Zacks Investment Research Upgrades Crane Co. (CR) to “Buy”
Crane Co. (NYSE:CR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday. The brokerage currently has a $84.00 target price on the stock. Zacks Investment Research’s price objective indicates a potential upside of 14.30% from the company’s previous close.
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 its businesses. In third-quarter 2016, the company's earnings of $1.07 increased 3.9% year over year while revenue grew 3.6%. For 2016, the company revised its earnings guidance to $4.12-$4.20 per share from $4.00-$4.20 expected earlier. Core sales growth is now anticipated to be 0-2% versus the earlier forecast of (1.5%) -1.5%.”
CR has been the topic of a number of other research reports. Canaccord Genuity raised their price target on shares of Crane from $65.00 to $70.00 and gave the stock a “hold” rating in a report on Wednesday, October 26th. Stifel Nicolaus raised their price target on shares of Crane from $65.00 to $69.00 and gave the stock a “hold” rating in a report on Wednesday, October 26th. Avondale Partners reissued a “market perform” rating on shares of Crane in a report on Wednesday, October 12th. Oppenheimer Holdings Inc. began coverage on shares of Crane in a research report on Thursday, November 17th. They issued a “market perform” rating for the company. Finally, Credit Suisse Group AG reaffirmed a “hold” rating on shares of Crane in a research report on Friday, August 5th. Twelve equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $60.75.
Shares of Crane (NYSE:CR) opened at 73.49 on Tuesday. The company has a market capitalization of $4.31 billion, a P/E ratio of 17.21 and a beta of 1.13. Crane has a 52-week low of $41.68 and a 52-week high of $76.09. The stock’s 50 day moving average is $68.25 and its 200 day moving average is $62.46.
Crane (NYSE:CR) last announced its quarterly earnings results on Monday, October 24th. The company reported $1.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.01 by $0.06. The business had revenue of $694 million for the quarter, compared to analyst estimates of $666.89 million. Crane had a net margin of 9.17% and a return on equity of 20.59%. The company’s revenue was up 3.6% on a year-over-year basis. During the same quarter last year, the firm earned ($0.13) EPS. Equities analysts expect that Crane will post $4.19 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 9th. Shareholders of record on Wednesday, November 30th will be issued a $0.33 dividend. The ex-dividend date is Monday, November 28th. This represents a $1.32 annualized dividend and a yield of 1.80%. Crane’s dividend payout ratio (DPR) is presently 30.99%.
In other Crane news, Director Philip R. Lochner sold 2,000 shares of Crane stock in a transaction dated Tuesday, November 1st. The shares were sold at an average price of $68.26, for a total value of $136,520.00. Following the completion of the transaction, the director now directly owns 2,350 shares of the company’s stock, valued at $160,411. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Augustus I. Dupont sold 3,000 shares of Crane stock in a transaction dated Monday, October 31st. The stock was sold at an average price of $68.29, for a total transaction of $204,870.00. Following the completion of the transaction, the vice president now directly owns 93,753 shares of the company’s stock, valued at $6,402,392.37. The disclosure for this sale can be found here. 3.00% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Crane by 11.6% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,638 shares of the company’s stock valued at $103,000 after buying an additional 170 shares during the period. Tower Research Capital LLC TRC raised its stake in shares of Crane by 234.0% in the third quarter. Tower Research Capital LLC TRC now owns 2,498 shares of the company’s stock worth $158,000 after buying an additional 1,750 shares in the last quarter. LS Investment Advisors LLC raised its stake 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. Stanley Laman Group Ltd. bought a new stake in shares of Crane during the third quarter worth approximately $192,000. Finally, Citigroup Inc. raised its stake 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. 67.86% of the stock is owned by institutional investors and hedge funds.
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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