$684.63 Million in Sales Expected for Crane Company (CR) This Quarter
Wall Street brokerages predict that Crane Company (NYSE:CR) will post sales of $684.63 million for the current quarter, Zacks Investment Research reports. Four analysts have made estimates for Crane’s earnings. The highest sales estimate is $692.90 million and the lowest is $677.00 million. Crane reported sales of $694.20 million in the same quarter last year, which would indicate a negative year over year growth rate of 1.4%. The firm is expected to report its next earnings report on Monday, October 23rd.
According to Zacks, analysts expect that Crane will report full year sales of $684.63 million for the current financial year, with estimates ranging from $2.73 billion to $2.78 billion. For the next year, analysts anticipate that the firm will report sales of $2.90 billion per share, with estimates ranging from $2.85 billion to $2.95 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that that provide coverage for Crane.
Crane (NYSE:CR) last posted its quarterly earnings results on Monday, July 24th. The conglomerate reported $1.17 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.17. The company had revenue of $702.50 million during the quarter, compared to analyst estimates of $702.53 million. Crane had a net margin of 4.79% and a return on equity of 20.57%. The firm’s revenue for the quarter was down 1.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.21 earnings per share.
A number of research firms have recently weighed in on CR. Canaccord Genuity raised Crane from a “hold” rating to a “buy” rating and lifted their price objective for the company from $78.00 to $92.00 in a research report on Tuesday, May 16th. Zacks Investment Research raised Crane from a “hold” rating to a “buy” rating and set a $93.00 price target on the stock in a report on Monday, July 17th. ValuEngine raised Crane from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Wolfe Research initiated coverage on Crane in a report on Tuesday, July 11th. They issued a “market perform” rating on the stock. Finally, Stifel Nicolaus reaffirmed a “hold” rating and set a $84.00 price objective on shares of Crane in a report on Thursday, July 6th. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $76.88.
Crane (CR) traded up 0.11% during midday trading on Tuesday, reaching $74.31. 135,792 shares of the company’s stock traded hands. Crane has a one year low of $59.81 and a one year high of $84.34. The stock’s 50 day moving average price is $76.44 and its 200-day moving average price is $76.75. The stock has a market cap of $4.43 billion, a PE ratio of 33.85 and a beta of 1.10.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 8th. Shareholders of record on Thursday, August 31st will be issued a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 1.78%. The ex-dividend date is Tuesday, August 29th. Crane’s payout ratio is currently 60.83%.
In related news, VP Edward S. Switter sold 7,000 shares of Crane stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $74.03, for a total transaction of $518,210.00. Following the transaction, the vice president now owns 23,873 shares in the company, valued at $1,767,318.19. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director E Thayer Bigelow sold 6,000 shares of Crane stock in a transaction that occurred on Monday, August 28th. The stock was sold at an average price of $73.73, for a total value of $442,380.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 22,200 shares of company stock worth $1,661,630. 3.10% of the stock is owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in CR. ClariVest Asset Management LLC increased its stake in Crane by 15.7% in the first quarter. ClariVest Asset Management LLC now owns 1,476 shares of the conglomerate’s stock worth $110,000 after buying an additional 200 shares in the last quarter. Acrospire Investment Management LLC boosted its stake in shares of Crane by 33.3% in the second quarter. Acrospire Investment Management LLC now owns 1,600 shares of the conglomerate’s stock worth $127,000 after buying an additional 400 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Crane by 8.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,778 shares of the conglomerate’s stock worth $141,000 after buying an additional 140 shares during the last quarter. Global X Management Co. LLC boosted its stake in shares of Crane by 221.0% in the second quarter. Global X Management Co. LLC now owns 1,862 shares of the conglomerate’s stock worth $148,000 after buying an additional 1,282 shares during the last quarter. Finally, Broderick Brian C purchased a new stake in shares of Crane during the first quarter worth $202,000. Hedge funds and other institutional investors own 70.70% of the company’s stock.
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Crane Co (Crane) is a manufacturer of engineered industrial products. The Company operates through four segments, including 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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