after buying an additional 200 shares in the last quarter. Institutional investors own 67.40% of the company’s stock.
Crane Company Profile
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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