Zacks Investment Research Upgrades Crane Company (CR) to Buy
Crane Company (NYSE:CR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Monday. The brokerage currently has a $90.00 price objective on the conglomerate’s stock. Zacks Investment Research‘s target price indicates a potential upside of 12.51% from the stock’s current price.
According to Zacks, “Over the last three months, shares of Crane Co. outperformed the Zacks categorized industry. In the years ahead, the company anticipates benefiting from increasing demand for productivity solutions in Payment & Merchandising Technologies segment, high growth aerospace programs in Aerospace & Electronics, recovering orders in Fluid Handling and strengthening end-markets in Engineered Materials. For 2017, the company increased the lower-end of its previously issued earnings guidance of $4.30-$4.55 per share by $0.05 to $4.35-$4.55. Core sales will likely be flat to up 2%. Over the last 60 days, earnings estimates on the stock were revised upwards for both 2017 and 2018.”
Other research analysts have also issued reports about the stock. ValuEngine upgraded shares of Crane from a “hold” rating to a “buy” rating in a research report on Friday, September 8th. Wolfe Research assumed coverage on shares of Crane in a report on Tuesday, July 11th. They issued a “market perform” rating on the stock. Stifel Nicolaus reiterated a “hold” rating and issued a $85.00 price objective on shares of Crane in a research report on Friday, July 14th. Royal Bank Of Canada reiterated a “hold” rating on shares of Crane in a research report on Monday, September 25th. Finally, BidaskClub lowered Crane from a “buy” rating to a “hold” rating in a research note on Saturday, August 19th. Seven investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Crane presently has a consensus rating of “Buy” and an average price target of $76.50.
Crane (NYSE:CR) traded up 1.01% during midday trading on Monday, reaching $80.80. The company’s stock had a trading volume of 69,762 shares. Crane has a 12 month low of $59.81 and a 12 month high of $84.34. The company has a market cap of $4.82 billion, a PE ratio of 36.81 and a beta of 1.11. The stock has a 50-day moving average price of $74.59 and a 200 day moving average price of $76.89.
Crane (NYSE:CR) last posted its earnings results on Monday, July 24th. The conglomerate reported $1.17 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $1.17. Crane had a net margin of 4.79% and a return on equity of 20.57%. The business had revenue of $702.50 million for the quarter, compared to analyst estimates of $702.53 million. During the same quarter in the prior year, the firm posted $1.21 EPS. Crane’s revenue was down 1.4% on a year-over-year basis. Analysts expect that Crane will post $4.48 earnings per share for the current fiscal year.
In other news, Director E Thayer Bigelow sold 6,000 shares of the company’s stock in a transaction on Monday, August 28th. The shares were sold at an average price of $73.73, for a total value of $442,380.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Kristian Robert Salovaara sold 9,200 shares of the company’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $76.20, for a total transaction of $701,040.00. Following the completion of the sale, the vice president now directly owns 24,786 shares of the company’s stock, valued at approximately $1,888,693.20. The disclosure for this sale can be found here. Insiders have sold a total of 22,200 shares of company stock worth $1,661,630 over the last quarter. Corporate insiders own 3.10% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the stock. Legal & General Group Plc raised its position in Crane by 7.8% in the 2nd quarter. Legal & General Group Plc now owns 54,028 shares of the conglomerate’s stock worth $4,288,000 after purchasing an additional 3,894 shares during the period. JPMorgan Chase & Co. boosted its position in Crane by 23.7% during the second quarter. JPMorgan Chase & Co. now owns 582,484 shares of the conglomerate’s stock valued at $46,237,000 after buying an additional 111,581 shares during the period. Bank of New York Mellon Corp boosted its position in Crane by 1.8% during the second quarter. Bank of New York Mellon Corp now owns 642,497 shares of the conglomerate’s stock valued at $51,002,000 after buying an additional 11,670 shares during the period. DekaBank Deutsche Girozentrale purchased a new stake in Crane during the second quarter valued at about $204,000. Finally, American Century Companies Inc. boosted its position in Crane by 41.9% during the second quarter. American Century Companies Inc. now owns 98,750 shares of the conglomerate’s stock valued at $7,839,000 after buying an additional 29,150 shares during the period. 69.42% of the stock is currently owned by institutional investors.
Crane Company Profile
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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